Shenkman Capital Short Duration High Income Fund

Schedule of Investments

June 30, 2023 (Unaudited)

Principal

Fair

Amount

Value

CORPORATE BONDS - 86.80% (e)

AEROSPACE & DEFENSE - 2.57%

Howmet Aerospace, Inc. 5.125%, 10/01/2024

          3,073,000

          3,041,379

TransDigm, Inc.

6.25%, 03/15/2026 (c)

16,560,000

16,492,979

6.375%, 06/15/2026

10,860,000

10,731,793

TransDigm UK Holdings PLC 6.875%, 05/15/2026 (b)

5,796,000

5,749,467

Triumph Group, Inc. 9.00%, 03/15/2028 (c)

3,960,000

4,047,983

40,063,601

AUTO RETAIL - 0.74%

Lithia Motors, Inc. 4.625%, 12/15/2027 (c)

5,910,000

5,526,264

Penske Automotive Group, Inc. 3.50%, 09/01/2025

6,370,000

6,059,820

11,586,084

AUTOMOTIVE - 7.02%

Adient Global Holdings, Ltd.

4.875%, 08/15/2026 (b)(c)

1,720,000

1,636,261

7.00%, 04/15/2028 (b)(c)

3,035,000

3,071,041

Allison Transmission, Inc. 4.75%, 10/01/2027 (c)

4,450,000

4,196,712

American Axle & Manufacturing, Inc.

6.25%, 03/15/2026

3,727,000

3,628,860

6.50%, 04/01/2027

7,332,000

6,965,348

Clarios Global, LP / Clarios U.S. Finance Co.

6.25%, 05/15/2026 (b)(c)

10,312,000

10,257,430

8.50%, 05/15/2027 (b)(c)

11,154,000

11,193,909

Dana Financing Luxembourg Sarl 5.75%, 04/15/2025 (b)(c)

3,796,000

3,744,868

Dana, Inc. 5.375%, 11/15/2027

2,584,000

2,450,072

Ford Motor Credit Co., LLC

3.664%, 09/08/2024

1,855,000

1,794,148

5.125%, 06/16/2025

6,215,000

6,047,291

3.375%, 11/13/2025

8,955,000

8,330,853

7.809% (3 Month SOFR + 2.95%), 03/06/2026 (a)

3,675,000

3,687,789

6.95%, 06/10/2026

4,283,000

4,311,396

2.70%, 08/10/2026

4,195,000

3,751,957

Goodyear Tire & Rubber Co.

9.50%, 05/31/2025

7,100,000

7,266,744

5.00%, 05/31/2026

7,622,000

7,459,698

IHO Verwaltungs GmbH 4.75% Cash or 6.00% PIK, 09/15/2026 (b)(c)(f)

3,135,000

2,895,141

Jaguar Land Rover Automotive PLC 7.75%, 10/15/2025 (b)(c)

5,576,000

5,604,003

Patrick Industries, Inc. 7.50%, 10/15/2027 (c)

5,009,000

4,850,716

ZF North America Capital, Inc.

4.75%, 04/29/2025 (c)

3,790,000

3,698,361

6.875%, 04/14/2028 (c)

2,625,000

2,661,475

109,504,073

CHEMICALS - 3.32%

Avient Corp. 5.75%, 05/15/2025 (c)

10,971,000

10,848,598

Celanese U.S. Holdings, LLC 6.05%, 03/15/2025

6,012,000

5,989,632

Consolidated Energy Finance SA 6.50%, 05/15/2026 (b)(c)

890,000

838,292

INEOS Finance PLC 6.75%, 05/15/2028 (b)(c)

3,845,000

3,696,897

INEOS Quattro Finance 2 PLC 3.375%, 01/15/2026 (b)(c)

2,400,000

2,192,473

Methanex Corp. 4.25%, 12/01/2024 (b)

4,086,000

3,977,085

NOVA Chemicals Corp. 4.875%, 06/01/2024 (b)(c)

11,389,000

11,137,075

Olympus Water U.S. Holding Corp. 9.75%, 11/15/2028 (c)

4,480,000

4,377,856

SCIL IV, LLC / SCIL, U.S.A. Holdings, LLC 5.375%, 11/01/2026 (c)

2,910,000

2,655,343

SPCM SA 3.125%, 03/15/2027 (b)(c)

2,617,000

2,349,289

Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 5.375%, 09/01/2025 (b)(c)

4,520,000

3,782,359

51,844,899

COMMERCIAL SERVICES - 4.52%

Allied Universal Holdco, LLC / Allied Universal Finance Corp. 6.625%, 07/15/2026 (c)

5,840,000

5,549,239

Aramark Services, Inc.

5.00%, 04/01/2025 (c)

2,430,000

2,397,353

6.375%, 05/01/2025 (c)

26,095,000

26,092,341

Brink's Co. 5.50%, 07/15/2025 (c)

5,365,000

5,305,849

Camelot Finance SA 4.50%, 11/01/2026 (b)(c)

4,625,000

4,361,413

Garda World Security Corp.

9.50%, 11/01/2027 (b)(c)

2,814,000

2,722,048

7.75%, 02/15/2028 (b)(c)

1,420,000

1,411,041

Iron Mountain, Inc.

4.875%, 09/15/2027 (c)

8,125,000

7,686,708

7.00%, 02/15/2029 (c)

4,183,000

4,195,402

OPENLANE, Inc. 5.125%, 06/01/2025 (c)

5,758,000

5,649,555

Tempo Acquisition, LLC / Tempo Acquisition Finance Corp. 5.75%, 06/01/2025 (c)

5,142,000

5,141,075

70,512,024

CONSTRUCTION & ENGINEERING - 0.53%

Williams Scotsman International, Inc. 6.125%, 06/15/2025 (c)

8,333,000

8,280,672

CONSUMER NON-DISCRETIONARY - 0.28%

Spectrum Brands, Inc. 5.75%, 07/15/2025

4,324,000

4,324,022

ENVIRONMENTAL SERVICES - 2.17%

Clean Harbors, Inc. 4.875%, 07/15/2027 (c)

2,495,000

2,391,277

GFL Environmental, Inc.

4.25%, 06/01/2025 (b)(c)

9,493,000

9,170,120

3.75%, 08/01/2025 (b)(c)

5,850,000

5,571,017

5.125%, 12/15/2026 (b)(c)

1,055,000

1,018,800

Stericycle, Inc. 5.375%, 07/15/2024 (c)

15,956,000

15,764,154

33,915,368

FINANCIALS: CONSUMER FINANCE - 3.20%

Ally Financial, Inc.

5.75%, 11/20/2025

3,022,000

2,911,684

7.10%, 11/15/2027

2,880,000

2,906,693

6.992% (6 Month SOFR + 3.26%), 06/13/2029 (a)

1,456,000

1,438,839

goeasy, Ltd.

5.375%, 12/01/2024 (b)(c)

5,709,000

5,543,497

4.375%, 05/01/2026 (b)(c)

1,945,000

1,775,864

Navient Corp.

7.25%, 09/25/2023

3,506,000

3,511,767

6.125%, 03/25/2024

10,300,000

10,228,711

5.875%, 10/25/2024

1,000,000

983,659

6.75%, 06/25/2025

1,755,000

1,727,095

OneMain Finance Corp.

8.25%, 10/01/2023

3,206,000

3,225,221

6.125%, 03/15/2024

6,050,000

6,035,038

6.875%, 03/15/2025

3,975,000

3,939,896

7.125%, 03/15/2026

2,000,000

1,966,844

SLM Corp. 3.125%, 11/02/2026

4,285,000

3,715,952

49,910,760

FINANCIALS: DIVERSIFIED - 0.66%

Aircastle, Ltd.

4.125%, 05/01/2024 (b)

1,459,000

1,420,071

5.25%, 08/11/2025 (b)(c)

3,485,000

3,368,357

Macquarie Airfinance Holdings, Ltd. 8.375%, 05/01/2028 (b)(c)

1,800,000

1,824,354

Starwood Property Trust, Inc.

3.75%, 12/31/2024 (c)

1,383,000

1,297,856

3.625%, 07/15/2026 (c)

2,809,000

2,420,809

10,331,447

FINANCIALS: INSURANCE - 0.97%

Acrisure, LLC / Acrisure Finance, Inc.

7.00%, 11/15/2025 (c)

3,832,000

3,714,417

10.125%, 08/01/2026 (c)

3,149,000

3,228,736

HUB International, Ltd. 7.00%, 05/01/2026 (c)

6,510,000

6,497,828

NFP Corp. 6.875%, 08/15/2028 (c)

1,910,000

1,661,002

15,101,983

FINANCIALS: THRIFTS & MORTGAGES - 1.16%

Nationstar Mortgage Holdings, Inc. 6.00%, 01/15/2027 (c)

5,731,000

5,338,312

PennyMac Financial Services, Inc. 5.375%, 10/15/2025 (c)

7,700,000

7,284,624

Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc. 2.875%, 10/15/2026 (c)

2,272,000

2,013,117

United Wholesale Mortgage, LLC 5.50%, 11/15/2025 (c)

3,640,000

3,468,085

18,104,138

FOOD & BEVERAGE - 0.31%

B&G Foods, Inc. 5.25%, 04/01/2025

1,773,000

1,695,036

Post Holdings, Inc. 5.75%, 03/01/2027 (c)

3,240,000

3,167,138

4,862,174

HEALTHCARE: EQUIPMENT & SUPPLIES - 0.24%

Owens & Minor, Inc. 4.375%, 12/15/2024

3,870,000

3,758,027

HEALTHCARE: FACILITIES - 3.19%

Encompass Health Corp. 5.75%, 09/15/2025

1,885,000

1,870,136

Fresenius Medical Care U.S. Finance III, Inc. 1.875%, 12/01/2026 (c)

922,000

795,516

HCA, Inc.

7.50%, 12/15/2023

2,505,000

2,519,596

8.36%, 04/15/2024

3,846,000

3,908,771

5.375%, 02/01/2025

1,805,000

1,789,687

7.69%, 06/15/2025

658,000

676,336

7.58%, 09/15/2025

2,251,000

2,327,922

Legacy LifePoint Health, LLC 6.75%, 04/15/2025 (c)

4,396,000

4,060,981

ModivCare, Inc. 5.875%, 11/15/2025 (c)

3,520,000

3,264,047

RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. 9.75%, 12/01/2026 (c)

7,896,000

6,606,374

Select Medical Corp. 6.25%, 08/15/2026 (c)

1,914,000

1,883,395

Surgery Center Holdings, Inc.

6.75%, 07/01/2025 (c)

5,013,000

5,013,746

10.00%, 04/15/2027 (c)

3,852,000

3,943,389

Tenet Healthcare Corp. 6.25%, 02/01/2027

11,271,000

11,165,970

49,825,866

HEALTHCARE: LIFE SCIENCES - 0.87%

Catalent Pharma Solutions, Inc. 5.00%, 07/15/2027 (c)

1,290,000

1,185,736

IQVIA, Inc. 5.00%, 10/15/2026 (c)

12,749,000

12,316,434

13,502,170

HEALTHCARE: MANAGED HEALTH CARE - 1.56%

Verscend Escrow Corp. 9.75%, 08/15/2026 (c)

24,204,000

24,311,030

HEALTHCARE: PHARMACEUTICALS & BIOTECHNOLOGY - 1.25%

Bausch Health Cos., Inc.

5.50%, 11/01/2025 (b)(c)

3,694,000

3,269,005

9.00%, 12/15/2025 (b)(c)

4,744,000

4,144,050

Teva Pharmaceutical Finance Netherlands III B.V.

2.80%, 07/21/2023 (b)

663,000

662,147

6.00%, 04/15/2024 (b)

7,850,000

7,805,936

7.125%, 01/31/2025 (b)

2,400,000

2,434,550

3.15%, 10/01/2026 (b)

1,385,000

1,240,679

19,556,367

HEALTHCARE: REITs - 0.57%

MPT Operating Partnership, LP / MPT Finance Corp. 5.25%, 08/01/2026

10,059,000

8,952,232

INDUSTRIAL MACHINERY - 1.68%

EnPro Industries, Inc. 5.75%, 10/15/2026

6,489,000

6,300,170

Hillenbrand, Inc. 5.75%, 06/15/2025

2,105,000

2,086,897

Regal Rexnord Corp. 6.05%, 02/15/2026 (c)

1,796,000

1,798,675

TK Elevator U.S. Newco, Inc. 5.25%, 07/15/2027 (c)

925,000

855,829

WESCO Distribution, Inc. 7.125%, 06/15/2025 (c)

15,029,000

15,199,775

26,241,346

LEISURE: CASINOS & GAMING - 8.75%

Boyd Gaming Corp. 4.75%, 12/01/2027

1,600,000

1,517,475

Caesars Entertainment, Inc.

6.25%, 07/01/2025 (c)

23,955,000

23,863,583

8.125%, 07/01/2027 (c)

5,050,000

5,172,235

Caesars Resort Collection, LLC / CRC Finco, Inc. 5.75%, 07/01/2025 (c)

11,045,000

11,185,293

Churchill Downs, Inc. 5.50%, 04/01/2027 (c)

7,285,000

7,011,570

International Game Technology PLC

6.50%, 02/15/2025 (b)(c)

4,529,000

4,533,076

4.125%, 04/15/2026 (b)(c)

9,769,000

9,285,923

6.25%, 01/15/2027 (b)(c)

4,505,000

4,492,161

MGM Resorts International

6.75%, 05/01/2025

19,830,000

19,895,974

5.75%, 06/15/2025

8,169,000

8,093,928

4.625%, 09/01/2026

1,425,000

1,345,083

5.50%, 04/15/2027

1,385,000

1,328,371

Scientific Games International, Inc.

8.625%, 07/01/2025 (c)

14,933,000

15,263,738

7.00%, 05/15/2028 (c)

1,090,000

1,084,584

VICI Properties, LP / VICI Note Co., Inc.

5.625%, 05/01/2024 (c)

7,810,000

7,767,978

3.50%, 02/15/2025 (c)

1,865,000

1,783,714

4.625%, 06/15/2025 (c)

5,805,000

5,614,278

4.50%, 09/01/2026 (c)

2,405,000

2,274,216

4.25%, 12/01/2026 (c)

5,240,000

4,907,200

136,420,380

LEISURE: HOTELS - 7.19%

Cedar Fair, LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op

5.50%, 05/01/2025 (c)

12,871,000

12,766,762

5.375%, 04/15/2027

2,655,000

2,527,014

NCL Corp., Ltd.

3.625%, 12/15/2024 (b)(c)

1,150,000

1,105,805

5.875%, 02/15/2027 (b)(c)

1,000,000

974,615

8.375%, 02/01/2028 (b)(c)

1,305,000

1,364,745

Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer 7.50%, 06/01/2025 (c)

9,725,000

9,735,697

RHP Hotel Properties, LP / RHP Finance Corp.

4.75%, 10/15/2027

4,315,000

4,024,255

7.25%, 07/15/2028 (c)

1,623,000

1,643,093

RLJ Lodging Trust, LP 3.75%, 07/01/2026 (c)

7,642,000

7,018,413

Royal Caribbean Cruises, Ltd.

11.50%, 06/01/2025 (b)(c)

8,514,000

9,041,017

5.50%, 08/31/2026 (b)(c)

866,000

821,835

Sabre GLBL, Inc.

9.25%, 04/15/2025 (c)

778,000

726,361

7.375%, 09/01/2025 (c)

1,425,000

1,266,547

11.25%, 12/15/2027 (c)

2,082,000

1,765,796

Service Properties Trust

4.65%, 03/15/2024

1,230,000

1,211,215

4.35%, 10/01/2024

8,985,000

8,648,872

4.50%, 03/15/2025

490,000

463,540

7.50%, 09/15/2025

3,820,000

3,753,367

5.25%, 02/15/2026

2,210,000

2,007,288

Six Flags Theme Parks, Inc. 7.00%, 07/01/2025 (c)

4,865,000

4,893,690

Travel + Leisure Co.

5.875%, 10/01/2025 (h)

3,498,000

3,505,661

6.625%, 07/31/2026 (c)

7,365,000

7,315,648

6.00%, 04/01/2027 (h)

1,085,000

1,054,186

TripAdvisor, Inc. 7.00%, 07/15/2025 (c)

12,192,000

12,202,948

Vail Resorts, Inc. 6.25%, 05/15/2025 (c)

12,287,000

12,312,742

112,151,112

LEISURE: RESTAURANTS - 1.44%

1011778 B.C., ULC / New Red Finance, Inc. 5.75%, 04/15/2025 (b)(c)

4,685,000

4,682,030

CEC Entertainment, LLC 6.75%, 05/01/2026 (c)

4,609,000

4,403,534

Dave & Buster's, Inc. 7.625%, 11/01/2025 (c)

2,193,000

2,228,625

IRB Holding Corp. 7.00%, 06/15/2025 (c)

11,127,000

11,197,267

22,511,456

MEDIA: BROADCASTING - 3.34%

AMC Networks, Inc. 4.75%, 08/01/2025

2,361,000

2,067,466

Graham Holdings Co. 5.75%, 06/01/2026 (c)

3,645,000

3,578,989

Gray Television, Inc. 5.875%, 07/15/2026 (c)

6,276,000

5,607,783

Sirius XM Radio, Inc.

3.125%, 09/01/2026 (c)

4,478,000

4,013,808

5.00%, 08/01/2027 (c)

12,551,000

11,657,369

TEGNA, Inc. 4.75%, 03/15/2026 (c)

3,590,000

3,431,071

Univision Communications, Inc.

5.125%, 02/15/2025 (c)

15,151,000

14,848,889

6.625%, 06/01/2027 (c)

7,180,000

6,953,162

52,158,537

MEDIA: CABLE & SATELLITE - 3.22%

C&W Senior Financing DAC 6.875%, 09/15/2027 (b)(c)

2,685,000

2,345,079

CCO Holdings, LLC / CCO Holdings Capital Corp.

5.50%, 05/01/2026 (c)

17,381,000

16,962,941

5.125%, 05/01/2027 (c)

3,165,000

2,950,707

Connect Finco Sarl / Connect U.S. Finco, LLC 6.75%, 10/01/2026 (b)(c)

2,500,000

2,430,541

CSC Holdings, LLC 5.50%, 04/15/2027 (c)

5,300,000

4,417,655

DIRECTV Financing, LLC / DIRECTV Financing Co-Obligor, Inc. 5.875%, 08/15/2027 (c)

4,474,000

4,056,284

DISH DBS Corp. 5.875%, 11/15/2024

3,955,000

3,464,281

Hughes Satellite Systems Corp.

1,340,738

6.625%, 08/01/2026

3,425,000

3,205,475

Viasat, Inc. 5.625%, 09/15/2025 (c)

5,732,000

5,558,894

Videotron, Ltd. 5.375%, 06/15/2024 (b)(c)

3,510,000

3,476,760

50,209,355

MEDIA: DIVERSIFIED - 0.60%

Match Group Holdings II, LLC 5.00%, 12/15/2027 (c)

4,560,000

4,233,549

Outfront Media Capital, LLC / Outfront Media Capital Corp. 6.25%, 06/15/2025 (c)

5,200,000

5,186,426

9,419,975

MEDIA: ENTERTAINMENT - 1.30%

Live Nation Entertainment, Inc.

4.875%, 11/01/2024 (c)

10,682,000

10,529,269

5.625%, 03/15/2026 (c)

9,423,000

9,217,244

6.50%, 05/15/2027 (c)

500,000

503,169

20,249,682

METALS & MINING - 0.32%

Cleveland-Cliffs, Inc. 6.75%, 03/15/2026 (c)

4,920,000

4,975,081

MIDSTREAM: STORAGE & TRANSPORT - 2.61%

Antero Midstream Partners, LP / Antero Midstream Finance Corp. 7.875%, 05/15/2026 (c)

4,550,000

4,615,502

Buckeye Partners, LP

4.35%, 10/15/2024

3,460,000

3,359,314

4.125%, 03/01/2025 (c)

4,856,000

4,623,859

3.95%, 12/01/2026

1,139,000

1,029,707

Crestwood Midstream Partners, LP / Crestwood Midstream Finance Corp.

5.75%, 04/01/2025

2,505,000

2,463,434

5.625%, 05/01/2027 (c)

1,799,000

1,707,251

EQM Midstream Partners, LP

6.00%, 07/01/2025 (c)

714,000

706,622

7.50%, 06/01/2027 (c)

3,695,000

3,734,174

Genesis Energy, LP / Genesis Energy Finance Corp.

6.50%, 10/01/2025

1,280,000

1,261,323

6.25%, 05/15/2026

2,183,000

2,076,054

NuStar Logistics, LP 5.75%, 10/01/2025

3,385,000

3,303,463

Sunoco, LP / Sunoco Finance Corp. 6.00%, 04/15/2027

2,341,000

2,310,897

Tallgrass Energy Partners, LP / Tallgrass Energy Finance Corp. 7.50%, 10/01/2025 (c)

2,630,000

2,627,515

Venture Global LNG, Inc. 8.125%, 06/01/2028 (c)

6,748,000

6,843,115

40,662,230

PACKAGING - 3.20%

Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc.

5.25%, 04/30/2025 (b)(c)

10,953,000

10,725,247

4.125%, 08/15/2026 (b)(c)

4,879,000

4,550,191

Ball Corp. 5.25%, 07/01/2025

3,480,000

3,438,710

Berry Global, Inc.

4.50%, 02/15/2026 (c)

1,500,000

1,430,067

4.875%, 07/15/2026 (c)

7,701,000

7,409,517

CANPACK SA / CANPACK U.S., LLC 3.125%, 11/01/2025 (b)(c)

1,604,000

1,469,553

LABL, Inc. 6.75%, 07/15/2026 (c)

6,916,000

6,806,181

Mauser Packaging Solutions Holding Co.

7.875%, 08/15/2026 (c)

4,167,000

4,138,973

9.25%, 04/15/2027 (c)

2,100,000

1,940,516

Owens-Brockway Glass Container, Inc. 6.625%, 05/13/2027 (c)

3,627,000

3,596,855

Sealed Air Corp.

5.125%, 12/01/2024 (c)

3,503,000

3,464,817

5.50%, 09/15/2025 (c)

205,000

201,978

4.00%, 12/01/2027 (c)

810,000

737,100

49,909,705

REAL ESTATE: HOMEBUILDING - 0.39%

Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc. 5.625%, 03/01/2024 (c)

3,455,000

3,432,197

TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. 5.875%, 06/15/2024

2,670,000

2,652,378

6,084,575

REAL ESTATE: MANAGEMENT - 0.64%

Greystar Real Estate Partners, LLC 5.75%, 12/01/2025 (c)

3,880,000

3,792,374

Newmark Group, Inc. 6.125%, 11/15/2023

6,268,000

6,210,961

10,003,335

RETAIL: FOOD & DRUG - 2.78%

Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC

3.25%, 03/15/2026 (c)

3,565,000

3,293,774

7.50%, 03/15/2026 (c)

11,764,000

11,973,987

6.50%, 02/15/2028 (c)

5,260,000

5,274,702

U.S. Foods, Inc. 6.25%, 04/15/2025 (c)

22,738,000

22,746,652

43,289,115

RETAILING - 0.46%

Bath & Body Works, Inc. 9.375%, 07/01/2025 (c)

4,552,000

4,837,137

PetSmart, Inc. / PetSmart Finance Corp. 4.75%, 02/15/2028 (c)

2,439,000

2,256,532

7,093,669

TECHNOLOGY HARDWARE - 1.12%

CDW, LLC / CDW Finance Corp. 4.125%, 05/01/2025

3,945,000

3,802,428

NCR Corp. 5.75%, 09/01/2027 (c)

4,940,000

4,945,390

Presidio Holdings, Inc. 8.25%, 02/01/2028 (c)

3,175,000

3,027,100

Sensata Technologies B.V. 5.625%, 11/01/2024 (b)(c)

4,445,000

4,415,217

Western Digital Corp. 4.75%, 02/15/2026

1,371,000

1,306,470

17,496,605

TECHNOLOGY: SOFTWARE & SERVICES - 4.03%

Block, Inc. 2.75%, 06/01/2026

4,154,000

3,786,055

Boxer Parent Co., Inc.

7.125%, 10/02/2025 (c)

11,702,000

11,712,708

9.125%, 03/01/2026 (c)

2,982,000

2,972,025

Consensus Cloud Solutions, Inc. 6.00%, 10/15/2026 (c)

4,975,000

4,524,927

Gen Digital, Inc.

5.00%, 04/15/2025 (c)

18,275,000

17,914,953

6.75%, 09/30/2027 (c)

3,823,000

3,815,862

Go Daddy Operating Co., LLC / GD Finance Co., Inc. 5.25%, 12/01/2027 (c)

1,430,000

1,359,844

Open Text Corp. 6.90%, 12/01/2027 (b)(c)

4,485,000

4,571,202

PTC, Inc. 3.625%, 02/15/2025 (c)

7,085,000

6,849,697

Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc. 4.625%, 11/01/2026 (c)

5,656,000

5,309,712

62,816,985

TELECOMMUNICATION SERVICES: DIVERSIFIED - 1.53%

Altice France SA 8.125%, 02/01/2027 (b)(c)

6,781,000

5,848,382

Cogent Communications Group, Inc. 3.50%, 05/01/2026 (c)

3,105,000

2,882,682

Iliad Holding SASU 6.50%, 10/15/2026 (b)(c)

7,353,000

6,946,947

Level 3 Financing, Inc. 3.40%, 03/01/2027 (c)

2,793,000

2,371,513

Northwest Fiber, LLC / Northwest Fiber Finance Sub, Inc. 4.75%, 04/30/2027 (c)

3,155,000

2,789,335

Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC 10.50%, 02/15/2028 (c)

3,033,000

3,011,467

23,850,326

TELECOMMUNICATION SERVICES: WIRELESS - 0.55%

Sprint Capital Corp. 6.875%, 11/15/2028

3,540,000

3,757,974

Sprint, LLC

7.125%, 06/15/2024

4,030,000

4,069,605

7.625%, 03/01/2026

660,000

686,192

8,513,771

TRANSPORTATION - 2.47%

American Airlines, Inc. 11.75%, 07/15/2025 (c)

1,500,000

1,646,074

American Airlines, Inc. / AAdvantage Loyalty IP, Ltd. 5.50%, 04/20/2026 (b)(c)

1,380,000

1,362,483

Mileage Plus Holdings, LLC / Mileage Plus Intellectual Property Assets, Ltd. 6.50%, 06/20/2027 (c)

5,669,600

5,688,021

Uber Technologies, Inc.

7.50%, 05/15/2025 (c)

7,860,000

7,962,619

8.00%, 11/01/2026 (c)

13,705,000

13,983,157

7.50%, 09/15/2027 (c)

1,690,000

1,730,525

XPO Escrow Sub, LLC 7.50%, 11/15/2027 (c)

2,310,000

2,362,508

XPO, Inc. 6.25%, 06/01/2028 (c)

3,925,000

3,866,125

38,601,512

UTILITIES: POWER - 2.48%

Calpine Corp. 5.25%, 06/01/2026 (c)

5,458,000

5,276,392

NextEra Energy Operating Partners, LP

4.25%, 07/15/2024 (c)

8,158,000

7,986,146

4.25%, 09/15/2024 (c)

72,000

69,031

NRG Energy, Inc. 6.625%, 01/15/2027

5,815,000

5,774,757

Vistra Operations Co., LLC

5.50%, 09/01/2026 (c)

6,639,000

6,394,969

5.625%, 02/15/2027 (c)

10,641,000

10,207,530

5.00%, 07/31/2027 (c)

3,240,000

3,035,587

38,744,412

UTILITIES: PROPANE - 1.57%

AmeriGas Partners, LP / AmeriGas Finance Corp.

5.50%, 05/20/2025

11,868,000

11,469,163

5.875%, 08/20/2026

4,030,000

3,793,555

5.75%, 05/20/2027

1,515,000

1,394,283

9.375%, 06/01/2028 (c)

4,881,000

4,961,829

Ferrellgas, LP / Ferrellgas Finance Corp. 5.375%, 04/01/2026 (c)

1,900,000

1,768,953

Suburban Propane Partners, LP/Suburban Energy Finance Corp. 5.875%, 03/01/2027

1,177,000

1,138,248

24,526,031

TOTAL CORPORATE BONDS (Cost $1,385,446,207)

1,354,176,132

CONVERTIBLE BONDS - 0.75%

FOOD & BEVERAGE - 0.39%

Herbalife Nutrition, Ltd. 2.625%, 03/15/2024

6,205,000

6,025,055

TECHNOLOGY: SOFTWARE & SERVICES - 0.15%

DocuSign, Inc. 5.125%, 01/15/2024 (i)

2,440,000

2,372,990

TELECOMMUNICATION SERVICES: DIVERSIFIED - 0.21%

Liberty Latin America, Ltd. 2.00%, 07/15/2024

3,478,000

3,311,056

TOTAL CONVERTIBLE BONDS (Cost $11,574,684)

11,709,101

BANK LOANS - 8.32% (j)

AUTOMOTIVE - 0.31%

Thor Industries, Inc., Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.0%), 02/02/2026 (a)

4,846,661

4,853,470

CHEMICALS - 0.05%

Nouryon Finance B.V., Senior Secured First Lien Term Loan 8.068%, 10/01/2025 (a)(g)

745,824

746,663

COMMERCIAL SERVICES - 0.82%

Camelot U.S. Acquisition 1 Co.

Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.0%), 10/30/2026 (a)

753,340

753,152

Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.0%, 1.00% Floor), 10/30/2026 (a)

3,912,437

3,911,635

Dun & Bradstreet Corp., Senior Secured First Lien Term Loan 8.434% (1 Month SOFR USD + 3.25%), 02/06/2026 (a)

4,923,479

4,933,942

Garda World Security Corp., Senior Secured First Lien Term Loan 9.427% (1 Month SOFR USD + 4.25%), 10/30/2026 (a)

3,187,349

3,175,396

12,774,125

CONSTRUCTION & ENGINEERING - 0.20%

Api Group DE, Inc., Senior Secured First Lien Term Loan 7.717% (1 Month SOFR USD + 2.5%), 10/01/2026 (a)

3,163,086

3,171,215

CONSUMER DISCRETIONARY - 0.22%

Wand NewCo 3, Inc.

Senior Secured First Lien Term Loan 2.996% (1 Month LIBOR USD + 2.75%), 02/05/2026 (a)

301,648

299,617

Senior Secured First Lien Term Loan 7.943% (1 Month LIBOR USD + 2.75%), 02/05/2026 (a)

3,104,823

3,083,912

3,383,529

FINANCIALS: DIVERSIFIED - 0.20%

Castlelake Aviation One, LLC, Senior Secured First Lien Term Loan 8.302% (3 Month LIBOR USD + 2.75%, 0.50% Floor), 10/22/2026 (a)

3,092,401

3,083,077

FINANCIALS: INSURANCE - 0.61%

Acrisure, LLC, Senior Secured First Lien Term Loan 10.823% (3 Month SOFR USD + 5.75%, 1.00% Floor), 02/15/2027 (a)

3,637,575

3,669,404

Asurion, LLC, Senior Secured First Lien Term Loan 8.538% (3 Month LIBOR USD + 3.0%), 11/04/2024 (a)

3,549,050

3,549,902

NFP Corp, Senior Secured First Lien Term Loan 8.467% (1 Month SOFR USD + 3.25%), 02/15/2027 (a)

2,371,082

2,327,892

9,547,198

HEALTHCARE: EQUIPMENT & SUPPLIES - 0.15%

Navicure, Inc., Senior Secured First Lien Term Loan 9.217% (1 Month SOFR USD + 4.0%), 10/22/2026 (a)

2,391,638

2,388,648

HEALTHCARE: FACILITIES - 0.45%

Select Medical Corp., Senior Secured First Lien Term Loan 7.753% (1 Month SOFR USD + 2.5%), 03/06/2025 (a)

665,000

664,418

Surgery Center Holdings, Inc., Senior Secured First Lien Term Loan 8.896% (1 Month LIBOR USD + 3.75%, 0.75% Floor), 09/03/2026 (a)

6,405,258

6,404,522

7,068,940

HEALTHCARE: MANAGED HEALTH CARE - 0.56%

Verscend Holding Corp., Senior Secured First Lien Term Loan 9.217% (1 Month SOFR USD + 4.0%), 08/27/2025 (a)

8,763,143

8,771,337

INDUSTRIAL MACHINERY - 0.18%

TK Elevator Midco GMBH, Senior Secured First Lien Term Loan 8.602% (6 Month LIBOR USD + 3.5%, 0.50% Floor), 07/30/2027 (a)

2,880,000

2,861,294

LEISURE: HOTELS - 0.02%

Sabre GLBL, Inc., Senior Secured First Lien Term Loan 10.202% (1 Month SOFR USD + 5.0%, 0.50% Floor), 06/30/2028 (a)

436,605

350,157

LEISURE: RESTAURANTS - 0.34%

IRB Holding Corp., Senior Secured First Lien Term Loan 8.202% (1 Month SOFR USD + 3.0%, 0.75% Floor), 12/15/2027 (a)

5,347,920

5,317,838

MEDIA: BROADCASTING - 0.20%

Univision Communications, Inc.

Senior Secured First Lien Term Loan 7.943% (1 Month LIBOR USD + 2.75%, 1.00% Floor), 03/15/2024 (a)

179,395

179,940

Senior Secured First Lien Term Loan 8.443%, 03/13/2026 (a)(g)

3,006,488

2,985,548

3,165,488

MEDIA: CABLE & SATELLITE - 0.04%

DIRECTV Financing, LLC, Senior Secured First Lien Term Loan 10.217% (1 Month SOFR USD + 5.0%, 0.75% Floor), 08/02/2027 (a)

658,261

645,004

MEDIA: ENTERTAINMENT - 0.60%

UFC Holdings, LLC, Senior Secured First Lien Term Loan 8.05% (3 Month LIBOR USD + 2.75%, 0.75% Floor), 04/29/2026 (a)

2,360,777

2,360,930

William Morris Endeavor Entertainment, LLC

Senior Secured First Lien Term Loan 7.91% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)

2,608,644

2,606,818

Senior Secured First Lien Term Loan 7.95% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)

4,420,541

4,417,447

9,385,195

TECHNOLOGY HARDWARE - 0.20%

Presidio Holdings, Inc.

Senior Secured First Lien Term Loan 8.645% (3 Month SOFR USD + 3.5%), 01/22/2027 (a)

2,956,328

2,946,719

Senior Secured First Lien Term Loan 8.702% (1 Month SOFR USD + 3.5%), 01/22/2027 (a)

107,388

107,039

3,053,758

TECHNOLOGY: SOFTWARE & SERVICES - 1.97%

Access CIG, LLC, Senior Secured First Lien Term Loan 8.939% (1 Month LIBOR USD + 3.75%), 02/27/2025 (a)

1,403,551

1,390,681

Boxer Parent Co., Inc., Senior Secured First Lien Term Loan 8.967% (1 Month SOFR USD + 3.75%), 10/02/2025 (a)

9,102,880

9,041,163

Open Text Corp., Senior Secured First Lien Term Loan 6.952% (1 Month SOFR USD + 1.75%), 05/30/2025 (a)

5,399,048

5,407,309

Optiv Security, Inc., Senior Secured First Lien Term Loan 10.338% (6 Month SOFR USD + 5.25%), 08/17/2026 (a)

2,146,950

2,050,788

Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan 9.20% (1 Month LIBOR USD + 4.0%), 04/26/2024 (a)

9,334,812

9,324,590

UKG, Inc.

Senior Secured First Lien Term Loan 8.895% (3 Month SOFR USD + 3.75%), 05/04/2026 (a)

3,131,865

3,094,298

Senior Secured First Lien Term Loan 9.877% (3 Month SOFR USD + 4.5%, 0.50% Floor), 05/04/2026 (a)

327,000

326,933

30,635,762

TRANSPORTATION - 1.20%

AAdvantage Loyalty IP, Ltd., Senior Secured First Lien Term Loan 10.0% (3 Month LIBOR USD + 4.75%, 0.75% Floor), 04/20/2028 (a)

5,554,437

5,680,412

Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan 9.477% (6 Month SOFR USD + 4.1783%, 0.75% Floor), 03/24/2026 (a)

985,877

985,438

Mileage Plus Holdings, LLC, Senior Secured First Lien Term Loan 10.764% (3 Month LIBOR USD + 5.25%, 1.00% Floor), 06/21/2027 (a)

3,967,145

4,128,310

PODS, LLC, Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.0%, 0.75% Floor), 03/31/2028 (a)

4,794,488

4,713,581

SkyMiles IP, Ltd., Senior Secured First Lien Term Loan 8.798% (3 Month SOFR USD + 3.75%, 1.00% Floor), 10/20/2027 (a)

3,029,494

3,150,674

18,658,415

TOTAL BANK LOANS (Cost $128,785,795)

129,861,113

Shares

MONEY MARKET FUND - 4.70%

First American Government Obligations Fund - Class X, 5.01% (d)

73,235,072

73,235,072

TOTAL MONEY MARKET FUND (Cost $73,235,072)

73,235,072

Total Investments (Cost $1,599,041,758) - 100.57%

1,568,981,418

Liabilities in Excess of Other Assets  - (0.57%)

(8,924,679)

TOTAL NET ASSETS - 100.0%

  1,560,056,739

 

Percentages are stated as a percent of net assets.

LIBOR

London Interbank Offered Rate

PIK

Payment-in-kind

PLC

Public Limited Company

REIT

Real Estate Investment Trust

SOFR

Secured Overnight Funding Rate

(a)

Variable rate securities.  The coupon rate shown is the effective interest rate as of June 30, 2023.

(b)

U.S. traded security of a foreign issuer.

(c)

Security 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 June 30, 2023, the value of these investments was $1,016,864,056 or 65.18% of total net assets.

(d)

Rate shown is the 7-day annualized yield as of June 30, 2023.

(e)

All or a portion is posted as collateral for delayed settlement securities.

(f)

Security has the ability to pay in kind or pay in cash.  When applicable, separate rates of such payments are disclosed.

(g)

Final terms of the bank loan are not yet known, so reference index and spread information may not be presented.

(h)

Step-up bond; pays one interest rate for a certain period and a different rate thereafter.  The interest rates presented are the rates in effect as of June 30, 2023.

(i)

Zero-coupon security.  Rate shown is the weighted average amortized yield as of June 30, 2023.

(j)

Rates for senior loans will typically have interest rates that redetermine periodically by reference to a base lending rate plus a spread.  Senior loans that reference SOFR may be subject to a credit spread adjustment, particularly to legacy LIBOR bank loans that have transitioned to SOFR as the base lending rate.

 The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI,

 Inc. and Standard & Poor's Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has

 been licensed for use by Shenkman Capital Management, Inc.  Industries presented are at the discretion

 of Shenkman Capital Management, Inc. and therefore may not follow the exact naming convention prescribed by GICS.