|
Shenkman Capital Short Duration High Income Fund
|
||||||||
|
Schedule of Investments
|
||||||||
|
June 30, 2020 (Unaudited)
|
||||||||
|
Principal
|
Fair
|
|||||||
|
Amount
|
Value
|
|||||||
|
CORPORATE BONDS - 91.00% (f)
|
||||||||
|
AEROSPACE & DEFENSE - 1.15%
|
||||||||
|
TransDigm, Inc.
|
||||||||
|
6.50%, 07/15/2024
|
$
|
5,785,000
|
$
|
5,538,530
|
||||
|
8.00%, 12/15/2025 (c)
|
390,000
|
411,592
|
||||||
|
Triumph Group, Inc. 6.25%, 09/15/2024 (c)
|
1,516,000
|
1,291,602
|
||||||
|
7,241,724
|
||||||||
|
AUTO RETAIL - 0.50%
|
||||||||
|
Penske Automotive Group, Inc.
|
||||||||
|
5.75%, 10/01/2022
|
1,879,000
|
1,884,853
|
||||||
|
5.375%, 12/01/2024
|
1,300,000
|
1,301,489
|
||||||
|
3,186,342
|
||||||||
|
AUTOMOTIVE - 2.47%
|
||||||||
|
Adient U.S., LLC 9.00%, 04/15/2025 (c)
|
245,000
|
264,986
|
||||||
|
Allison Transmission, Inc. 5.00%, 10/01/2024 (c)
|
2,855,000
|
2,856,741
|
||||||
|
Dana, Inc. 5.50%, 12/15/2024
|
1,115,000
|
1,127,427
|
||||||
|
Ford Motor Co.
|
||||||||
|
8.50%, 04/21/2023
|
2,965,000
|
3,141,047
|
||||||
|
9.00%, 04/22/2025
|
359,000
|
389,183
|
||||||
|
Ford Motor Credit Co., LLC
|
||||||||
|
5.75%, 02/01/2021
|
1,005,000
|
1,012,588
|
||||||
|
3.35%, 11/01/2022
|
1,475,000
|
1,418,257
|
||||||
|
3.81%, 01/09/2024
|
750,000
|
723,037
|
||||||
|
3.664%, 09/08/2024
|
800,000
|
757,168
|
||||||
|
5.125%, 06/16/2025
|
625,000
|
626,812
|
||||||
|
Goodyear Tire & Rubber Co.
|
||||||||
|
5.125%, 11/15/2023
|
810,000
|
777,349
|
||||||
|
9.50%, 05/31/2025
|
2,335,000
|
2,502,828
|
||||||
|
15,597,423
|
||||||||
|
BANKS - 0.29%
|
||||||||
|
CIT Group, Inc. 3.929% (SOFR + 3.827%), 06/19/2024
|
1,879,000
|
1,825,167
|
||||||
|
BUILDING PRODUCTS - 2.49%
|
||||||||
|
Griffon Corp. 5.25%, 03/01/2022
|
304,000
|
304,977
|
||||||
|
Sensata Technologies UK Financing Co. PLC 6.25%, 02/15/2026 (b)(c)
|
1,165,000
|
1,211,385
|
||||||
|
Standard Industries, Inc.
|
||||||||
|
5.375%, 11/15/2024 (c)
|
7,615,000
|
7,848,133
|
||||||
|
6.00%, 10/15/2025 (c)
|
457,000
|
471,800
|
||||||
|
Summit Materials, LLC / Summit Materials Finance Corp. 6.125%, 07/15/2023
|
2,300,000
|
2,293,365
|
||||||
|
United Rentals North America, Inc. 5.50%, 07/15/2025
|
423,000
|
434,592
|
||||||
|
WESCO Distribution, Inc.
|
||||||||
|
5.375%, 06/15/2024
|
1,530,000
|
1,528,248
|
||||||
|
7.125%, 06/15/2025 (c)
|
1,575,000
|
1,662,617
|
||||||
|
15,755,117
|
||||||||
|
CASINOS & GAMING - 3.41%
|
||||||||
|
Colt Merger Sub, Inc.
|
||||||||
|
5.75%, 07/01/2025 (c)
|
680,000
|
685,576
|
||||||
|
6.25%, 07/01/2025 (c)
|
1,445,000
|
1,439,581
|
||||||
|
Eldorado Resorts, Inc.
|
||||||||
|
7.00%, 08/01/2023
|
2,200,000
|
2,279,519
|
||||||
|
6.00%, 04/01/2025
|
3,585,000
|
3,759,249
|
||||||
|
International Game Technology PLC 6.25%, 02/15/2022 (b)(c)
|
6,834,000
|
6,913,274
|
||||||
|
MGM Resorts International 7.75%, 03/15/2022
|
4,629,000
|
4,731,880
|
||||||
|
VICI Properties, L.P. / VICI Note Co., Inc. 3.50%, 02/15/2025 (c)
|
1,865,000
|
1,757,474
|
||||||
|
21,566,553
|
||||||||
|
CHEMICALS - 3.79%
|
||||||||
|
Axalta Coating Systems, LLC 4.875%, 08/15/2024 (c)
|
1,897,000
|
1,925,654
|
||||||
|
Blue Cube Spinco, LLC
|
||||||||
|
9.75%, 10/15/2023
|
3,840,000
|
3,967,162
|
||||||
|
10.00%, 10/15/2025
|
2,164,000
|
2,261,607
|
||||||
|
NOVA Chemicals Corp. 5.25%, 08/01/2023 (b)(c)
|
1,305,000
|
1,266,653
|
||||||
|
OCI N.V. 6.625%, 04/15/2023 (b)(c)
|
4,561,000
|
4,606,610
|
||||||
|
Olin Corp. 9.50%, 06/01/2025 (c)
|
261,000
|
291,504
|
||||||
|
PQ Corp. 6.75%, 11/15/2022 (c)
|
4,670,000
|
4,759,197
|
||||||
|
W.R. Grace & Co.-Conn. 5.125%, 10/01/2021 (c)
|
4,625,000
|
4,873,825
|
||||||
|
23,952,212
|
||||||||
|
COMMERCIAL SERVICES - 0.79%
|
||||||||
|
KAR Auction Services, Inc. 5.125%, 06/01/2025 (c)
|
1,786,000
|
1,763,863
|
||||||
|
Tempo Acquisition, LLC / Tempo Acquisition Finance Corp.
|
||||||||
|
5.75%, 06/01/2025 (c)
|
1,805,000
|
1,858,022
|
||||||
|
6.75%, 06/01/2025 (c)
|
1,355,000
|
1,376,158
|
||||||
|
4,998,043
|
||||||||
|
CONSTRUCTION & ENGINEERING - 0.97%
|
||||||||
|
Picasso Finance Sub, Inc. 6.125%, 06/15/2025 (c)
|
1,215,000
|
1,245,375
|
||||||
|
Williams Scotsman International, Inc.
|
||||||||
|
7.875%, 12/15/2022 (c)
|
2,399,000
|
2,493,473
|
||||||
|
6.875%, 08/15/2023 (c)
|
2,297,000
|
2,366,151
|
||||||
|
6,104,999
|
||||||||
|
CONSUMER FINANCE - 1.65%
|
||||||||
|
Ally Financial, Inc. 5.75%, 11/20/2025
|
772,000
|
827,015
|
||||||
|
goeasy, Ltd. 5.375%, 12/01/2024 (b)(c)
|
1,830,000
|
1,778,723
|
||||||
|
Navient Corp.
|
||||||||
|
6.625%, 07/26/2021
|
390,000
|
383,296
|
||||||
|
7.25%, 01/25/2022
|
2,530,000
|
2,541,954
|
||||||
|
6.50%, 06/15/2022
|
1,175,000
|
1,158,110
|
||||||
|
5.50%, 01/25/2023
|
1,840,000
|
1,769,850
|
||||||
|
Springleaf Finance Corp.
|
||||||||
|
8.25%, 12/15/2020
|
505,000
|
521,980
|
||||||
|
6.125%, 05/15/2022
|
475,000
|
485,215
|
||||||
|
8.875%, 06/01/2025
|
885,000
|
947,769
|
||||||
|
10,413,912
|
||||||||
|
CONSUMER NON-DISCRETIONARY - 1.70%
|
||||||||
|
Central Garden & Pet Co. 6.125%, 11/15/2023
|
1,251,000
|
1,280,580
|
||||||
|
Prestige Brands, Inc. 6.375%, 03/01/2024 (c)
|
2,215,000
|
2,276,145
|
||||||
|
Spectrum Brands, Inc.
|
||||||||
|
6.125%, 12/15/2024
|
1,452,000
|
1,497,223
|
||||||
|
5.75%, 07/15/2025
|
1,500,000
|
1,544,077
|
||||||
|
Teva Pharmaceutical Finance Netherlands III B.V. 2.20%, 07/21/2021 (b)
|
2,678,000
|
2,629,568
|
||||||
|
Valvoline, Inc. 4.375%, 08/15/2025 (c)
|
1,493,000
|
1,505,907
|
||||||
|
10,733,500
|
||||||||
|
DISCRETIONARY - CONSUMER GOODS - 1.12%
|
||||||||
|
Hanesbrands, Inc. 5.375%, 05/15/2025 (c)
|
710,000
|
719,319
|
||||||
|
Levi Strauss & Co. 5.00%, 05/01/2025 (c)
|
2,422,000
|
2,439,935
|
||||||
|
Newell Brands, Inc. 4.875%, 06/01/2025
|
1,325,000
|
1,390,144
|
||||||
|
Service Corp. International U.S. 5.375%, 05/15/2024
|
589,000
|
601,578
|
||||||
|
ServiceMaster Co., LLC 5.125%, 11/15/2024 (c)
|
1,925,000
|
1,956,483
|
||||||
|
7,107,459
|
||||||||
|
DIVERSIFIED FINANCIAL SERVICES - 1.35%
|
||||||||
|
DAE Funding, LLC
|
||||||||
|
4.00%, 08/01/2020 (c)
|
2,592,000
|
2,581,917
|
||||||
|
5.75%, 11/15/2023 (c)
|
820,000
|
784,039
|
||||||
|
5.00%, 08/01/2024 (c)
|
799,000
|
751,551
|
||||||
|
Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp. 5.875%, 08/01/2021 (c)
|
938,000
|
932,020
|
||||||
|
Park Aerospace Holdings, Ltd. 5.25%, 08/15/2022 (b)(c)
|
1,155,000
|
1,084,696
|
||||||
|
Starwood Property Trust, Inc.
|
||||||||
|
3.625%, 02/01/2021
|
1,775,000
|
1,750,372
|
||||||
|
3.625%, 02/01/2021 (c)
|
645,000
|
636,051
|
||||||
|
8,520,646
|
||||||||
|
ENVIRONMENTAL SERVICES - 1.23%
|
||||||||
|
Advanced Disposal Services, Inc. 5.625%, 11/15/2024 (c)
|
2,960,000
|
3,081,789
|
||||||
|
Covanta Holding Corp. 5.875%, 03/01/2024
|
1,870,000
|
1,893,179
|
||||||
|
GFL Environmental, Inc. 7.00%, 06/01/2026 (b)(c)
|
900,000
|
934,704
|
||||||
|
Stericycle, Inc. 5.375%, 07/15/2024 (c)
|
1,811,000
|
1,860,802
|
||||||
|
7,770,474
|
||||||||
|
FOOD & BEVERAGE - 1.15%
|
||||||||
|
Aramark Services, Inc. 6.375%, 05/01/2025 (c)
|
1,185,000
|
1,225,889
|
||||||
|
B&G Foods, Inc. 5.25%, 04/01/2025
|
33,000
|
33,281
|
||||||
|
Cott Holdings, Inc. 5.50%, 04/01/2025 (c)
|
3,815,000
|
3,844,356
|
||||||
|
TreeHouse Foods, Inc. 6.00%, 02/15/2024 (c)
|
2,136,000
|
2,184,284
|
||||||
|
7,287,810
|
||||||||
|
FOOD & DRUG RETAIL - 1.96%
|
||||||||
|
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, L.P. / Albertsons, LLC
|
||||||||
|
3.50%, 02/15/2023 (c)
|
2,030,000
|
2,057,405
|
||||||
|
6.625%, 06/15/2024
|
3,126,000
|
3,207,276
|
||||||
|
5.75%, 03/15/2025
|
2,267,000
|
2,324,865
|
||||||
|
Ingles Markets, Inc. 5.75%, 06/15/2023
|
2,001,000
|
2,017,238
|
||||||
|
U.S. Foods, Inc.
|
||||||||
|
5.875%, 06/15/2024 (c)
|
2,025,000
|
1,929,025
|
||||||
|
6.25%, 04/15/2025 (c)
|
870,000
|
889,032
|
||||||
|
12,424,841
|
||||||||
|
HEALTH CARE EQUIPMENT & SUPPLIES - 1.14%
|
||||||||
|
Change Healthcare Holdings, LLC / Change Healthcare Finance, Inc. 5.75%, 03/01/2025 (c)
|
3,700,000
|
3,662,334
|
||||||
|
Hill-Rom Holdings, Inc. 5.00%, 02/15/2025 (c)
|
2,811,000
|
2,906,166
|
||||||
|
Hologic, Inc. 4.375%, 10/15/2025 (c)
|
655,000
|
663,119
|
||||||
|
7,231,619
|
||||||||
|
HEALTH CARE FACILITIES - 6.27%
|
||||||||
|
Acadia Healthcare Co., Inc.
|
||||||||
|
6.125%, 03/15/2021
|
1,885,000
|
1,886,885
|
||||||
|
5.125%, 07/01/2022
|
1,150,000
|
1,150,920
|
||||||
|
5.625%, 02/15/2023
|
725,000
|
727,143
|
||||||
|
6.50%, 03/01/2024
|
1,419,000
|
1,449,260
|
||||||
|
AMN Healthcare, Inc. 5.125%, 10/01/2024 (c)
|
3,985,000
|
3,999,525
|
||||||
|
DaVita, Inc.
|
||||||||
|
5.125%, 07/15/2024
|
11,604,000
|
11,818,674
|
||||||
|
5.00%, 05/01/2025
|
6,678,000
|
6,834,933
|
||||||
|
Encompass Health Corp. 5.75%, 11/01/2024
|
3,100,000
|
3,108,076
|
||||||
|
LifePoint Health, Inc. 6.75%, 04/15/2025 (c)
|
2,165,000
|
2,240,775
|
||||||
|
Tenet Healthcare Corp.
|
||||||||
|
4.625%, 07/15/2024
|
545,000
|
534,724
|
||||||
|
4.625%, 09/01/2024 (c)
|
5,360,000
|
5,244,438
|
||||||
|
7.50%, 04/01/2025 (c)
|
605,000
|
646,216
|
||||||
|
Universal Health Services, Inc. 4.75%, 08/01/2022 (c)
|
35,000
|
35,109
|
||||||
|
39,676,678
|
|
HEALTH CARE REITs - 1.06%
|
||||||||
|
Diversified Healthcare Trust 9.75%, 06/15/2025
|
1,300,000
|
1,398,312
|
||||||
|
MPT Operating Partnership, L.P. / MPT Finance Corp. 6.375%, 03/01/2024
|
5,161,000
|
5,323,907
|
||||||
|
6,722,219
|
||||||||
|
HOMEBUILDING - 0.10%
|
||||||||
|
Lennar Corp. 6.25%, 12/15/2021
|
602,000
|
623,747
|
||||||
|
HOTEL & LEISURE - 2.55%
|
||||||||
|
ESH Hospitality, Inc. 5.25%, 05/01/2025 (c)
|
2,634,000
|
2,532,525
|
||||||
|
Hilton Domestic Operating Co., Inc.
|
||||||||
|
4.25%, 09/01/2024
|
1,560,000
|
1,519,198
|
||||||
|
5.375%, 05/01/2025 (c)
|
1,510,000
|
1,516,607
|
||||||
|
Marriott International, Inc. 5.75%, 05/01/2025 (a)
|
985,000
|
1,071,178
|
||||||
|
NCL Corp., Ltd. 3.625%, 12/15/2024 (b)(c)
|
4,300,000
|
2,639,125
|
||||||
|
Service Properties Trust 7.50%, 09/15/2025
|
427,000
|
450,322
|
||||||
|
Six Flags Entertainment Corp. 4.875%, 07/31/2024 (c)
|
1,307,000
|
1,173,843
|
||||||
|
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025 (c)
|
815,000
|
846,072
|
||||||
|
Vail Resorts, Inc. 6.25%, 05/15/2025 (c)
|
860,000
|
903,538
|
||||||
|
Viking Cruises, Ltd. 6.25%, 05/15/2025 (b)(c)
|
1,365,000
|
783,025
|
||||||
|
Wyndham Destinations, Inc.
|
||||||||
|
5.625%, 03/01/2021
|
1,250,000
|
1,242,031
|
||||||
|
4.25%, 03/01/2022
|
1,060,000
|
1,044,964
|
||||||
|
5.40%, 04/01/2024 (d)
|
435,000
|
421,361
|
||||||
|
16,143,789
|
||||||||
|
INDUSTRIAL MACHINERY - 1.17%
|
||||||||
|
Colfax Corp. 6.00%, 02/15/2024 (c)
|
2,656,000
|
2,745,919
|
||||||
|
Hillenbrand, Inc. 5.75%, 06/15/2025
|
650,000
|
673,563
|
||||||
|
Meritor, Inc.
|
||||||||
|
6.25%, 02/15/2024
|
2,725,000
|
2,755,370
|
||||||
|
6.25%, 06/01/2025 (c)
|
1,195,000
|
1,211,431
|
||||||
|
7,386,283
|
||||||||
|
LIFE SCIENCES - 2.15%
|
||||||||
|
Avantor, Inc.
|
||||||||
|
6.00%, 10/01/2024 (c)
|
3,635,000
|
3,802,210
|
||||||
|
9.00%, 10/01/2025 (c)
|
6,550,000
|
7,049,437
|
||||||
|
Jaguar Holding Co. II / PPD Development, L.P. 4.625%, 06/15/2025 (c)
|
2,685,000
|
2,737,559
|
||||||
|
13,589,206
|
||||||||
|
MANAGED HEALTH CARE - 3.21%
|
||||||||
|
Centene Corp.
|
||||||||
|
4.75%, 01/15/2025
|
5,095,000
|
5,222,681
|
||||||
|
4.75%, 01/15/2025
|
6,174,000
|
6,328,721
|
||||||
|
5.25%, 04/01/2025 (c)
|
805,000
|
830,023
|
||||||
|
Molina Healthcare, Inc.
|
||||||||
|
5.375%, 11/15/2022 (d)
|
6,253,000
|
6,391,973
|
||||||
|
4.875%, 06/15/2025 (c)
|
1,500,000
|
1,512,967
|
||||||
|
20,286,365
|
||||||||
|
MEDIA - BROADCASTING - 2.12%
|
||||||||
|
AMC Networks, Inc.
|
||||||||
|
4.75%, 12/15/2022
|
718,000
|
717,803
|
||||||
|
5.00%, 04/01/2024
|
3,620,000
|
3,595,113
|
||||||
|
Nexstar Broadcasting, Inc. 5.625%, 08/01/2024 (c)
|
2,245,000
|
2,267,686
|
||||||
|
Sinclair Television Group, Inc. 5.625%, 08/01/2024 (c)
|
1,658,000
|
1,595,999
|
||||||
|
TEGNA, Inc.
|
||||||||
|
4.875%, 09/15/2021 (c)
|
750,000
|
751,923
|
||||||
|
5.50%, 09/15/2024 (c)
|
789,000
|
798,125
|
||||||
|
Univision Communications, Inc. 5.125%, 05/15/2023 (c)
|
3,615,000
|
3,659,555
|
||||||
|
13,386,204
|
||||||||
|
MEDIA - CABLE & SATELLITE - 7.92%
|
||||||||
|
CCO Holdings, LLC / CCO Holdings Capital Corp.
|
||||||||
|
5.375%, 05/01/2025 (c)
|
12,740,000
|
13,091,688
|
||||||
|
5.75%, 02/15/2026 (c)
|
1,379,000
|
1,429,395
|
||||||
|
CSC Holdings, LLC
|
||||||||
|
6.75%, 11/15/2021
|
800,000
|
842,020
|
||||||
|
5.375%, 07/15/2023 (c)
|
6,128,000
|
6,221,145
|
||||||
|
7.75%, 07/15/2025 (c)
|
790,000
|
824,136
|
||||||
|
6.625%, 10/15/2025 (c)
|
1,275,000
|
1,328,378
|
||||||
|
10.875%, 10/15/2025 (c)
|
10,000,000
|
10,773,450
|
||||||
|
DISH DBS Corp.
|
||||||||
|
6.75%, 06/01/2021
|
8,070,000
|
8,234,628
|
||||||
|
5.875%, 07/15/2022
|
1,725,000
|
1,757,818
|
||||||
|
Quebecor Media, Inc. 5.75%, 01/15/2023 (b)
|
5,310,000
|
5,576,058
|
||||||
|
50,078,716
|
||||||||
|
MEDIA - DIVERSIFIED - 2.58%
|
||||||||
|
Lamar Media Corp. 5.00%, 05/01/2023
|
1,875,000
|
1,890,215
|
||||||
|
Nielsen Co. Luxembourg S.A.R.L. 5.50%, 10/01/2021 (b)(c)
|
3,810,000
|
3,823,392
|
||||||
|
Nielsen Finance, LLC / Nielsen Finance Co. 5.00%, 04/15/2022 (c)
|
10,621,000
|
10,594,023
|
||||||
|
16,307,630
|
||||||||
|
MEDIA - ENTERTAINMENT - 1.91%
|
||||||||
|
Lions Gate Capital Holdings, LLC 6.375%, 02/01/2024 (c)
|
2,942,000
|
2,877,615
|
||||||
|
Netflix, Inc.
|
||||||||
|
5.375%, 02/01/2021
|
1,500,000
|
1,537,965
|
||||||
|
5.50%, 02/15/2022
|
455,000
|
475,873
|
|
Sirius XM Radio, Inc.
|
||||||||
|
4.625%, 05/15/2023 (c)
|
3,457,000
|
3,485,019
|
||||||
|
4.625%, 07/15/2024 (c)
|
3,073,000
|
3,155,541
|
||||||
|
5.375%, 04/15/2025 (c)
|
533,000
|
548,779
|
||||||
|
12,080,792
|
||||||||
|
METALS & MINING - 0.73%
|
||||||||
|
FMG Resources August 2006 Pty, Ltd. 4.75%, 05/15/2022 (b)(c)
|
2,980,000
|
3,044,055
|
||||||
|
Freeport-McMoRan, Inc. 3.55%, 03/01/2022
|
1,556,000
|
1,559,462
|
||||||
|
4,603,517
|
||||||||
|
OIL & GAS REFINING - 0.26%
|
||||||||
|
Sunoco, L.P. / Sunoco Finance Corp. 4.875%, 01/15/2023
|
1,650,000
|
1,631,264
|
||||||
|
OIL & GAS STORAGE & TRANSPORT - 2.55%
|
||||||||
|
Buckeye Partners, L.P.
|
||||||||
|
4.15%, 07/01/2023
|
377,000
|
367,924
|
||||||
|
4.125%, 03/01/2025 (c)
|
3,625,000
|
3,486,416
|
||||||
|
Cheniere Energy Partners, L.P. 5.25%, 10/01/2025
|
1,435,000
|
1,431,699
|
||||||
|
Crestwood Midstream Partners, L.P. / Crestwood Midstream Finance Corp. 6.25%, 04/01/2023
|
1,375,000
|
1,227,332
|
||||||
|
DCP Midstream Operating, L.P.
|
||||||||
|
4.95%, 04/01/2022
|
2,000,000
|
2,017,970
|
||||||
|
3.875%, 03/15/2023
|
850,000
|
827,143
|
||||||
|
EQM Midstream Partners, L.P. 6.00%, 07/01/2025 (c)
|
945,000
|
959,572
|
||||||
|
Genesis Energy, L.P. / Genesis Energy Finance Corp. 6.00%, 05/15/2023
|
1,550,000
|
1,400,650
|
||||||
|
NuStar Logistics, L.P.
|
||||||||
|
4.80%, 09/01/2020
|
300,000
|
301,083
|
||||||
|
6.75%, 02/01/2021
|
2,900,000
|
2,888,763
|
||||||
|
Targa Resources Partners, L.P. / Targa Resources Partners Finance Corp. 6.75%, 03/15/2024
|
1,215,000
|
1,215,747
|
||||||
|
16,124,299
|
||||||||
|
PACKAGING - 2.26%
|
||||||||
|
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc.
|
||||||||
|
6.00%, 02/15/2025 (b)(c)
|
969,000
|
994,601
|
||||||
|
5.25%, 04/30/2025 (b)(c)
|
2,125,000
|
2,182,088
|
||||||
|
Berry Global, Inc.
|
||||||||
|
5.50%, 05/15/2022
|
818,000
|
821,775
|
||||||
|
6.00%, 10/15/2022
|
1,148,000
|
1,153,023
|
||||||
|
5.125%, 07/15/2023
|
4,450,000
|
4,491,674
|
||||||
|
Graphic Packaging International, LLC 4.875%, 11/15/2022
|
469,000
|
485,891
|
||||||
|
Reynolds Group Issuer, Inc. / Reynolds Group Issuer, LLC / Reynolds Group Issuer Lu 4.719% (3 Month LIBOR USD + 3.50%), 07/15/2021 (a)(c)
|
4,150,000
|
4,130,557
|
||||||
|
14,259,609
|
||||||||
|
PHARMACEUTICALS & BIOTECHNOLOGY - 2.39%
|
||||||||
|
Bausch Health Cos., Inc.
|
||||||||
|
5.50%, 03/01/2023 (b)(c)
|
1,756,000
|
1,762,400
|
||||||
|
5.875%, 05/15/2023 (b)(c)
|
1,135,000
|
1,133,048
|
||||||
|
7.00%, 03/15/2024 (b)(c)
|
4,466,000
|
4,642,720
|
||||||
|
6.125%, 04/15/2025 (b)(c)
|
4,457,000
|
4,526,886
|
||||||
|
9.00%, 12/15/2025 (b)(c)
|
2,809,000
|
3,029,254
|
||||||
|
15,094,308
|
||||||||
|
REAL ESTATE MANAGEMENT - 0.65%
|
||||||||
|
Kennedy-Wilson, Inc. 5.875%, 04/01/2024
|
3,315,000
|
3,308,751
|
||||||
|
Newmark Group, Inc. 6.125%, 11/15/2023 (a)
|
790,000
|
786,323
|
||||||
|
4,095,074
|
||||||||
|
REITs - 0.77%
|
||||||||
|
Iron Mountain, Inc. 5.75%, 08/15/2024
|
4,812,000
|
4,873,185
|
||||||
|
RESTAURANTS - 0.86%
|
||||||||
|
1011778 B.C., ULC / New Red Finance, Inc. 4.25%, 05/15/2024 (b)(c)
|
1,012,000
|
1,014,803
|
||||||
|
KFC Holding Co./Pizza Hut Holdings, LLC/Taco Bell of America, LLC 5.00%, 06/01/2024 (c)
|
3,170,000
|
3,237,695
|
||||||
|
Yum! Brands, Inc. 7.75%, 04/01/2025 (c)
|
1,100,000
|
1,188,688
|
||||||
|
5,441,186
|
||||||||
|
RETAILING - 0.73%
|
||||||||
|
QVC, Inc. 4.375%, 03/15/2023
|
4,618,000
|
4,640,628
|
||||||
|
SOFTWARE & SERVICES - 2.75%
|
||||||||
|
Gartner, Inc. 5.125%, 04/01/2025 (c)
|
1,877,000
|
1,927,031
|
||||||
|
j2 Cloud Services, LLC / j2 Cloud Co-Obligor, Inc. 6.00%, 07/15/2025 (c)
|
2,871,000
|
2,928,721
|
||||||
|
NortonLifeLock, Inc.
|
||||||||
|
3.95%, 06/15/2022
|
1,350,000
|
1,375,313
|
||||||
|
5.00%, 04/15/2025 (c)
|
4,700,000
|
4,794,000
|
||||||
|
PTC, Inc. 3.625%, 02/15/2025 (c)
|
785,000
|
781,075
|
||||||
|
Solera, LLC / Solera Finance, Inc. 10.50%, 03/01/2024 (c)
|
3,485,000
|
3,553,080
|
||||||
|
VeriSign, Inc. 4.625%, 05/01/2023
|
2,020,000
|
2,037,887
|
||||||
|
17,397,107
|
||||||||
|
TECHNOLOGY HARDWARE - 4.55%
|
||||||||
|
Broadcom, Inc. 4.70%, 04/15/2025 (c)
|
175,000
|
197,396
|
||||||
|
CDW, LLC / CDW Finance Corp.
|
||||||||
|
4.125%, 05/01/2025
|
935,000
|
940,259
|
||||||
|
5.00%, 09/01/2025
|
3,010,000
|
3,104,379
|
||||||
|
CommScope, Inc. 5.00%, 06/15/2021 (c)
|
214,000
|
214,000
|
||||||
|
Dell International, LLC / EMC Corp.
|
||||||||
|
7.125%, 06/15/2024 (c)
|
11,933,000
|
12,373,775
|
||||||
|
5.85%, 07/15/2025 (c)
|
1,475,000
|
1,697,288
|
||||||
|
Microchip Technology, Inc. 4.25%, 09/01/2025 (c)
|
1,345,000
|
1,354,840
|
||||||
|
NCR Corp.
|
||||||||
|
5.00%, 07/15/2022
|
1,345,000
|
1,345,424
|
||||||
|
6.375%, 12/15/2023
|
6,425,000
|
6,546,143
|
||||||
|
8.125%, 04/15/2025 (c)
|
940,000
|
1,000,512
|
||||||
|
28,774,016
|
|
TELECOMMUNICATION SERVICES - DIVERSIFIED - 6.97%
|
||||||||
|
Altice France SA/France 7.375%, 05/01/2026 (b)(c)
|
2,990,000
|
3,121,112
|
||||||
|
CenturyLink, Inc.
|
||||||||
|
5.80%, 03/15/2022
|
1,715,000
|
1,765,978
|
||||||
|
6.75%, 12/01/2023
|
1,655,000
|
1,783,089
|
||||||
|
5.625%, 04/01/2025
|
1,385,000
|
1,435,698
|
||||||
|
Cogent Communications Group, Inc. 5.375%, 03/01/2022 (c)
|
1,470,000
|
1,517,430
|
||||||
|
GCI, LLC
|
||||||||
|
6.625%, 06/15/2024 (c)
|
1,751,000
|
1,837,639
|
||||||
|
6.875%, 04/15/2025
|
2,034,000
|
2,102,434
|
||||||
|
Hughes Satellite Systems Corp. 7.625%, 06/15/2021
|
8,441,000
|
8,713,433
|
||||||
|
Level 3 Financing, Inc.
|
||||||||
|
5.375%, 08/15/2022
|
4,001,000
|
4,005,841
|
||||||
|
5.625%, 02/01/2023
|
3,915,000
|
3,929,936
|
||||||
|
5.375%, 01/15/2024
|
805,000
|
813,972
|
||||||
|
5.375%, 05/01/2025
|
3,958,000
|
4,052,418
|
||||||
|
SBA Communications Corp.
|
||||||||
|
4.00%, 10/01/2022
|
3,445,000
|
3,487,253
|
||||||
|
4.875%, 09/01/2024
|
3,920,000
|
4,018,000
|
||||||
|
ViaSat, Inc. 5.625%, 09/15/2025 (c)
|
1,556,000
|
1,493,923
|
||||||
|
44,078,156
|
||||||||
|
TELECOMMUNICATION SERVICES - WIRELESS - 4.45%
|
||||||||
|
Sprint Communications, Inc. 7.00%, 08/15/2020
|
2,750,000
|
2,765,098
|
||||||
|
Sprint Corp.
|
||||||||
|
7.25%, 09/15/2021
|
2,550,000
|
2,676,238
|
||||||
|
7.875%, 09/15/2023
|
3,235,000
|
3,647,446
|
||||||
|
7.125%, 06/15/2024
|
3,500,000
|
3,958,290
|
||||||
|
T-Mobile U.S.A., Inc.
|
||||||||
|
6.00%, 03/01/2023
|
8,033,000
|
8,080,154
|
||||||
|
6.375%, 03/01/2025
|
6,837,000
|
7,031,854
|
||||||
|
28,159,080
|
||||||||
|
THRIFTS & MORTGAGES - 0.87%
|
||||||||
|
Nationstar Mortgage Holdings, Inc. 8.125%, 07/15/2023 (c)
|
2,435,000
|
2,505,140
|
||||||
|
Quicken Loans, LLC 5.75%, 05/01/2025 (c)
|
2,950,000
|
3,023,440
|
||||||
|
5,528,580
|
||||||||
|
TRANSPORTATION - 1.80%
|
||||||||
|
XPO Logistics, Inc.
|
||||||||
|
6.50%, 06/15/2022 (c)
|
5,341,000
|
5,359,560
|
||||||
|
6.125%, 09/01/2023 (c)
|
1,850,000
|
1,877,944
|
||||||
|
6.75%, 08/15/2024 (c)
|
1,383,000
|
1,452,434
|
||||||
|
6.25%, 05/01/2025 (c)
|
2,540,000
|
2,665,412
|
||||||
|
11,355,350
|
||||||||
|
UTILITIES - POWER - 0.21%
|
||||||||
|
NextEra Energy Operating Partners, L.P.
|
||||||||
|
4.25%, 07/15/2024 (c)
|
441,000
|
446,834
|
||||||
|
4.25%, 09/15/2024 (c)
|
890,000
|
897,623
|
||||||
|
1,344,457
|
||||||||
|
TOTAL CORPORATE BONDS (Cost $579,623,450)
|
575,399,286
|
|||||||
|
BANK LOANS - 4.84%
|
||||||||
|
AEROSPACE & DEFENSE - 0.25%
|
||||||||
|
Transdigm, Inc., Senior Secured First Lien Term Loan 2.428% (1 Month LIBOR USD + 2.25%), 12/09/2025 (a)
|
1,782,823
|
1,613,927
|
||||||
|
CASINOS & GAMING - 0.45%
|
||||||||
|
Eldorado Resorts, Inc., Senior Secured First Lien Term Loan 3.25% (6 Month LIBOR USD + 2.25%), 04/17/2024 (a)
|
645,000
|
642,381
|
||||||
|
Playtika Holding Corp., Senior Secured First Lien Term Loan 7.072% (6 Month LIBOR USD + 6.00%, 1.000% Floor), 12/10/2024 (a)
|
626,688
|
627,669
|
||||||
|
Stars Group Holdings B.V., Senior Secured First Lien Term Loan 3.808% (3 Month LIBOR USD + 3.50%), 07/10/2025 (a)
|
1,561,785
|
1,556,210
|
||||||
|
2,826,260
|
||||||||
|
COMMERCIAL SERVICES - 0.35%
|
||||||||
|
IRI Holdings, Inc., Senior Secured First Lien Term Loan 4.613% (3 Month LIBOR USD + 4.25%), 12/01/2025 (a)
|
704,275
|
670,822
|
||||||
|
Tempo Acquisition, LLC, Senior Secured First Lien Term Loan 2.928% (1 Month LIBOR USD + 2.75%), 05/01/2024 (a)
|
1,649,000
|
1,571,703
|
||||||
|
2,242,525
|
||||||||
|
DISCRETIONARY - CONSUMER GOODS - 0.22%
|
||||||||
|
Frontdoor, Inc., Senior Secured First Lien Term Loan 2.688% (1 Month LIBOR USD + 2.50%), 08/18/2025 (a)
|
1,434,450
|
1,396,193
|
||||||
|
DIVERSIFIED FINANCIAL SERVICES - 0.83%
|
||||||||
|
Financial & Risk U.S. Holdings, Inc., Senior Secured First Lien Term Loan 3.428% (1 Month LIBOR USD + 3.25%), 10/01/2025 (a)
|
5,374,759
|
5,257,858
|
||||||
|
ENVIRONMENTAL SERVICES - 0.28%
|
||||||||
|
Granite Acquisition, Inc., Senior Secured First Lien Term Loan 4.50% (3 Month LIBOR USD + 3.50%, 1.000% Floor), 12/17/2021 (a)
|
1,786,001
|
1,757,425
|
||||||
|
HEALTH CARE FACILITIES - 0.34%
|
||||||||
|
RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan 3.928% (1 Month LIBOR USD + 3.75%), 11/14/2025 (a)
|
2,288,723
|
2,152,464
|
||||||
|
HOTEL & LEISURE - 0.12%
|
||||||||
|
ESH Hospitality, Inc., Senior Secured First Lien Term Loan 2.178% (1 Month LIBOR USD + 2.00%), 09/18/2026 (a)
|
802,367
|
764,198
|
||||||
|
INSURANCE - 0.32%
|
||||||||
|
Asurion, LLC
|
||||||||
|
Senior Secured First Lien Term Loan 3.178% (1 Month LIBOR USD + 3.00%), 08/04/2022 (a)
|
427,069
|
416,926
|
||||||
|
Senior Secured First Lien Term Loan 3.178% (1 Month LIBOR USD + 3.00%), 11/03/2023 (a)
|
182,966
|
177,534
|
||||||
|
Senior Secured First Lien Term Loan 3.178% (1 Month LIBOR USD + 3.00%), 11/04/2024 (a)
|
1,470,000
|
1,423,452
|
||||||
|
2,017,912
|
||||||||
|
LIFE SCIENCES - 0.18%
|
||||||||
|
Jaguar Holding Co. II, Senior Secured First Lien Term Loan 3.50% (1 Month LIBOR USD + 2.50%, 1.000% Floor), 08/18/2022 (a)
|
1,167,415
|
1,155,741
|
||||||
|
MANAGED HEALTH CARE - 0.04%
|
||||||||
|
Verscend Holding Corp., Senior Secured First Lien Term Loan 4.678% (1 Month LIBOR USD + 4.50%), 08/27/2025 (a)
|
236,401
|
229,280
|
||||||
|
MEDIA - BROADCASTING - 0.14%
|
||||||||
|
Univision Communications, Inc., Senior Secured First Lien Term Loan 3.75% (1 Month LIBOR USD + 2.75%, 1.000% Floor), 03/15/2024 (a)
|
954,532
|
886,521
|
|
MEDIA - CABLE & SATELLITE - 0.27%
|
||||||||
|
WideOpenWest Finance, LLC, Senior Secured First Lien Term Loan 4.25% (1 Month LIBOR USD + 3.25%, 1.000% Floor), 08/18/2023 (a)
|
1,767,742
|
1,692,065
|
||||||
|
MEDIA - DIVERSIFIED - 0.16%
|
||||||||
|
Ancestry.com Operations, Inc., Senior Secured First Lien Term Loan 4.43% (1 Month LIBOR USD + 4.25%), 08/27/2026 (a)
|
1,048,079
|
998,788
|
||||||
|
MEDIA - ENTERTAINMENT - 0.48%
|
||||||||
|
Delta 2 (Lux) S.A.R.L., Senior Secured First Lien Term Loan 3.50% (1 Month LIBOR USD + 2.50%, 1.000% Floor), 02/01/2024 (a)
|
1,625,890
|
1,553,749
|
||||||
|
William Morris Endeavor Entertainment, LLC, Senior Secured First Lien Term Loan 2.93% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)
|
1,790,472
|
1,474,579
|
||||||
|
3,028,328
|
||||||||
|
SOFTWARE & SERVICES - 0.22%
|
||||||||
|
WEX, Inc., Senior Secured First Lien Term Loan 2.428% (1 Month LIBOR USD + 2.25%), 05/15/2026 (a)
|
1,474,101
|
1,418,557
|
||||||
|
TELECOMMUNICATION SERVICES - DIVERSIFIED - 0.19%
|
||||||||
|
GCI Holdings, Inc., Senior Secured First Lien Term Loan 2.428% (1 Month LIBOR USD + 2.25%, 0.750% Floor), 02/02/2022 (a)
|
1,240,326
|
1,196,915
|
||||||
|
TOTAL BANK LOANS (Cost $31,412,585)
|
30,634,957
|
|||||||
|
Shares
|
||||||||
|
MONEY MARKET FUND - 3.08%
|
||||||||
|
First American Government Obligations Fund - Class X, 0.09% (e)
|
19,495,406
|
19,495,406
|
||||||
|
TOTAL MONEY MARKET FUND (Cost $19,495,406)
|
19,495,406
|
|||||||
|
Total Investments (Cost $630,531,441) - 98.92%
|
625,529,649
|
|||||||
|
Other Assets in Excess of Liabilities - 1.08%
|
6,802,657
|
|||||||
|
TOTAL NET ASSETS - 100.00%
|
$
|
632,332,306
|
||||||
|
Percentages are stated as a percent of net assets.
|
||||
|
LIBOR
|
London Interbank Offered Rate
|
|||
|
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, 2020.
|
|||
|
(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, 2020, the value of these
|
||||
|
investments was $300,356,122 or 47.50% of total net assets.
|
||||
|
(d)
|
Step-up bond; pays one interest rate for a certain period and a different rate thereafter. The interest rate of 5.375% for Molina Healthcare, Inc.
|
|||
|
and 5.40% for Wyndham Destinations, Inc. are the rates in effect as of June 30, 2020. The stated interest rate for Molina Healthcare, Inc. will
|
||||
|
continue until maturity. The stated interest rate for Wyndham Destinations, Inc. will continue until October 2020, then will step up to 5.65%.
|
||||
|
(e)
|
Rate shown is the 7-day annualized yield as of June 30, 2020.
|
|||
|
(f)
|
All or a portion is posted as collateral for delayed settlement securities.
|
|||
|
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.
|
||||
|
Shenkman Capital Short Duration High Income Fund
|
|||||
|
Summary of Fair Value Disclosure at June 30, 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 Funds’ 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.
|
|||||||||
|
Shenkman Capital Short Duration High Income Fund
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Fixed Income
|
||||||||||||||||
|
Corporate Bonds
|
$
|
-
|
$
|
575,399,286
|
$
|
-
|
$
|
575,399,286
|
||||||||
|
Bank Loans
|
-
|
30,634,957
|
-
|
30,634,957
|
||||||||||||
|
Total Fixed Income
|
-
|
606,034,243
|
-
|
606,034,243
|
||||||||||||
|
Money Market Fund
|
19,495,406
|
-
|
-
|
19,495,406
|
||||||||||||
|
Total Investments
|
$
|
19,495,406
|
$
|
606,034,243
|
$
|
-
|
$
|
625,529,649
|
||||||||
|
Refer to the Fund's schedule of investments for a detailed break-out of holdings by industry classification.
|
|||||||||
|
For the period ended June 30, 2020, the Fund did not recognize any transfers to or from Level 3.
|
|||||||||