NPORT-EX 2 highyieldmacs2.htm NPORT-EX

PIA High Yield (MACS) Fund
  
Schedule of Investments
  
August 31, 2025 (Unaudited)
  
   
CORPORATE BONDS - 93.8%
  
Par
    
Value
 
Advertising - 1.1%
  
Clear Channel Outdoor Holdings, Inc.
  
7.88%, 04/01/2030 (a)
  
$
1,800,000
    
$
1,876,019
  
7.13%, 02/15/2031 (a)
    
225,000
      
228,724
  
             
2,104,743
  
                 
Aerospace/Defense - 0.6%
  
Efesto Bidco SpA Efesto US LLC, 7.50%, 02/15/2032 (a)
    
1,000,000
      
1,022,320
  
                 
Agriculture - 0.5%
  
Turning Point Brands, Inc., 7.63%, 03/15/2032 (a)
    
905,000
      
948,118
  
                 
Airlines - 1.5%
  
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.38%, 02/01/2030 (a)
    
2,945,000
      
2,837,207
  
                 
Auto Manufacturers - 0.8%
  
PM General Purchaser LLC, 9.50%, 10/01/2028 (a)
    
1,750,000
      
1,389,419
  
                 
Building Materials - 4.0%
  
CP Atlas Buyer, Inc., 9.75%, 07/15/2030 (a)
    
1,850,000
      
1,910,884
  
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (a)
    
750,000
      
773,613
  
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (a)
    
1,775,000
      
1,748,913
  
Oscar AcquisitionCo LLC / Oscar Finance, Inc., 9.50%, 04/15/2030 (a)
    
1,300,000
      
1,014,349
  
Smyrna Ready Mix Concrete LLC
  
6.00%, 11/01/2028 (a)
    
1,650,000
      
1,654,940
  
8.88%, 11/15/2031 (a)
    
350,000
      
373,631
  
             
7,476,330
  
                 
Chemicals - 10.1%
  
ASP Unifrax Holdings, Inc., 5.25%, 09/30/2028 (a)
    
2,597,000
      
876,488
  
Cerdia Finanz GmbH, 9.38%, 10/03/2031 (a)
    
1,975,000
      
2,095,041
  
Consolidated Energy Finance SA
  
5.63%, 10/15/2028 (a)
    
1,725,000
      
1,456,158
  
12.00%, 02/15/2031 (a)
    
1,425,000
      
1,311,475
  
GPD Cos., Inc., 12.50%, 12/31/2029 (a)
    
2,237,790
      
1,884,772
  
Herens Holdco Sarl, 4.75%, 05/15/2028 (a)
    
2,084,000
      
1,794,987
  
Innophos Holdings, Inc., 11.50%, 06/15/2029 (a)
    
2,985,500
      
2,967,826
  
Mativ Holdings, Inc., 8.00%, 10/01/2029 (a)
    
2,100,000
      
2,080,354
  
Rain Carbon, Inc., 12.25%, 09/01/2029 (a)
    
1,910,000
      
2,052,694
  
SK Invictus Intermediate II Sarl, 5.00%, 10/30/2029 (a)
    
2,250,000
      
2,206,482
  
             
18,726,277
  
                 
Coal - 1.0%
  
SunCoke Energy, Inc., 4.88%, 06/30/2029 (a)
    
2,065,000
      
1,888,591
  
                 
Commercial Services - 12.3%
  
Alta Equipment Group, Inc., 9.00%, 06/01/2029 (a)
    
2,410,000
      
2,294,718
  
Champions Financing, Inc., 8.75%, 02/15/2029 (a)
    
2,350,000
      
2,248,597
  
Cimpress PLC, 7.38%, 09/15/2032 (a)
    
2,100,000
      
2,109,910
  
CPI CG, Inc., 10.00%, 07/15/2029 (a)
    
930,000
      
974,263
  
Dcli Bidco LLC, 7.75%, 11/15/2029 (a)
    
1,455,000
      
1,492,254
  
Deluxe Corp., 8.13%, 09/15/2029 (a)
    
2,050,000
      
2,137,865
  
NESCO Holdings II, Inc., 5.50%, 04/15/2029 (a)
    
2,350,000
      
2,293,901
  
PROG Holdings, Inc., 6.00%, 11/15/2029 (a)
    
1,990,000
      
1,934,340
  
RR Donnelley & Sons Co., 9.50%, 08/01/2029 (a)
    
2,125,000
      
2,157,865
  
StoneMor, Inc., 8.50%, 05/15/2029 (a)
    
2,130,000
      
2,056,590
  
Veritiv Operating Co., 10.50%, 11/30/2030 (a)
    
2,875,000
      
3,114,853
  
             
22,815,156
  
                 
Computers - 1.1%
  
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 (a)
    
2,175,000
      
2,083,077
  
                 
Diversified Financial Services - 1.4%
  
Burford Capital Global Finance LLC
  
6.25%, 04/15/2028 (a)
    
700,000
      
699,284
  
6.88%, 04/15/2030 (a)
    
1,255,000
      
1,260,351
  
9.25%, 07/01/2031 (a)
    
300,000
      
319,723
  
7.50%, 07/15/2033 (a)
    
300,000
      
306,975
  
             
2,586,333
  
                 
Engineering & Construction - 4.5%
  
Brand Industrial Services, Inc., 10.38%, 08/01/2030 (a)
    
2,285,000
      
2,246,336
  
Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 (a)
    
2,000,000
      
1,997,091
  
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 (a)
    
2,250,000
      
2,163,288
  
Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 (a)
    
1,885,000
      
1,928,619
  
             
8,335,334
  
                 
Entertainment - 2.0%
  
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 (a)
    
1,625,000
      
1,560,754
  
Voyager Parent LLC, 9.25%, 07/01/2032 (a)
    
1,950,000
      
2,059,224
  
             
3,619,978
  
                 
Food - 2.3%
  
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (a)
    
2,040,000
      
2,149,856
  
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 (a)
    
2,250,000
      
2,162,964
  
             
4,312,820
  
                 
Food Service - 1.6%
  
TKC Holdings, Inc.
  
6.88%, 05/15/2028 (a)
    
835,000
      
840,053
  
10.50%, 05/15/2029 (a)
    
2,065,000
      
2,110,746
  
             
2,950,799
  
                 
Forest Products & Paper - 2.6%
  
Magnera Corp.
  
4.75%, 11/15/2029 (a)
    
2,165,000
      
1,914,355
  
7.25%, 11/15/2031 (a)
    
300,000
      
284,183
  
Mercer International, Inc.
  
12.88%, 10/01/2028 (a)
    
1,237,000
      
1,202,521
  
5.13%, 02/01/2029
    
1,725,000
      
1,361,496
  
             
4,762,555
  
                 
Healthcare-Services - 1.2%
  
Kedrion SpA, 6.50%, 09/01/2029 (a)
    
2,265,000
      
2,225,677
  
                 
Insurance - 1.1%
  
Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032 (a)
    
1,950,000
      
2,002,177
  
                 
Internet - 1.4%
  
ION Trading Technologies Sarl
  
5.75%, 05/15/2028 (a)
    
1,780,000
      
1,728,233
  
9.50%, 05/30/2029 (a)
    
750,000
      
784,838
  
             
2,513,071
  
                 
Iron/Steel - 1.4%
  
TMS International Corp./DE, 6.25%, 04/15/2029 (a)
    
2,600,000
      
2,516,478
  
                 
Machinery-Diversified - 2.9%
  
GrafTech Finance, Inc., 4.63%, 12/23/2029 (a)
    
2,370,000
      
1,694,550
  
GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029 (a)
    
650,000
      
555,750
  
Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029 (a)
    
1,900,000
      
1,996,400
  
OT Merger Corp., 7.88%, 10/15/2029 (a)
    
3,231,000
      
1,167,167
  
             
5,413,867
  
                 
Media - 3.9%
  
Beasley Mezzanine Holdings LLC
  
 
  9.20%, 08/01/2028 (a)
     2,403,000
      943,177
 
11.00%, 08/01/2028 (a)
    
293,000
      
291,352
  
Spanish Broadcasting System, Inc., 9.75%, 03/01/2026 (a)
    
3,100,000
      
2,022,750
  
Univision Communications, Inc.
  
4.50%, 05/01/2029 (a)
    
1,375,000
      
1,290,566
  
7.38%, 06/30/2030 (a)
    
400,000
      
402,502
  
8.50%, 07/31/2031 (a)
    
250,000
      
257,855
  
9.38%, 08/01/2032 (a)
    
525,000
      
553,248
  
Urban One, Inc., 7.38%, 02/01/2028 (a)
    
2,712,000
      
1,386,659
  
             
7,148,109
  
                 
Metal Fabricate/Hardware - 1.2%
  
Park-Ohio Industries, Inc., 8.50%, 08/01/2030 (a)
    
2,210,000
      
2,249,415
  
                 
Mining - 2.5%
  
Compass Minerals International, Inc.
  
6.75%, 12/01/2027 (a)
    
691,000
      
691,885
  
8.00%, 07/01/2030 (a)
    
2,000,000
      
2,093,728
  
JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030 (a)
    
1,700,000
      
1,763,141
  
             
4,548,754
  
                 
Miscellaneous Manufacturing - 1.6%
  
Calderys Financing II LLC, 11.75% (or 12.50% PIK), 06/01/2028 (a)
    
745,000
      
788,769
  
Calderys Financing LLC, 11.25%, 06/01/2028 (a)
    
1,950,000
      
2,066,321
  
             
2,855,090
  
                 
Office-Business Equipment - 2.1%
  
Pitney Bowes, Inc., 6.88%, 03/15/2027 (a)
    
2,400,000
      
2,410,111
  
Xerox Holdings Corp.
  
5.50%, 08/15/2028 (a)
    
1,900,000
      
1,237,626
  
8.88%, 11/30/2029 (a)
    
425,000
      
260,446
  
             
3,908,183
  
                 
Oil & Gas Services - 3.6%
  
Bristow Group, Inc., 6.88%, 03/01/2028 (a)
    
2,000,000
      
2,004,860
  
CHC Group LLC, 11.75%, 09/01/2030 (a)
    
2,915,000
      
2,922,441
  
Enerflex Ltd., 9.00%, 10/15/2027 (a)
    
1,697,000
      
1,748,019
  
             
6,675,320
  
                 
Packaging & Containers - 3.1%
  
Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 (a)
    
2,075,000
      
2,109,663
  
Clearwater Paper Corp., 4.75%, 08/15/2028 (a)
    
1,550,000
      
1,468,795
  
LABL, Inc.
  
5.88%, 11/01/2028 (a)
    
1,350,000
      
1,072,985
  
9.50%, 11/01/2028 (a)
    
950,000
      
792,981
  
8.63%, 10/01/2031 (a)
    
375,000
      
277,551
  
             
5,721,975
  
                 
Pharmaceuticals - 1.2%
  
Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032 (a)
    
2,305,000
      
2,208,144
  
                 
Pipelines - 7.5%
  
Global Partners LP / GLP Finance Corp.
  
6.88%, 01/15/2029
    
1,175,000
      
1,191,569
  
8.25%, 01/15/2032 (a)
    
390,000
      
410,540
  
ITT Holdings LLC, 6.50%, 08/01/2029 (a)
    
2,699,000
      
2,648,430
  
Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 (a)
    
1,915,000
      
2,026,794
  
NGL Energy Operating LLC / NGL Energy Finance Corp.
  
8.13%, 02/15/2029 (a)
    
1,000,000
      
1,020,841
  
8.38%, 02/15/2032 (a)
    
1,080,000
      
1,099,495
  
Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (a)
    
1,900,000
      
1,896,728
  
TransMontaigne Partners LLC, 8.50%, 06/15/2030 (a)
    
1,555,000
      
1,636,847
  
Venture Global LNG, Inc., 8.13%, 06/01/2028 (a)
    
1,875,000
      
1,943,977
  
             
13,875,221
  
                 
Retail - 1.0%
  
Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029 (a)
    
2,025,000
      
1,870,445
  
                 
Software - 4.9%
  
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 (a)
    
2,365,000
      
2,376,068
  
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl
  
4.63%, 05/01/2028 (a)
    
1,625,000
      
1,537,982
  
8.75%, 05/01/2029 (a)
    
370,000
      
380,076
  
Pagaya US Holdings Co. LLC, 8.88%, 08/01/2030 (a)
    
1,975,000
      
1,980,578
  
Rocket Software, Inc.
  
9.00%, 11/28/2028 (a)
    
1,090,000
      
1,123,245
  
6.50%, 02/15/2029 (a)
    
1,735,000
      
1,670,909
  
             
9,068,858
  
                 
Transportation - 5.8%
  
Beacon Mobility Corp., 7.25%, 08/01/2030 (a)
    
1,300,000
      
1,348,333
  
Brightline East LLC, 11.00%, 01/31/2030 (a)
    
2,320,000
      
1,335,153
  
First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029 (a)
    
1,900,000
      
1,804,092
  
Rand Parent LLC, 8.50%, 02/15/2030 (a)
    
2,180,000
      
2,262,337
  
Star Leasing Co. LLC, 7.63%, 02/15/2030 (a)
    
2,100,000
      
2,078,512
  
Watco Cos. LLC / Watco Finance Corp., 7.13%, 08/01/2032 (a)
    
1,875,000
      
1,961,863
  
             
10,790,290
  
TOTAL CORPORATE BONDS (Cost $179,071,951)
      
173,450,131
  
                 
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)
    
1,774
      
8,072
  
TOTAL COMMON STOCKS (Cost $158,854)
      
45,522
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 3.9%
                
Fidelity Government Portfolio - Institutional Class, 4.21%(e)
    
7,268,572
      
7,268,572
  
TOTAL MONEY MARKET FUNDS (Cost $7,268,572)
      
7,268,572
  
                 
TOTAL INVESTMENTS - 97.7% (Cost $186,499,377)
      
180,764,225
  
Other Assets in Excess of Liabilities - 2.3%
      
4,195,311
  
TOTAL NET ASSETS - 100.0%
          
$
184,959,536
  
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 $170,897,066 or 92.4% 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 (MACS) 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
  
$
–
    
$
173,450,131
    
$
–
    
$
173,450,131
  
  Common Stocks
    
8,072
      
–
      
37,450
      
45,522
  
  Money Market Funds
    
7,268,572
      
–
      
–
      
7,268,572
  
Total Investments
  
$
7,276,644
    
$
173,450,131
    
$
37,450
    
$
180,764,225
  
   
   
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