NPORT-EX 2 highyieldmacsfund2.htm NPORT-EX
PIA HIGH YIELD (MACS) FUND
        
Schedule of Investments - August 31, 2020 (Unaudited)
        
                 
Principal
                
Amount/Shares
            
Value
  
   
CORPORATE BONDS
    
97.1
%
      
   
Advertising
    
1.2
%
      
   
Clear Channel International BV
              
$
1,300,000
  
6.625%, due 8/1/25 (b)
          
$
1,350,375
  
     
Aerospace/Defense
    
2.7
%
        
     
F-Brasile SpA / F-Brasile US LLC
                
 
1,100,000
  
7.375%, due 8/15/26 (b)
            
882,750
  
     
Moog, Inc.
                
 
1,150,000
  
4.25%, due 12/15/27 (b)
            
1,188,812
  
     
Triumph Group, Inc.
                
 
175,000
  
8.875%, due 6/1/24 (b)
            
185,172
  
 
300,000
  
6.25%, due 9/15/24 (b)
            
245,094
  
 
950,000
  
7.75%, due 8/15/25
            
567,625
  
                   
3,069,453
  
     
Auto Parts & Equipment
    
1.3
%
        
     
Clarios Global LP
                
 
500,000
  
6.75%, due 5/15/25 (b)
            
536,520
  
     
Clarios Global LP / Clarios US Finance Co.
                
 
100,000
  
6.25%, due 5/15/26 (b)
            
106,250
  
     
Dealer Tire LLC / DT Issuer LLC
                
 
800,000
  
8.00%, due 2/1/28 (b)
            
799,000
  
                   
1,441,770
  
     
Auto Parts Manufacturing
    
0.7
%
        
     
Truck Hero, Inc.
                
 
750,000
  
8.50%, due 4/21/24 (b)
            
799,609
  
     
Building Materials
    
0.5
%
        
     
Core & Main Holdings LP
                
 
600,000
  
8.625% Cash or 9.375% PIK, due 9/15/24 (b) (c)
            
612,312
  
     
Chemicals
    
6.0
%
        
     
Consolidated Energy Finance SA
                
 
800,000
  
6.875%, due 6/15/25 (b)
            
742,492
  
 
450,000
  
6.50%, due 5/15/26 (b)
            
398,727
  
     
CSTN Merger Sub, Inc.
                
 
1,225,000
  
6.75%, due 8/15/24 (b)
            
1,143,715
  
     
Innophos Holdings, Inc.
                
 
1,300,000
  
9.375%, due 2/15/28 (b)
            
1,414,562
  
     
Koppers, Inc.
                
 
1,674,000
  
6.00%, due 2/15/25 (b)
            
1,725,241
  
     
Neon Holdings, Inc.
                
 
1,250,000
  
10.125%, due 4/1/26 (b)
            
1,331,250
  
                   
6,755,987
  
     
Commercial and Service Industry Machinery Manufacturing
    
1.0
%
        
     
ATS Automation Tooling Systems, Inc.
                
 
1,065,000
  
6.50%, due 6/15/23 (b)
            
1,081,087
  
     
Commercial Services
    
1.3
%
        
     
Allied Universal Holdco LLC / Allied Universal Finance Corp.
                
 
750,000
  
9.75%, due 7/15/27 (b)
            
831,930
  
     
APX Group, Inc.
                
 
550,000
  
6.75%, due 2/15/27 (b)
            
578,446
  
                   
1,410,376
  
     
Communications Equipment
    
0.7
%
        
     
CommScope Technologies LLC
                
 
792,000
  
6.00%, due 6/15/25 (b)
            
813,036
  
     
Construction Machinery
    
1.2
%
        
     
Capitol Investment Merger Sub 2 LLC
                
 
1,250,000
  
10.00%, due 8/1/24 (b)
            
1,312,500
  
     
Construction Materials Manufacturing
    
0.1
%
        
     
Northwest Hardwoods, Inc.
                
 
400,000
  
7.50%, due 8/1/21 (b)
            
142,500
  
     
Consumer Cyclical Services
    
2.2
%
        
     
CoreCivic, Inc.
                
 
1,250,000
  
4.75%, due 10/15/27
            
1,066,444
  
     
Photo Holdings Merger Sub, Inc.
                
 
1,485,000
  
8.50%, due 10/1/26 (b)
            
1,367,358
  
                   
2,433,802
  
     
Consumer Services
    
4.0
%
        
     
AMN Healthcare, Inc.
                
 
350,000
  
5.125%, due 10/1/24 (b)
            
360,901
  
 
925,000
  
4.625%, due 10/1/27 (b)
            
968,766
  
     
Carriage Services, Inc.
                
 
925,000
  
6.625%, due 6/1/26 (b)
            
981,481
  
     
Cimpress Plc
                
 
1,335,000
  
7.00%, due 6/15/26 (b)
            
1,333,078
  
     
LSC Communications, Inc.
                
 
925,000
  
8.75%, due 10/15/23 (b) (d)
            
148,000
  
     
Quad Graphics, Inc.
                
 
800,000
  
7.00%, due 5/1/22
            
710,812
  
                   
4,503,038
  
     
Containers and Packaging
    
5.1
%
        
     
LABL Escrow Issuer LLC
                
 
1,200,000
  
6.75%, due 7/15/26 (b)
            
1,289,814
  
     
Matthews International Corp.
                
 
1,189,000
  
5.25%, due 12/1/25 (b)
            
1,127,939
  
     
Pactiv LLC
                
 
500,000
  
8.375%, due 4/15/27
            
554,280
  
     
Plastipak Holdings, Inc.
                
 
1,250,000
  
6.25%, due 10/15/25 (b)
            
1,269,469
  
     
Trident TPI Holdings, Inc.
                
 
265,000
  
9.25%, due 8/1/24 (b)
            
286,338
  
 
1,200,000
  
6.625%, due 11/1/25 (b)
            
1,189,374
  
                   
5,717,214
  
     
Diversified Manufacturing
    
0.8
%
        
     
FXI Holdings, Inc.
                
 
295,000
  
12.25%, due 11/15/26 (b)
            
322,519
  
     
Husky III Holding Ltd.
                
 
500,000
  
13.00% Cash or 13.75% PIK, due 2/15/25 (b) (c)
            
529,063
  
                   
851,582
  
     
Electrical Equipment Manufacturing
    
1.0
%
        
     
Itron, Inc.
                
 
1,073,000
  
5.00%, due 1/15/26 (b)
            
1,109,010
  
     
Engineering & Construction
    
2.4
%
        
     
New Enterprise Stone & Lime Co., Inc.
                
 
751,000
  
6.25%, due 3/15/26 (b)
            
784,938
  
 
500,000
  
9.75%, due 7/15/28 (b)
            
544,175
  
     
PowerTeam Services LLC
                
 
1,250,000
  
9.033%, due 12/4/25 (b)
            
1,332,031
  
                   
2,661,144
  
     
Entertainment
    
1.2
%
        
     
Powdr Corp.
                
 
1,250,000
  
6.00%, due 8/1/25 (b)
            
1,295,312
  
     
Financial Services
    
0.5
%
        
     
Arrow Bidco LLC
                
 
616,000
  
9.50%, due 3/15/24 (b)
            
507,365
  
     
Food and Beverage
    
4.5
%
        
     
Clearwater Seafoods, Inc.
                
 
770,000
  
6.875%, due 5/1/25 (b)
            
782,432
  
     
Dean Foods Co.
                
 
610,000
  
6.50%, due 3/15/23 (b) (d)
            
14,106
  
     
Dole Food Co, Inc.
                
 
1,275,000
  
7.25%, due 6/15/25 (b)
            
1,279,647
  
     
H-Food Holdings LLC / Hearthside Finance Co, Inc.
                
 
1,250,000
  
8.50%, due 6/1/26 (b)
            
1,230,031
  
     
Sigma Holdco BV
                
 
1,150,000
  
7.875%, due 5/15/26 (b)
            
1,169,912
  
     
Simmons Foods, Inc.
                
 
575,000
  
7.75%, due 1/15/24 (b)
            
605,846
  
                   
5,081,974
  
     
Forest and Paper Products Manufacturing
    
1.3
%
        
     
Schweitzer-Mauduit International, Inc.
                
 
1,385,000
  
6.875%, due 10/1/26 (b)
            
1,493,806
  
     
Hardware
    
0.9
%
        
     
Everi Payments Inc.
                
 
1,042,000
  
7.50%, due 12/15/25 (b)
            
1,031,689
  
     
Health Care Facilities and Services
    
0.8
%
        
     
Hadrian Merger Sub, Inc.
                
 
960,000
  
8.50%, due 5/1/26 (b)
            
925,622
  
     
Home Builders
    
1.1
%
        
     
Picasso Finance Sub, Inc.
                
 
1,100,000
  
6.125%, due 6/15/25 (b)
            
1,181,345
  
     
Home Improvement
    
1.0
%
        
     
Apex Tool Group LLC/BC Mountain Finance, Inc.
                
 
1,250,000
  
9.00%, due 2/15/23 (b)
            
1,154,556
  
     
Industrial - Other
    
2.3
%
        
     
Brand Energy & Infrastructure Services, Inc.
                
 
1,125,000
  
8.50%, due 7/15/25 (b)
            
1,094,754
  
     
Cleaver-Brooks, Inc.
                
 
1,500,000
  
7.875%, due 3/1/23 (b)
            
1,471,718
  
                   
2,566,472
  
     
Lumber & Other Building Material Dealers
    
1.0
%
        
     
WESCO Distribution, Inc.
                
 
150,000
  
7.125%, due 6/15/25 (b)
            
165,199
  
 
900,000
  
7.25%, due 6/15/28 (b)
            
1,005,201
  
                   
1,170,400
  
     
Machinery Manufacturing
    
4.4
%
        
     
Amsted Industries, Inc.
                
 
350,000
  
5.625%, due 7/1/27 (b)
            
373,121
  
 
500,000
  
4.625%, due 5/15/30 (b)
            
521,585
  
     
Granite US Holdings Corp.
                
 
1,100,000
  
11.00%, due 10/1/27 (b)
            
1,160,500
  
     
JPW Industries Holding Corp.
                
 
972,000
  
9.00%, due 10/1/24 (b)
            
926,943
  
     
MAI Holdings, Inc.
                
 
700,000
  
9.50%, due 6/1/23 (b) (e)
            
147,000
  
     
Titan Acquisition Ltd. / Titan Co-Borrower LLC
                
 
700,000
  
7.75%, due 4/15/26 (b)
            
707,283
  
     
Titan International, Inc.
                
 
1,453,000
  
6.50%, due 11/30/23
            
1,089,750
  
                   
4,926,182
  
     
Manufactured Goods
    
3.7
%
        
     
FXI Holdings, Inc.
                
 
836,000
  
7.875%, due 11/1/24 (b)
            
813,524
  
     
Grinding Media Inc./ MC Grinding Media Canada, Inc.
                
 
1,594,000
  
7.375%, due 12/15/23 (b)
            
1,630,877
  
     
Mueller Industries, Inc.
                
 
500,000
  
6.00%, due 3/1/27
            
508,750
  
     
Park-Ohio Industries, Inc.
                
 
1,350,000
  
6.625%, due 4/15/27
            
1,227,069
  
                   
4,180,220
  
     
Media Entertainment
    
3.2
%
        
     
Diamond Sports Group LLC / Diamond Sports Finance Co.
                
 
1,008,000
  
5.375%, due 8/15/26 (b)
            
788,674
  
     
Getty Images, Inc.
                
 
1,235,000
  
9.75%, due 3/1/27 (b)
            
1,165,297
  
     
Meredith Corp.
                
 
725,000
  
6.50%, due 7/1/25 (b)
            
750,828
  
 
1,000,000
  
6.875%, due 2/1/26
            
870,813
  
                   
3,575,612
  
     
Media Non-Cable
    
0.5
%
        
     
R.R. Donnelley & Sons Co.
                
 
648,000
  
6.50%, due 11/15/23
            
569,362
  
     
Metals and Mining
    
7.0
%
        
     
Compass Minerals International, Inc.
                
 
800,000
  
6.75%, due 12/1/27 (b)
            
875,856
  
     
Emeco Pty Ltd.
                
 
588,879
  
9.25%, due 3/31/22
            
606,545
  
     
Harsco Corp.
                
 
1,250,000
  
5.75%, due 7/31/27 (b)
            
1,309,338
  
     
Mineral Resources Ltd.
                
 
1,180,000
  
8.125%, due 5/1/27 (b)
            
1,307,387
  
     
Rain CII Carbon LLC/CII Carbon Corp.
                
 
1,300,000
  
7.25%, due 4/1/25 (b)
            
1,287,799
  
     
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
                
 
1,345,000
  
7.50%, due 6/15/25 (b)
            
1,209,646
  
     
TMS International Holding Corp.
                
 
1,400,000
  
7.25%, due 8/15/25 (b)
            
1,194,690
  
                   
7,791,261
  
     
Midstream
    
1.0
%
        
     
Rockpoint Gas Storage Canada Ltd.
                
 
1,250,000
  
7.00%, due 3/31/23 (b)
            
1,170,181
  
     
Oil and Gas Services
    
2.7
%
        
     
Archrock Partners LP / Archrock Partners Finance Corp.
                
 
675,000
  
6.875%, due 4/1/27 (b)
            
697,211
  
 
325,000
  
6.25%, due 4/1/28 (b)
            
327,373
  
     
CVR Energy, Inc.
                
 
800,000
  
5.25%, due 2/15/25 (b)
            
759,180
  
     
USA Compression Partners LP/USA Compression Finance Corp.
                
 
985,000
  
6.875%, due 4/1/26
            
1,016,756
  
 
250,000
  
6.875%, due 9/1/27
            
259,173
  
                   
3,059,693
  
     
Other Industrial
    
1.1
%
        
     
Algeco Global Finance Plc
                
 
1,250,000
  
8.00%, due 2/15/23 (b)
            
1,278,894
  
     
Packaging
    
0.9
%
        
     
Mauser Packaging Solutions Holding Co.
                
 
1,038,000
  
5.50%, due 4/15/24 (b)
            
1,055,085
  
     
Paper
    
3.1
%
        
     
Clearwater Paper Corp.
                
 
710,000
  
4.50%, due 2/1/23
            
716,035
  
 
1,300,000
  
4.75%, due 8/15/28 (b)
            
1,314,625
  
     
Mercer International, Inc.
                
 
675,000
  
7.375%, due 1/15/25
            
695,250
  
 
690,000
  
5.50%, due 1/15/26
            
668,889
  
     
NWH Escrow Corp.
                
 
400,000
  
7.50%, due 8/1/21 (b)
            
142,500
  
                   
3,537,299
  
     
Pipelines
    
2.4
%
        
     
Genesis Energy LP / Genesis Energy Finance Corp.
                
 
1,050,000
  
7.75%, due 2/1/28
            
935,487
  
     
Summit Midstream Holdings, LLC
                
 
1,050,000
  
5.50%, due 8/15/22
            
691,441
  
     
TransMontaigne Partners LP/TLP Finance Corp.
                
 
1,046,000
  
6.125%, due 2/15/26
            
1,068,426
  
                   
2,695,354
  
     
Publishing and Broadcasting
    
2.3
%
        
     
Salem Media Group, Inc.
                
 
420,000
  
6.75%, due 6/1/24 (b)
            
360,150
  
     
Townsquare Media, Inc.
                
 
1,140,000
  
6.50%, due 4/1/23 (b)
            
1,055,805
  
     
Urban One, Inc.
                
 
1,325,000
  
7.375%, due 4/15/22 (b)
            
1,197,157
  
                   
2,613,112
  
     
Rail Transportation
    
1.4
%
        
     
Watco Cos LLC / Watco Finance Corp.
                
 
1,500,000
  
6.50%, due 6/15/27 (b)
            
1,588,125
  
     
Real Estate
    
0.8
%
        
     
GEO Group, Inc.
                
 
1,080,000
  
5.125%, due 4/1/23
            
894,375
  
     
Refining and Marketing
    
1.5
%
        
     
Calumet Specialty Products Partners LP / Calumet Finance Corp.
                
 
525,000
  
7.75%, due 4/15/23
            
490,164
  
     
Sunoco LP/Sunoco Finance Corp.
                
 
1,200,000
  
5.50%, due 2/15/26
            
1,240,728
  
                   
1,730,892
  
     
REITs - Storage
    
1.2
%
        
     
Iron Mountain, Inc.
                
 
250,000
  
5.00%, due 7/15/28 (b)
            
259,690
  
 
1,000,000
  
5.25%, due 7/15/30 (b)
            
1,063,165
  
                   
1,322,855
  
     
Retail
    
1.0
%
        
     
Staples, Inc.
                
 
933,000
  
7.50%, due 4/15/26 (b)
            
827,263
  
 
450,000
  
10.75%, due 4/15/27 (b)
            
313,594
  
                   
1,140,857
  
     
Retail - Consumer Discretionary
    
1.1
%
        
     
Hillman Company, Inc.
                
 
1,300,000
  
6.375%, due 7/15/22 (b)
            
1,278,570
  
     
Security Services
    
0.9
%
        
     
Allied Universal Holdco LLC / Allied Universal Finance Corp.
                
 
970,000
  
6.625%, due 7/15/26 (b)
            
1,041,538
  
     
Software and Services
    
1.0
%
        
     
Donnelley Financial Solutions, Inc.
                
 
905,000
  
8.25%, due 10/15/24
            
944,499
  
     
Exela Intermediate LLC/Exela Finance, Inc.
                
 
750,000
  
10.00%, due 7/15/23 (b)
            
221,250
  
                   
1,165,749
  
     
Supermarkets
    
0.6
%
        
     
KeHE Distributors LLC / KeHE Finance Corp.
                
 
600,000
  
8.625%, due 10/15/26 (b)
            
653,907
  
     
Technology
    
0.6
%
        
     
Granite Merger Sub 2, Inc.
                
 
600,000
  
11.00%, due 7/15/27 (b)
            
629,739
  
     
Telecommunications
    
1.1
%
        
     
Plantronics, Inc.
                
 
1,250,000
  
5.50%, due 5/31/23 (b)
            
1,183,894
  
     
Transportation and Logistics
    
1.3
%
        
     
J.B. Poindexter & Co., Inc.
                
 
750,000
  
7.125%, due 4/15/26 (b)
            
799,830
  
     
Martin Midstream Partners L.P.
                
 
650,000
  
7.25%, due 2/15/21
            
613,356
  
                   
1,413,186
  
     
Transportation Services
    
2.0
%
        
     
LBC Tank Terminals Holding
                
 
1,200,000
  
6.875%, due 5/15/23 (b)
            
1,207,374
  
     
OPE KAG Finance Sub, Inc.
                
 
1,050,000
  
7.875%, due 7/31/23 (b)
            
1,003,753
  
                   
2,211,127
  
     
Utilities
    
0.7
%
        
     
Superior Plus LP / Superior General Partner, Inc.
                
 
700,000
  
7.00%, due 7/15/26 (b)
            
754,992
  
     
Waste and Environment Services and Equipment
    
0.8
%
        
     
CD&R Waterworks Merger Sub LLC
                
 
900,000
  
6.125%, due 8/15/25 (b)
            
927,081
  
     
Wholesale Distribution
    
1.2
%
        
     
US Foods, Inc.
                
 
1,250,000
  
6.25%, due 4/15/25 (b)
            
1,323,544
  
     
Wireline Telecommunications Services
    
0.8
%
        
     
HC2 Holdings, Inc.
                
 
546,000
  
11.50%, due 12/1/21 (b)
            
510,851
  
     
Intrado Corp.
                
 
560,000
  
5.375%, due 7/15/22 (b)
            
393,400
  
                   
904,251
  
     
Total Corporate Bonds (cost $111,774,893)
            
109,090,273
  
                       
     
MONEY MARKET FUND
    
1.6
%
        
 
1,797,567
  
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (a)
            
1,797,567
  
     
Total Money Market Fund (cost $1,797,567)
            
1,797,567
  
                       
     
Total Investments (cost $113,572,460)
    
98.7
%
    
110,887,840
  
     
Other Assets less Liabilities
    
1.3
%
    
1,491,797
  
     
TOTAL NET ASSETS
    
100.0
%
  
$
112,379,637
  
   
(a)
  
Rate shown is the 7-day annualized yield as of August 31, 2020.
                
(b)
  
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, 2020, the value of these investments was $91,084,244 or 81.05% of total net assets.
  
(c)
  
Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.
  
(d)
  
Security is in default.
                
(e)
  
Valued at a fair value in accordance with procedures established by the Fund’s Board of Trustees.
  
     
Value determined using significant unobservable inputs.
                
PIA High Yield (MACS) Fund
                
Summary of Fair Value Disclosure at August 31, 2020 (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.
      
                   
The following is a summary of the inputs used to value the Fund's investments as of August 31, 2020:
          

PIA High Yield (MACS) Fund
  
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Fixed Income
                        
Corporate Bonds
  
$
-
    
$
108,943,273
    
$
147,000
    
$
109,090,273
  
Total Fixed Income
    
-
      
108,943,273
      
147,000
      
109,090,273
  
Money Market Fund
    
1,797,567
      
-
      
-
      
1,797,567
  
Total Investments
  
$
1,797,567
    
$
108,943,273
    
$
147,000
    
$
110,887,840
  
                                 

Refer to the Fund’s schedule of investments for a detailed break-out of securities.
                          

PIA High Yield (MACS) Fund
  
Level 3 Reconciliation Disclosure
  
       
   
Investments in Securities, at Value
  
   
Corporate Bonds
  
Balance as of November 30, 2019
  
$
-
  
Accrued discounts/premiums
    
2,742
  
Realized gain/(loss)
    
-
  
Change in unrealized appreciation/(depreciation)
    
(154,992
)
Purchases
    
-
  
Sales
    
-
  
Transfers in and/or out of Level 3
  
$
299,250
  
Balance as of August 31, 2020
  
$
147,000
  

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at August 31, 2020, and still classified as Level 3 was $(154,992).