NPORT-EX 2 highyield2.htm NPORT-EX

PIA High Yield Fund
  
Schedule of Investments
  
August 31, 2025 (Unaudited)
  
   
CORPORATE BONDS - 89.7%
  
Par
    
Value
 
Advertising - 1.2%
  
Clear Channel Outdoor Holdings, Inc.
  
7.88%, 04/01/2030 (a)
  
$
925,000
    
$
964,066
  
7.13%, 02/15/2031 (a)
    
175,000
      
177,896
  
             
1,141,962
  
                 
Aerospace/Defense - 1.1%
  
Efesto Bidco SpA Efesto US LLC, 7.50%, 02/15/2032 (a)
    
1,000,000
      
1,022,320
  
                 
Airlines - 1.2%
  
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.38%, 02/01/2030 (a)
    
1,193,000
      
1,149,334
  
                 
Auto Manufacturers - 0.9%
  
PM General Purchaser LLC, 9.50%, 10/01/2028 (a)
    
1,051,000
      
834,446
  
                 
Building Materials - 3.7%
  
CP Atlas Buyer, Inc., 9.75%, 07/15/2030 (a)
    
1,050,000
      
1,084,555
  
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (a)
    
250,000
      
257,871
  
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (a)
    
725,000
      
714,345
  
Oscar AcquisitionCo LLC / Oscar Finance, Inc., 9.50%, 04/15/2030 (a)
    
700,000
      
546,188
  
Smyrna Ready Mix Concrete LLC
  
6.00%, 11/01/2028 (a)
    
650,000
      
651,946
  
8.88%, 11/15/2031 (a)
    
300,000
      
320,255
  
             
3,575,160
  
                 
Chemicals - 9.4%
  
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028 (a)
    
932,000
      
314,550
  
Cerdia Finanz GmbH, 9.38%, 10/03/2031 (a)
    
1,125,000
      
1,193,378
  
Consolidated Energy Finance SA
  
5.63%, 10/15/2028 (a)
    
875,000
      
738,631
  
12.00%, 02/15/2031 (a)
    
860,000
      
791,487
  
GPD Cos., Inc., 12.50%, 12/31/2029 (a)
    
1,085,520
      
914,276
  
Herens Holdco Sarl, 4.75%, 05/15/2028 (a)
    
1,000,000
      
861,318
  
Innophos Holdings, Inc., 11.50%, 06/15/2029 (a)
    
1,315,550
      
1,307,762
  
Mativ Holdings, Inc., 8.00%, 10/01/2029 (a)
    
1,075,000
      
1,064,943
  
Rain Carbon, Inc., 12.25%, 09/01/2029 (a)
    
905,000
      
972,612
  
SK Invictus Intermediate II Sarl, 5.00%, 10/30/2029 (a)
    
860,000
      
843,366
  
             
9,002,323
  
                 
Coal - 1.0%
  
SunCoke Energy, Inc., 4.88%, 06/30/2029 (a)
    
1,100,000
      
1,006,029
  
                 
Commercial Services - 12.0%
  
Alta Equipment Group, Inc., 9.00%, 06/01/2029 (a)
    
1,241,000
      
1,181,637
  
Champions Financing, Inc., 8.75%, 02/15/2029 (a)
    
1,250,000
      
1,196,062
  
Cimpress PLC, 7.38%, 09/15/2032 (a)
    
950,000
      
954,483
  
CPI CG, Inc., 10.00%, 07/15/2029 (a)
    
838,000
      
877,885
  
Dcli Bidco LLC, 7.75%, 11/15/2029 (a)
    
975,000
      
999,964
  
Deluxe Corp., 8.13%, 09/15/2029 (a)
    
1,000,000
      
1,042,861
  
NESCO Holdings II, Inc., 5.50%, 04/15/2029 (a)
    
1,135,000
      
1,107,906
  
PROG Holdings, Inc., 6.00%, 11/15/2029 (a)
    
850,000
      
826,225
  
RR Donnelley & Sons Co., 9.50%, 08/01/2029 (a)
    
1,016,000
      
1,031,713
  
StoneMor, Inc., 8.50%, 05/15/2029 (a)
    
1,165,000
      
1,124,849
  
Veritiv Operating Co., 10.50%, 11/30/2030 (a)
    
1,108,000
      
1,200,437
  
             
11,544,022
  
                 
Computers - 1.1%
  
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 (a)
    
1,145,000
      
1,096,608
  
                 
Diversified Financial Services - 1.3%
  
Burford Capital Global Finance LLC
  
6.25%, 04/15/2028 (a)
    
320,000
      
319,672
  
6.88%, 04/15/2030 (a)
    
550,000
      
552,345
  
9.25%, 07/01/2031 (a)
    
135,000
      
143,876
  
7.50%, 07/15/2033 (a)
    
200,000
      
204,650
  
             
1,220,543
  
                 
Engineering & Construction - 4.7%
  
Brand Industrial Services, Inc., 10.38%, 08/01/2030 (a)
    
1,300,000
      
1,278,003
  
Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 (a)
    
1,075,000
      
1,073,436
  
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 (a)
    
1,165,000
      
1,120,102
  
Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 (a)
    
981,000
      
1,003,701
  
             
4,475,242
  
                 
Entertainment - 2.1%
  
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 (a)
    
967,000
      
928,769
  
Voyager Parent LLC, 9.25%, 07/01/2032 (a)
    
1,050,000
      
1,108,812
  
             
2,037,581
  
                 
Food - 2.1%
  
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (a)
    
1,017,000
      
1,071,767
  
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 (a)
    
940,000
      
903,638
  
             
1,975,405
  
                 
Food Service - 1.3%
  
TKC Holdings, Inc.
  
6.88%, 05/15/2028 (a)
    
485,000
      
487,935
  
10.50%, 05/15/2029 (a)
    
785,000
      
802,390
  
             
1,290,325
  
                 
Forest Products & Paper - 2.4%
  
Magnera Corp.
  
4.75%, 11/15/2029 (a)
    
1,017,000
      
899,260
  
7.25%, 11/15/2031 (a)
    
200,000
      
189,455
  
Mercer International, Inc.
  
12.88%, 10/01/2028 (a)
    
600,000
      
583,277
  
5.13%, 02/01/2029
    
850,000
      
670,882
  
             
2,342,874
  
                 
Healthcare-Services - 1.0%
  
Kedrion SpA, 6.50%, 09/01/2029 (a)
    
1,020,000
      
1,002,291
  
                 
Insurance - 1.1%
  
Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032 (a)
    
1,050,000
      
1,078,096
  
                 
Internet - 1.2%
  
ION Trading Technologies Sarl
  
5.75%, 05/15/2028 (a)
    
720,000
      
699,061
  
9.50%, 05/30/2029 (a)
    
450,000
      
470,902
  
             
1,169,963
  
                 
Iron/Steel - 1.3%
  
TMS International Corp./DE, 6.25%, 04/15/2029 (a)
    
1,280,000
      
1,238,882
  
                 
Machinery-Diversified - 2.9%
  
GrafTech Finance, Inc., 4.63%, 12/23/2029 (a)
    
1,161,000
      
830,115
  
GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029 (a)
    
250,000
      
213,750
  
Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029 (a)
    
1,025,000
      
1,077,005
  
OT Merger Corp., 7.88%, 10/15/2029 (a)
    
1,769,000
      
639,034
  
             
2,759,904
  
                 
Media - 4.0%
  
Beasley Mezzanine Holdings LLC
  
    9.20%, 08/01/2028 (a)     1,003,000
      393,678
 
11.00%, 08/01/2028 (a)
    
121,000
      
120,320
  
Spanish Broadcasting System, Inc., 9.75%, 03/01/2026 (a)
    
1,535,000
      
1,001,588
  
Univision Communications, Inc.
  
4.50%, 05/01/2029 (a)
    
570,000
      
534,998
  
7.38%, 06/30/2030 (a)
    
350,000
      
352,189
  
8.50%, 07/31/2031 (a)
    
250,000
      
257,855
  
9.38%, 08/01/2032 (a)
    
275,000
      
289,796
  
Urban One, Inc., 7.38%, 02/01/2028 (a)
    
1,650,000
      
843,653
  
             
3,794,077
  
                 
Metal Fabricate/Hardware - 1.3%
  
Park-Ohio Industries, Inc., 8.50%, 08/01/2030 (a)
    
1,195,000
      
1,216,313
  
                 
Mining - 2.5%
  
Compass Minerals International, Inc.
  
6.75%, 12/01/2027 (a)
    
296,000
      
296,379
  
8.00%, 07/01/2030 (a)
    
1,000,000
      
1,046,864
  
JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030 (a)
    
1,000,000
      
1,037,142
  
             
2,380,385
  
                 
Miscellaneous Manufacturing - 1.6%
  
Calderys Financing II LLC, 11.75% (or 12.50% PIK), 06/01/2028 (a)
    
750,000
      
794,062
  
Calderys Financing LLC, 11.25%, 06/01/2028 (a)
    
665,000
      
704,669
  
             
1,498,731
  
                 
Office-Business Equipment - 2.0%
  
Pitney Bowes, Inc., 6.88%, 03/15/2027 (a)
    
985,000
      
989,150
  
Xerox Holdings Corp.
  
5.50%, 08/15/2028 (a)
    
1,075,000
      
700,236
  
8.88%, 11/30/2029 (a)
    
375,000
      
229,804
  
             
1,919,190
  
                 
Oil & Gas Services - 3.4%
  
Bristow Group, Inc., 6.88%, 03/01/2028 (a)
    
1,000,000
      
1,002,430
  
CHC Group LLC, 11.75%, 09/01/2030 (a)
    
1,435,000
      
1,438,663
  
Enerflex Ltd., 9.00%, 10/15/2027 (a)
    
825,000
      
849,803
  
             
3,290,896
  
                 
Packaging & Containers - 3.4%
  
Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 (a)
    
1,075,000
      
1,092,958
  
Clearwater Paper Corp., 4.75%, 08/15/2028 (a)
    
1,050,000
      
994,990
  
LABL, Inc.
  
5.88%, 11/01/2028 (a)
    
650,000
      
516,623
  
9.50%, 11/01/2028 (a)
    
425,000
      
354,755
  
8.63%, 10/01/2031 (a)
    
375,000
      
277,550
  
             
3,236,876
  
                 
Pharmaceuticals - 1.2%
  
Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032 (a)
    
1,245,000
      
1,192,685
  
                 
Pipelines - 6.2%
  
Global Partners LP / GLP Finance Corp.
  
6.88%, 01/15/2029
    
616,000
      
624,686
  
8.25%, 01/15/2032 (a)
    
165,000
      
173,690
  
ITT Holdings LLC, 6.50%, 08/01/2029 (a)
    
1,155,000
      
1,133,359
  
Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 (a)
    
500,000
      
529,189
  
NGL Energy Operating LLC / NGL Energy Finance Corp.
  
8.13%, 02/15/2029 (a)
    
550,000
      
561,463
  
8.38%, 02/15/2032 (a)
    
667,000
      
679,040
  
Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (a)
    
950,000
      
948,364
  
TransMontaigne Partners LLC, 8.50%, 06/15/2030 (a)
    
350,000
      
368,422
  
Venture Global LNG, Inc., 8.13%, 06/01/2028 (a)
    
850,000
      
881,270
  
             
5,899,483
  
                 
Retail - 1.1%
  
Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029 (a)
    
1,100,000
      
1,016,044
  
                 
Software - 4.5%
  
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 (a)
    
1,050,000
      
1,054,914
  
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl
  
4.63%, 05/01/2028 (a)
    
875,000
      
828,144
  
8.75%, 05/01/2029 (a)
    
330,000
      
338,987
  
Pagaya US Holdings Co. LLC, 8.88%, 08/01/2030 (a)
    
1,025,000
      
1,027,895
  
Rocket Software, Inc.
  
9.00%, 11/28/2028 (a)
    
250,000
      
257,625
  
6.50%, 02/15/2029 (a)
    
835,000
      
804,155
  
             
4,311,720
  
                 
Transportation - 5.5%
  
Beacon Mobility Corp., 7.25%, 08/01/2030 (a)
    
700,000
      
726,025
  
Brightline East LLC, 11.00%, 01/31/2030 (a)
    
1,191,000
      
685,417
  
First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029 (a)
    
750,000
      
712,142
  
Rand Parent LLC, 8.50%, 02/15/2030 (a)
    
1,085,000
      
1,125,980
  
Star Leasing Co. LLC, 7.63%, 02/15/2030 (a)
    
1,100,000
      
1,088,744
  
Watco Cos. LLC / Watco Finance Corp., 7.13%, 08/01/2032 (a)
    
850,000
      
889,378
  
             
5,227,686
  
TOTAL CORPORATE BONDS (Cost $89,184,341)
      
85,947,396
  
                 
COMMON STOCKS - 0.0%(b)
  
Shares
          
Building Materials - 0.0%(b)
          
Northwest Hardwoods (c)(d)
    
2,996
      
37,450
  
                 
Media - 0.0%(b)
          
Beasley Broadcast Group, Inc. (d)
    
740
      
3,367
  
TOTAL COMMON STOCKS (Cost $146,126)
      
40,817
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 8.2%
                
Fidelity Government Portfolio - Institutional Class, 4.21%(e)
    
7,831,300
      
7,831,300
  
TOTAL MONEY MARKET FUNDS (Cost $7,831,300)
      
7,831,300
  
                 
TOTAL INVESTMENTS - 97.9% (Cost $97,161,767)
      
93,819,513
  
Other Assets in Excess of Liabilities - 2.1%
      
2,027,951
  
TOTAL NET ASSETS - 100.0%
          
$
95,847,464
  
two
      
–
%
Par amount is in USD unless otherwise indicated.
          
Percentages are stated as a percent of net assets.
      
–
%

PIK - Payment in Kind

(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 August 31, 2025, the value of these securities total $84,651,828 or 88.3% of the Fund’s net assets.
(b)
Represents less than 0.05% of net assets.
(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 $37,450 or 0.0% of net assets as of August 31, 2025.
(d)
Non-income producing security.
(e)
The rate shown represents the 7-day annualized yield as of August 31, 2025.
Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)
 
PIA High Yield Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of August 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Corporate Bonds
  
$
–
    
$
85,947,396
    
$
–
    
$
85,947,396
  
  Common Stocks
    
3,367
      
–
      
37,450
      
40,817
  
  Money Market Funds
    
7,831,300
      
–
      
–
      
7,831,300
  
Total Investments
  
$
7,834,667
    
$
85,947,396
    
$
37,450
    
$
93,819,513
  
   
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.
  
   


The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value.
 

Investments in Securities, at Value
  
   
Common Stocks
  
Balance as of November 30, 2024
  
$
104,860
  
Accrued discounts/premiums
    
-
  
Realized gain/(loss)
    
-
  
Change in unrealized appreciation/(depreciation)
    
(67,410
)
Purchases
    
-
  
Sales
    
-
  
Transfers in and/or out of Level 3
    
-
  
Balance as of August 31, 2025
  
$
37,450