NPORT-EX 2 hy_macs2.htm
PIA HIGH YIELD (MACS) FUND
        
Schedule of Investments - February 28, 2021 (Unaudited)
        
                 
Principal
                
Amount/Shares
            
Value
  
   
CORPORATE BONDS
    
97.5
%
      
   
Advertising
    
1.6
%
      
   
Clear Channel International BV
              
$
1,300,000
  
6.625%, due 8/1/25 (b)
          
$
1,373,125
  
     
Clear Channel Outdoor Holdings, Inc.
                
 
675,000
  
7.75%, due 4/15/28 (b)
            
684,771
  
                   
2,057,896
  
     
Aerospace/Defense
    
2.4
%
        
     
F-Brasile SpA / F-Brasile US LLC
                
 
1,500,000
  
7.375%, due 8/15/26 (b)
            
1,522,500
  
     
Triumph Group, Inc.
                
 
300,000
  
6.25%, due 9/15/24 (b)
            
302,625
  
 
1,250,000
  
7.75%, due 8/15/25
            
1,228,125
  
                   
3,053,250
  
     
Auto Manufacturers
    
1.1
%
        
     
PM General Purchaser LLC
                
 
1,250,000
  
9.50%, due 10/1/28 (b)
            
1,377,750
  
     
Auto Parts & Equipment
    
1.8
%
        
     
Dealer Tire LLC / DT Issuer LLC
                
 
1,506,000
  
8.00%, due 2/1/28 (b)
            
1,615,185
  
     
Real Hero Merger Sub 2, Inc.
                
 
675,000
  
6.25%, due 2/1/29 (b)
            
696,094
  
                   
2,311,279
  
     
Building & Construction
    
1.1
%
        
     
Brundage-Bone Concrete Pumping Holdings, Inc.
                
 
1,350,000
  
6.00%, due 2/1/26 (b)
            
1,399,450
  
     
Building Materials
    
3.3
%
        
     
Core & Main Holdings LP
                
 
1,250,000
  
8.625% Cash or 9.375% PIK, due 9/15/(b) (c)
            
1,272,988
  
     
CP Atlas Buyer, Inc.
                
 
1,205,000
  
7.00%, due 12/1/28 (b)
            
1,253,953
  
     
Northwest Hardwoods, Inc.
                
 
400,000
  
7.50%, due 8/1/21 (b) (d) (e)
            
176,000
  
     
NWH Escrow Corp.
                
 
400,000
  
7.50%, due 8/1/21 (b) (d) (e)
            
176,000
  
     
SRM Escrow Issuer LLC
                
 
1,250,000
  
6.00%, due 11/1/28 (b)
            
1,300,780
  
                   
4,179,721
  
     
Chemicals
    
7.2
%
        
     
Consolidated Energy Finance SA
                
 
800,000
  
6.875%, due 6/15/25 (b)
            
815,500
  
 
450,000
  
6.50%, due 5/15/26 (b)
            
455,625
  
     
CSTN Merger Sub, Inc.
                
 
1,375,000
  
6.75%, due 8/15/24 (b)
            
1,300,949
  
     
GPD Cos, Inc.
                
 
150,000
  
10.125%, due 4/1/26 (b)
            
166,313
  
     
Innophos Holdings, Inc.
                
 
1,300,000
  
9.375%, due 2/15/28 (b)
            
1,414,562
  
     
Iris Holdings, Inc.
                
 
650,000
  
8.75% Cash or 10.000% PIK, due 2/15/26 (b) (c)
            
658,938
  
     
Koppers, Inc.
                
 
1,524,000
  
6.00%, due 2/15/25 (b)
            
1,574,482
  
     
Methanex Corp.
                
 
1,250,000
  
5.125%, due 10/15/27
            
1,294,313
  
     
Neon Holdings, Inc.
                
 
1,250,000
  
10.125%, due 4/1/26 (b)
            
1,385,938
  
                   
9,066,620
  
     
Commercial Services
    
1.6
%
        
     
APX Group, Inc.
                
 
150,000
  
8.50%, due 11/1/24
            
158,047
  
 
550,000
  
6.75%, due 2/15/27 (b)
            
586,437
  
     
Nielsen Finance LLC / Nielsen Finance Co.
                
 
750,000
  
5.625%, due 10/1/28 (b)
            
794,531
  
 
500,000
  
5.875%, due 10/1/30 (b)
            
541,563
  
                   
2,080,578
  
     
Construction Machinery
    
1.1
%
        
     
Capitol Investment Merger Sub 2 LLC
                
 
1,250,000
  
10.00%, due 8/1/24 (b)
            
1,358,463
  
     
Consumer Cyclical Services
    
2.1
%
        
     
CoreCivic, Inc.
                
 
1,250,000
  
4.75%, due 10/15/27
            
1,120,313
  
     
Photo Holdings Merger Sub, Inc.
                
 
1,485,000
  
8.50%, due 10/1/26 (b)
            
1,595,543
  
                   
2,715,856
  
     
Consumer Services
    
2.3
%
        
     
Cimpress Plc
                
 
1,335,000
  
7.00%, due 6/15/26 (b)
            
1,412,777
  
     
Quad Graphics, Inc.
                
 
1,485,000
  
7.00%, due 5/1/22
            
1,482,795
  
                   
2,895,572
  
     
Containers and Packaging
    
4.8
%
        
     
LABL Escrow Issuer LLC
                
 
1,200,000
  
6.75%, due 7/15/26 (b)
            
1,289,249
  
     
Matthews International Corp.
                
 
1,389,000
  
5.25%, due 12/1/25 (b)
            
1,414,897
  
     
Pactiv LLC
                
 
500,000
  
8.375%, due 4/15/27
            
574,280
  
     
Plastipak Holdings, Inc.
                
 
1,250,000
  
6.25%, due 10/15/25 (b)
            
1,286,719
  
     
Trident TPI Holdings, Inc.
                
 
265,000
  
9.25%, due 8/1/24 (b)
            
281,563
  
 
1,200,000
  
6.625%, due 11/1/25 (b)
            
1,222,374
  
                   
6,069,082
  
     
Diversified Financial Services
    
0.5
%
        
     
VistaJet Malta Finance PLC / XO Management Holding, Inc.
                
 
650,000
  
10.50%, due 6/1/24 (b)
            
693,875
  
     
Diversified Manufacturing
    
0.7
%
        
     
FXI Holdings, Inc.
                
 
295,000
  
12.25%, due 11/15/26 (b)
            
335,145
  
     
Husky III Holding Ltd.
                
 
500,000
  
13.00% Cash or 13.75% PIK, due 2/15/25 (b) (c)
            
544,688
  
                   
879,833
  
     
Engineering & Construction
    
2.1
%
        
     
New Enterprise Stone & Lime Co., Inc.
                
 
751,000
  
6.25%, due 3/15/26 (b)
            
774,938
  
 
500,000
  
9.75%, due 7/15/28 (b)
            
562,500
  
     
PowerTeam Services LLC
                
 
1,250,000
  
9.033%, due 12/4/25 (b)
            
1,387,500
  
                   
2,724,938
  
     
Enterprise Software & Services
    
0.8
%
        
     
Rocket Software, Inc.
                
 
1,000,000
  
6.50%, due 2/15/29 (b)
            
996,875
  
     
Entertainment
    
1.0
%
        
     
Powdr Corp.
                
 
1,250,000
  
6.00%, due 8/1/25 (b)
            
1,310,938
  
     
Environmental Control
    
1.2
%
        
     
Tervita Corp.
                
 
1,400,000
  
11.00%, due 12/1/25 (b)
            
1,515,500
  
     
Financial Services
    
1.0
%
        
     
Arrow Bidco LLC
                
 
1,391,000
  
9.50%, due 3/15/24 (b)
            
1,256,970
  
     
Food and Beverage
    
2.4
%
        
     
Dean Foods Co.
                
 
610,000
  
6.50%, due 3/15/23 (b) (d)
            
12,581
  
     
Dole Food Co, Inc.
                
 
250,000
  
7.25%, due 6/15/25 (b)
            
256,536
  
     
H-Food Holdings LLC / Hearthside Finance Co, Inc.
                
 
1,250,000
  
8.50%, due 6/1/26 (b)
            
1,301,906
  
     
Sigma Holdco BV
                
 
1,400,000
  
7.875%, due 5/15/26 (b)
            
1,435,441
  
                   
3,006,464
  
     
Food Wholesale/Distribution
    
2.2
%
        
     
United Natural Foods, Inc.
                
 
1,200,000
  
6.75%, due 10/15/28 (b)
            
1,258,500
  
     
US Foods, Inc.
                
 
1,250,000
  
6.25%, due 4/15/25 (b)
            
1,334,480
  
 
150,000
  
4.75%, due 2/15/29 (b)
            
152,813
  
                   
2,745,793
  
     
Forest and Paper Products Manufacturing
    
1.2
%
        
     
Schweitzer-Mauduit International, Inc.
                
 
1,385,000
  
6.875%, due 10/1/26 (b)
            
1,478,806
  
     
Hardware
    
0.5
%
        
     
Everi Payments Inc.
                
 
616,000
  
7.50%, due 12/15/25 (b)
            
641,345
  
     
Healthcare - Products
    
1.1
%
        
     
Varex Imaging Corp.
                
 
1,250,000
  
7.875%, due 10/15/27 (b)
            
1,378,125
  
     
Healthcare - Services
    
1.1
%
        
     
Hadrian Merger Sub, Inc.
                
 
1,288,000
  
8.50%, due 5/1/26 (b)
            
1,344,105
  
     
Home Improvement
    
1.0
%
        
     
Apex Tool Group LLC/BC Mountain Finance, Inc.
                
 
1,250,000
  
9.00%, due 2/15/23 (b)
            
1,243,750
  
     
Household Products/Warehouse
    
1.0
%
        
     
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
                
 
1,250,000
  
5.00%, due 12/31/26 (b)
            
1,287,788
  
     
Industrial - Other
    
2.1
%
        
     
Brand Energy & Infrastructure Services, Inc.
                
 
1,125,000
  
8.50%, due 7/15/25 (b)
            
1,127,813
  
     
Cleaver-Brooks, Inc.
                
 
1,500,000
  
7.875%, due 3/1/23 (b)
            
1,479,218
  
                   
2,607,031
  
     
Machinery - Thermal Process
    
1.1
%
        
     
GrafTech Finance, Inc.
                
 
1,350,000
  
4.625%, due 12/15/28 (b)
            
1,378,958
  
     
Machinery Manufacturing
    
4.2
%
        
     
Granite US Holdings Corp.
                
 
1,250,000
  
11.00%, due 10/1/27 (b)
            
1,403,125
  
     
JPW Industries Holding Corp.
                
 
1,580,000
  
9.00%, due 10/1/24 (b)
            
1,595,800
  
     
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)
            
722,750
  
     
Titan International, Inc.
                
 
1,453,000
  
6.50%, due 11/30/23
            
1,436,501
  
                   
5,305,176
  
     
Manufactured Goods
    
3.0
%
        
     
FXI Holdings, Inc.
                
 
836,000
  
7.875%, due 11/1/24 (b)
            
850,630
  
     
Grinding Media Inc./ MC Grinding Media Canada, Inc.
                
 
1,594,000
  
7.375%, due 12/15/23 (b)
            
1,627,872
  
     
Park-Ohio Industries, Inc.
                
 
1,350,000
  
6.625%, due 4/15/27
            
1,376,514
  
                   
3,855,016
  
     
Marine Transportation
    
1.0
%
        
     
Altera Infrastructure LP/Teekay Offshore Finance Corp.
                
 
1,400,000
  
8.50%, due 7/15/23 (b)
            
1,274,000
  
     
Media Entertainment
    
3.4
%
        
     
Diamond Sports Group LLC / Diamond Sports Finance Co.
                
 
1,083,000
  
5.375%, due 8/15/26 (b)
            
767,251
  
     
Getty Images, Inc.
                
 
1,624,000
  
9.75%, due 3/1/27 (b)
            
1,731,280
  
     
Meredith Corp.
                
 
725,000
  
6.50%, due 7/1/25 (b)
            
774,391
  
 
1,000,000
  
6.875%, due 2/1/26
            
1,022,215
  
                   
4,295,137
  
     
Metals and Mining
    
4.5
%
        
     
Arconic Corp.
                
 
150,000
  
6.125%, due 2/15/28 (b)
            
158,581
  
     
Harsco Corp.
                
 
1,250,000
  
5.75%, due 7/31/27 (b)
            
1,305,469
  
     
Rain CII Carbon LLC/CII Carbon Corp.
                
 
1,300,000
  
7.25%, due 4/1/25 (b)
            
1,334,444
  
     
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
                
 
1,345,000
  
7.50%, due 6/15/25 (b)
            
1,398,363
  
     
TMS International Holding Corp.
                
 
1,400,000
  
7.25%, due 8/15/25 (b)
            
1,435,294
  
                   
5,632,151
  
     
Midstream
    
1.0
%
        
     
Rockpoint Gas Storage Canada Ltd.
                
 
1,250,000
  
7.00%, due 3/31/23 (b)
            
1,238,369
  
     
Oil and Gas Services
    
4.3
%
        
     
Archrock Partners LP / Archrock Partners Finance Corp.
                
 
675,000
  
6.875%, due 4/1/27 (b)
            
713,961
  
 
500,000
  
6.25%, due 4/1/28 (b)
            
521,875
  
     
CSI Compressco LP / CSI Compressco Finance, Inc.
                
 
1,675,000
  
7.50%, due 4/1/25 (b)
            
1,684,421
  
     
CVR Energy, Inc.
                
 
1,250,000
  
5.25%, due 2/15/25 (b)
            
1,235,625
  
     
USA Compression Partners LP/USA Compression Finance Corp.
                
 
985,000
  
6.875%, due 4/1/26
            
1,018,859
  
 
250,000
  
6.875%, due 9/1/27
            
262,923
  
                   
5,437,664
  
     
Other Industrial
    
1.0
%
        
     
Modulaire Global Finance Plc
                
 
1,250,000
  
8.00%, due 2/15/23 (b)
            
1,272,644
  
     
Packaging
    
0.8
%
        
     
Mauser Packaging Solutions Holding Co.
                
 
1,038,000
  
5.50%, due 4/15/24 (b)
            
1,043,408
  
     
Paper
    
2.1
%
        
     
Clearwater Paper Corp.
                
 
1,300,000
  
4.75%, due 8/15/28 (b)
            
1,333,742
  
     
Mercer International, Inc.
                
 
690,000
  
5.50%, due 1/15/26
            
708,327
  
 
550,000
  
5.125%, due 2/1/29 (b)
            
560,313
  
                   
2,602,382
  
     
Pipelines
    
3.5
%
        
     
Genesis Energy LP / Genesis Energy Finance Corp.
                
 
175,000
  
8.00%, due 1/15/27
            
177,224
  
 
1,050,000
  
7.75%, due 2/1/28
            
1,038,408
  
     
Martin Midstream Partners LP / Martin Midstream Finance Corp.
                
 
1,000,000
  
11.50%, due 2/28/25 (b)
            
1,015,000
  
     
Summit Midstream Holdings, LLC
                
 
1,050,000
  
5.50%, due 8/15/22
            
1,022,438
  
     
TransMontaigne Partners LP/TLP Finance Corp.
                
 
1,236,000
  
6.125%, due 2/15/26
            
1,248,595
  
                   
4,501,665
  
     
Poultry
    
0.4
%
        
     
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
                
 
550,000
  
4.625%, due 3/1/29 (b)
            
558,126
  
     
Publishing and Broadcasting
    
1.1
%
        
     
Salem Media Group, Inc.
                
 
1,385,000
  
6.75%, due 6/1/24 (b)
            
1,364,225
  
     
Radio
    
4.3
%
        
     
Beasley Mezzanine Holdings LLC
                
 
1,400,000
  
8.625%, due 2/1/26 (b)
            
1,421,000
  
     
Entercom Media Corp.
                
 
1,350,000
  
7.25%, due 11/1/24 (b)
            
1,367,921
  
     
Townsquare Media, Inc.
                
 
1,150,000
  
6.875%, due 2/1/26 (b)
            
1,204,625
  
     
Urban One, Inc.
                
 
1,400,000
  
7.375%, due 2/1/28 (b)
            
1,414,000
  
                   
5,407,546
  
     
Real Estate
    
0.8
%
        
     
GEO Group, Inc.
                
 
1,080,000
  
5.125%, due 4/1/23
            
991,574
  
     
REITs - Storage
    
1.0
%
        
     
Iron Mountain, Inc.
                
 
250,000
  
5.00%, due 7/15/28 (b)
            
259,690
  
 
1,000,000
  
5.25%, due 7/15/30 (b)
            
1,030,000
  
                   
1,289,690
  
     
Retail - Leisure Products
    
1.1
%
        
     
Party City Holdings, Inc.
                
 
1,400,000
  
8.75%, due 2/15/26 (b)
            
1,430,625
  
     
Retail - Office Supplies
    
1.4
%
        
     
Staples, Inc.
                
 
933,000
  
7.50%, due 4/15/26 (b)
            
936,452
  
 
900,000
  
10.75%, due 4/15/27 (b)
            
860,625
  
                   
1,797,077
  
     
Software and Services
    
0.6
%
        
     
Donnelley Financial Solutions, Inc.
                
 
455,000
  
8.25%, due 10/15/24
            
475,475
  
     
Exela Intermediate LLC/Exela Finance, Inc.
                
 
750,000
  
10.00%, due 7/15/23 (b)
            
242,813
  
                   
718,288
  
     
Supermarkets
    
0.3
%
        
     
KeHE Distributors LLC / KeHE Finance Corp.
                
 
370,000
  
8.625%, due 10/15/26 (b)
            
412,493
  
     
Technology
    
0.6
%
        
     
Granite Merger Sub 2, Inc.
                
 
642,000
  
11.00%, due 7/15/27 (b)
            
737,777
  
     
Telecommunications
    
1.0
%
        
     
Plantronics, Inc.
                
 
1,250,000
  
5.50%, due 5/31/23 (b)
            
1,261,269
  
     
Tobacco Manufacturing
    
1.1
%
        
     
Vector Group Ltd.
                
 
1,375,000
  
5.75%, due 2/1/29 (b)
            
1,427,422
  
     
Transportation Services
    
2.5
%
        
     
Bristow Group, Inc.
                
 
1,400,000
  
6.875%, due 3/1/28 (b)
            
1,415,750
  
     
LBC Tank Terminals Holding
                
 
1,200,000
  
6.875%, due 5/15/23 (b)
            
1,202,250
  
     
OPE KAG Finance Sub, Inc.
                
 
550,000
  
7.875%, due 7/31/23 (b)
            
546,505
  
                   
3,164,505
  
     
Wireline Telecommunications Services
    
1.1
%
        
     
Intrado Corp.
                
 
660,000
  
5.375%, due 7/15/22 (b)
            
623,700
  
 
800,000
  
8.50%, due 10/15/25 (b)
            
795,500
  
                   
1,419,200
  
     
Total Corporate Bonds (cost $120,466,274)
            
123,494,040
  
                       
     
MONEY MARKET FUND
    
1.4
%
        
 
1,768,108
  
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (a)
            
1,768,108
  
     
Total Money Market Fund (cost $1,768,108)
            
1,768,108
  
                       
     
Total Investments (cost $122,234,382)
    
98.9
%
    
125,262,148
  
     
Other Assets less Liabilities
    
1.1
%
    
1,407,837
  
     
TOTAL NET ASSETS
    
100.0
%
  
$
126,669,985
  
   
                       
(a)
  
Rate shown is the 7-day annualized yield as of February 28, 2021.
                
(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 February 28, 2021, the value of these investments was $106,857,115 or 84.36% 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)
  
Security valued at fair value using methods determined in good faith by or at the direction of the
  
     
Board of Trustees of Advisors Series Trust. Value determined using significant unobservable inputs.
  
     
As of February 28, 2021, the total value of fair valued securities was $499,000 or 0.39% of
          
     
total net assets.
                
PIA High Yield (MACS) Fund
              
Summary of Fair Value Disclosure at February 28, 2021 (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 February 28, 2021:
        
                 

PIA High Yield (MACS) Fund
    
Level 1
    
Level 2
    
Level 3
    
Total
  
                               
Fixed Income
                              
Corporate Bonds
        
$
-
    
$
122,995,040
    
$
499,000
    
$
123,494,040
  
Total Fixed Income
          
-
      
122,995,040
      
499,000
      
123,494,040
  
Money Market Fund
          
1,768,108
      
-
      
-
      
1,768,108
  
Total Investments
        
$
1,768,108
    
$
122,995,040
    
$
499,000
    
$
125,262,148
  
                                       
Refer to the Fund’s schedule of investments for a detailed break-out of securities.
                          
                                       
                                       
Level 3 Reconciliation Disclosure
                                  
                                       
   
Investments in Securities, at Value
                                  
   
Corporate Bonds
                                  
Balance as of November 30, 2020
  
$
147,000
                                  
Accrued discounts/premiums
    
1,045
                                  
Realized gain/(loss)
    
-
                                  
Change in unrealized appreciation/(depreciation)
    
(1,045
)
                                
Purchases
    
-
                                  
Sales
    
-
                                  
Transfers in and/or out of Level 3
  
$
352,000
                                  
Balance as of February 28, 2021
  
$
499,000
                                  
                                         
The change in unrealized appreciation/(depreciation) for Level 3 securities still held at February 28, 2021, and still classified as Level 3 was $(1,045).