Shenkman Capital Short Duration High Income Fund

Schedule of Investments

June 30, 2022 (Unaudited)

Principal

Fair

Amount

Value

CORPORATE BONDS - 92.12% (e)

AEROSPACE & DEFENSE - 2.94%

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

     5,660,000

         5,620,748

Spirit AeroSystems, Inc. 7.50%, 04/15/2025 (c)

1,045,000

973,506

TransDigm, Inc.

8.00%, 12/15/2025 (c)

3,620,000

3,667,815

6.25%, 03/15/2026 (c)

13,029,000

12,611,811

6.375%, 06/15/2026

11,157,000

10,454,109

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

5,796,000

5,412,711

Triumph Group, Inc. 8.875%, 06/01/2024 (c)

2,799,000

2,822,987

41,563,687

AUTO RETAIL - 0.46%

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

6,910,000

6,489,250

AUTOMOTIVE - 6.34%

American Axle & Manufacturing, Inc.

6.25%, 03/15/2026

3,727,000

3,424,675

6.50%, 04/01/2027

5,447,000

4,827,240

Clarios Global, L.P. 6.75%, 05/15/2025 (b)(c)

549,000

544,548

Clarios Global, L.P. / Clarios U.S. Finance Co.

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

8,672,000

8,360,502

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

5,794,000

5,611,778

Dana Financing Luxembourg S.A.R.L. 5.750%, 04/15/2025 (b)(c)

7,085,000

6,777,258

Ford Motor Co. 9.00%, 04/22/2025

4,405,000

4,735,904

Ford Motor Credit Co., LLC

3.664%, 09/08/2024

1,855,000

1,772,536

5.125%, 06/16/2025

5,280,000

5,077,363

3.375%, 11/13/2025

8,955,000

8,106,962

2.70%, 08/10/2026

4,195,000

3,581,481

4.95%, 05/28/2027

2,035,000

1,877,438

Goodyear Tire & Rubber Co.

9.50%, 05/31/2025

4,970,000

5,148,635

5.00%, 05/31/2026

12,677,000

11,719,170

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

2,000,000

1,721,776

Jaguar Land Rover Automotive PLC

5.625%, 02/01/2023 (b)(c)

6,275,000

6,095,190

7.75%, 10/15/2025 (b)(c)

5,531,000

5,130,002

Meritor, Inc. 6.25%, 06/01/2025 (c)

3,020,000

3,100,966

ZF North America Capital, Inc. 4.75%, 04/29/2025 (c)

2,010,000

1,853,617

89,467,041

BUILDING PRODUCTS - 0.05%

United Rentals North America, Inc. 5.50%, 05/15/2027

779,000

765,212

CHEMICALS - 3.71%

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

11,846,000

11,364,614

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

4,775,000

4,423,425

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

4,941,000

4,712,429

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

13,969,000

13,297,210

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

2,910,000

2,332,700

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

2,617,000

2,207,884

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

8,471,000

7,227,076

W.R. Grace Holdings, LLC 5.625%, 10/01/2024 (c)

7,025,000

6,829,354

52,394,692

COMMERCIAL SERVICES - 4.20%

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

5,840,000

5,356,922

Aramark Services, Inc.

5.00%, 04/01/2025 (c)

2,430,000

2,330,594

6.375%, 05/01/2025 (c)

14,776,000

14,486,760

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

5,365,000

5,173,058

Garda World Security Corp. 9.50%, 11/01/2027 (b)(c)

5,189,000

4,752,850

Iron Mountain, Inc. 4.875%, 09/15/2027 (c)

2,880,000

2,610,346

KAR Auction Services, Inc. 5.125%, 06/01/2025 (c)

20,855,000

19,697,173

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

5,142,000

4,845,554

59,253,257

CONSTRUCTION & ENGINEERING - 0.25%

Picasso Finance Sub, Inc. 6.125%, 06/15/2025 (c)

3,679,000

3,592,654

CONSUMER DISCRETIONARY - 0.49%

Hanesbrands, Inc. 4.625%, 05/15/2024 (c)

7,040,000

6,904,163

CONSUMER NON-DISCRETIONARY - 0.20%

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

2,823,000

2,792,110

ENVIRONMENTAL SERVICES - 1.80%

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

2,495,000

2,287,366

GFL Environmental, Inc.

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

4,263,000

4,027,171

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

5,850,000

5,436,025

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

1,055,000

1,004,043

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

13,104,000

12,675,106

25,429,711

FINANCIALS - CONSUMER FINANCE - 2.15%

Ally Financial, Inc. 5.75%, 11/20/2025

2,410,000

2,380,566

goeasy, Ltd.

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

5,069,000

4,659,881

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

1,760,000

1,495,129

Navient Corp.

5.50%, 01/25/2023

1,875,000

1,856,032

7.25%, 09/25/2023

3,506,000

3,474,255

6.125%, 03/25/2024

7,800,000

7,410,000

6.75%, 06/25/2025

1,755,000

1,605,474

OneMain Finance Corp.

6.125%, 03/15/2024

6,050,000

5,792,603

6.875%, 03/15/2025

1,850,000

1,751,968

30,425,908

FINANCIALS - DIVERSIFIED - 0.74%

Blackstone Mortgage Trust, Inc. 3.75%, 01/15/2027 (c)

4,510,000

3,670,035

Starwood Property Trust, Inc.

5.50%, 11/01/2023 (c)

3,043,000

3,014,350

3.75%, 12/31/2024 (c)

1,916,000

1,747,057

3.625%, 07/15/2026 (c)

2,395,000

2,040,049

10,471,491

FINANCIALS - INSURANCE - 0.90%

Acrisure, LLC / Acrisure Finance, Inc.

7.00%, 11/15/2025 (c)

5,315,000

4,795,127

10.125%, 08/01/2026 (c)

4,271,000

4,155,429

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

4,000,000

3,781,200

12,731,756

FINANCIALS - THRIFTS & MORTGAGES - 0.79%

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

3,345,000

2,908,812

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

5,935,000

5,184,410

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

2,272,000

1,884,010

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

1,350,000

1,158,901

11,136,133

FOOD & BEVERAGE - 1.22%

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

11,928,000

10,984,614

Herbalife Nutrition, Ltd. / HLF Financing, Inc. 7.875%, 09/01/2025 (b)(c)

3,470,000

3,138,858

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

3,240,000

3,142,865

17,266,337

HEALTHCARE - EQUIPMENT & SUPPLIES - 1.34%

Change Healthcare Holdings, LLC / Change Healthcare Finance, Inc. 5.75%, 03/01/2025 (c)

17,311,000

16,957,683

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

1,950,000

1,908,527

18,866,210

HEALTHCARE - FACILITIES - 6.68%

Global Medical Response, Inc. 6.50%, 10/01/2025 (c)

4,145,000

3,698,915

HCA, Inc.

7.50%, 12/15/2023

2,505,000

2,615,145

8.36%, 04/15/2024

3,846,000

4,056,761

5.375%, 02/01/2025

1,805,000

1,810,965

7.69%, 06/15/2025

658,000

690,367

7.58%, 09/15/2025

2,251,000

2,386,747

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

10,084,000

9,733,643

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

5,882,000

5,419,557

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

19,226,000

18,876,309

RP Escrow Issuer, LLC 5.25%, 12/15/2025 (c)

6,835,000

5,917,437

Surgery Center Holdings, Inc.

6.75%, 07/01/2025 (c)

10,025,000

9,201,847

10.00%, 04/15/2027 (c)

4,955,000

4,806,101

Tenet Healthcare Corp.

6.75%, 06/15/2023

6,235,000

6,423,141

4.625%, 07/15/2024

656,000

630,491

4.625%, 09/01/2024 (c)

13,849,000

13,315,398

6.25%, 02/01/2027 (c)

5,206,000

4,802,535

94,385,359

HEALTHCARE - LIFE SCIENCES - 0.72%

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

1,290,000

1,211,350

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

9,352,000

8,931,160

10,142,510

HEALTHCARE - MANAGED HEALTH CARE - 1.81%

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

26,134,000

25,487,445

HEALTHCARE - PHARMACEUTICALS & BIOTECHNOLOGY - 1.53%

Bausch Health Cos., Inc. 9.00%, 12/15/2025 (b)(c)

14,012,000

10,196,953

Teva Pharmaceutical Finance Netherlands III B.V.

2.80%, 07/21/2023 (b)

1,245,000

1,198,474

6.00%, 04/15/2024 (b)

5,800,000

5,727,500

7.125%, 01/31/2025 (b)

2,400,000

2,346,380

4.75%, 05/09/2027 (b)

2,455,000

2,100,439

21,569,746

HEALTHCARE - REITs - 0.92%

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

13,797,000

13,053,208

INDUSTRIAL MACHINERY - 1.37%

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

5,584,000

5,398,974

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

2,105,000

2,150,605

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

11,802,000

11,757,742

19,307,321

LEISURE - CASINOS & GAMING - 6.58%

Caesars Entertainment, Inc. 6.25%, 07/01/2025 (c)

22,089,000

21,268,725

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

9,320,000

8,971,012

International Game Technology PLC

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

13,640,000

13,597,034

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

4,525,000

4,104,379

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

1,400,000

1,364,440

MGM Resorts International

6.00%, 03/15/2023

5,158,000

5,155,240

6.75%, 05/01/2025

10,585,000

10,403,256

5.75%, 06/15/2025

1,715,000

1,635,887

Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance 8.50%, 11/15/2027 (c)

2,810,000

2,954,701

Scientific Games International, Inc. 8.625%, 07/01/2025 (c)

6,860,000

7,021,347

VICI Properties, L.P. / VICI Note Co., Inc.

5.625%, 05/01/2024 (c)

5,050,000

4,997,404

3.50%, 02/15/2025 (c)

1,865,000

1,747,398

4.625%, 06/15/2025 (c)

5,097,000

4,857,212

4.25%, 12/01/2026 (c)

5,240,000

4,796,722

92,874,757

LEISURE - HOTELS - 6.12%

Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op 5.50%, 05/01/2025 (c)

5,020,000

4,881,749

Hilton Domestic Operating Co., Inc. 5.375%, 05/01/2025 (c)

1,510,000

1,483,575

Marriott Ownership Resorts, Inc. 6.125%, 09/15/2025 (c)

5,860,000

5,808,839

NCL Corp., Ltd. 5.875%, 02/15/2027 (b)(c)

1,000,000

856,880

RLJ Lodging Trust, L.P. 3.75%, 07/01/2026 (c)

6,307,000

5,471,977

Royal Caribbean Cruises, Ltd.

5.25%, 11/15/2022 (b)

2,040,000

2,028,525

10.875%, 06/01/2023 (b)(c)

13,592,000

13,627,339

9.125%, 06/15/2023 (b)(c)

2,365,000

2,341,350

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

2,789,000

2,872,573

Service Properties Trust

4.50%, 06/15/2023

6,020,000

5,607,630

4.65%, 03/15/2024

1,230,000

1,059,083

4.35%, 10/01/2024

3,705,000

3,010,146

7.50%, 09/15/2025

3,820,000

3,504,850

Six Flags Entertainment Corp. 4.875%, 07/31/2024 (c)

940,000

895,599

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

10,654,000

10,804,381

Travel + Leisure Co. 3.90%, 03/01/2023

1,715,000

1,688,977

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

12,192,000

11,839,862

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

8,633,000

8,637,058

86,420,393

LEISURE - RESTAURANTS - 0.84%

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

2,860,000

2,881,450

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

9,130,000

8,915,902

11,797,352

MEDIA - BROADCASTING - 4.44%

AMC Networks, Inc.

5.00%, 04/01/2024

3,007,000

2,907,228

4.75%, 08/01/2025

16,242,000

14,998,681

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

1,203,000

1,193,923

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

12,230,000

11,449,237

Nexstar Media, Inc. 5.625%, 07/15/2027 (c)

2,976,000

2,721,850

Sirius XM Radio, Inc.

3.125%, 09/01/2026 (c)

4,478,000

3,963,640

5.00%, 08/01/2027 (c)

6,346,000

5,885,344

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

3,590,000

3,451,194

Univision Communications, Inc.

5.125%, 02/15/2025 (c)

9,888,000

9,324,384

6.625%, 06/01/2027 (c)

7,180,000

6,839,309

62,734,790

MEDIA - CABLE & SATELLITE - 4.81%

CCO Holdings, LLC / CCO Holdings Capital Corp. 5.50%, 05/01/2026 (c)

15,906,000

15,544,457

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

2,500,000

2,242,812

CSC Holdings, LLC

5.875%, 09/15/2022

1,380,000

1,375,115

5.25%, 06/01/2024

3,660,000

3,436,703

5.50%, 04/15/2027 (c)

7,117,000

6,382,810

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

4,585,000

3,956,076

DISH DBS Corp.

5.875%, 07/15/2022

3,375,000

3,386,256

5.875%, 11/15/2024

2,565,000

2,176,197

5.25%, 12/01/2026 (c)

5,142,000

4,021,712

Hughes Satellite Systems Corp. 6.625%, 08/01/2026

3,425,000

3,045,990

Maxar Technologies, Inc. 7.75%, 06/15/2027 (c)

1,690,000

1,684,009

Quebecor Media, Inc. 5.75%, 01/15/2023 (b)

7,165,000

7,186,853

Radiate Holdco, LLC / Radiate Finance, Inc. 4.50%, 09/15/2026 (c)

2,396,000

2,069,641

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

9,864,000

7,991,509

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

3,510,000

3,488,677

67,988,817

MEDIA - DIVERSIFIED - 1.09%

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

2,045,000

1,899,044

Nielsen Co. Luxembourg S.A.R.L. 5.00%, 02/01/2025 (b)(c)

10,442,000

10,221,413

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

3,425,000

3,276,227

15,396,684

MEDIA - ENTERTAINMENT - 1.00%

Live Nation Entertainment, Inc.

4.875%, 11/01/2024 (c)

7,817,000

7,479,814

5.625%, 03/15/2026 (c)

7,048,000

6,704,057

14,183,871

METALS & MINING - 0.58%

FMG Resources August 2006 Pty, Ltd. 5.125%, 05/15/2024 (b)(c)

8,531,000

8,235,390

MIDSTREAM - STORAGE & TRANSPORT - 2.38%

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

1,360,000

1,360,945

Buckeye Partners, L.P.

4.15%, 07/01/2023

3,537,000

3,466,295

4.35%, 10/15/2024

3,460,000

3,257,136

4.125%, 03/01/2025 (c)

4,616,000

4,254,595

DCP Midstream Operating, L.P. 3.875%, 03/15/2023

850,000

843,294

EQM Midstream Partners, L.P.

6.00%, 07/01/2025 (c)

714,000

688,431

7.50%, 06/01/2027 (c)

1,805,000

1,748,485

NGL Energy Operating, LLC / NGL Energy Finance Corp. 7.50%, 02/01/2026 (c)

1,211,000

1,094,169

NuStar Logistics, L.P. 5.75%, 10/01/2025

3,385,000

3,170,086

Rattler Midstream, L.P. 5.625%, 07/15/2025 (c)

8,905,000

8,911,857

Sunoco, L.P. / Sunoco Finance Corp. 6.00%, 04/15/2027

2,341,000

2,235,443

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

2,630,000

2,549,949

33,580,685

PACKAGING - 3.47%

ARD Finance SA 6.50% Cash or 7.25% PIK, 06/30/2027 (b)(c)(f)

1,321,210

973,230

Ardagh Metal Packaging Finance U.S.A., LLC / Ardagh Metal Packaging Finance PLC 6.00%, 06/15/2027 (b)(c)

1,510,000

1,493,805

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

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

14,120,000

13,062,512

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

5,365,000

4,556,924

5.25%, 08/15/2027 (b)(c)

2,383,000

1,675,451

Berry Global, Inc.

4.50%, 02/15/2026 (c)

1,500,000

1,397,235

4.875%, 07/15/2026 (c)

5,221,000

4,992,633

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

3,075,000

2,679,013

Crown Americas, LLC / Crown Americas Capital Corp. V 4.25%, 09/30/2026

855,000

790,153

Crown Americas, LLC / Crown Americas Capital Corp. VI 4.75%, 02/01/2026

5,150,000

4,910,602

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

4,138,000

3,732,000

Mauser Packaging Solutions Holding Co.

5.50%, 04/15/2024 (c)

2,447,000

2,341,779

7.25%, 04/15/2025 (c)

2,100,000

1,836,398

Sealed Air Corp.

5.125%, 12/01/2024 (c)

4,359,000

4,333,456

5.50%, 09/15/2025 (c)

205,000

204,980

48,980,171

PAPER & FOREST PRODUCTS - 0.27%

Mercer International, Inc. 5.50%, 01/15/2026

3,969,000

3,832,883

REAL ESTATE - HOMEBUILDING - 0.42%

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

3,455,000

3,365,053

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

2,610,000

2,544,413

5,909,466

REAL ESTATE - MANAGEMENT - 0.87%

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

3,880,000

3,679,307

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

2,920,000

2,914,587

Realogy Group, LLC / Realogy Co-Issuer Corp. 4.875%, 06/01/2023 (c)

5,915,000

5,704,899

12,298,793

RETAIL - FOOD & DRUG - 2.32%

Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, L.P. / Albertsons, LLC

3.50%, 02/15/2023 (c)

3,815,000

3,776,545

3.25%, 03/15/2026 (c)

3,565,000

3,115,851

7.50%, 03/15/2026 (c)

13,234,000

13,058,848

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

12,801,000

12,796,968

32,748,212

RETAILING - 0.74%

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

3,552,000

3,609,027

QVC, Inc. 4.45%, 02/15/2025

7,731,000

6,895,279

10,504,306

TECHNOLOGY - SOFTWARE & SERVICES - 3.78%

Block, Inc. 2.75%, 06/01/2026 (c)

1,790,000

1,592,688

Boxer Parent Co., Inc.

7.125%, 10/02/2025 (c)

15,453,000

14,700,537

9.125%, 03/01/2026 (c)

5,020,000

4,712,832

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

4,975,000

4,287,231

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

3,465,000

3,177,145

NortonLifeLock, Inc. 5.00%, 04/15/2025 (c)

12,540,000

12,250,514

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

1,510,000

1,429,935

Sabre GLBL, Inc.

9.25%, 04/15/2025 (c)

6,405,000

6,184,188

7.375%, 09/01/2025 (c)

160,000

149,613

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

5,476,000

4,855,761

53,340,444

TECHNOLOGY HARDWARE - 1.56%

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

3,945,000

3,839,905

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

6,805,000

6,048,046

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

2,000,000

1,760,621

Seagate HDD Cayman 4.75%, 06/01/2023 (b)

1,631,000

1,617,707

Sensata Technologies B.V.

4.875%, 10/15/2023 (b)(c)

4,330,000

4,266,107

5.625%, 11/01/2024 (b)(c)

2,730,000

2,698,823

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

1,875,000

1,789,791

22,021,000

TELECOMMUNICATION SERVICES - DIVERSIFIED - 3.98%

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

14,623,000

13,484,599

Cogent Communications Group, Inc. 3.500%, 05/01/2026 (c)

2,175,000

1,991,212

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

2,968,000

2,679,006

Level 3 Financing, Inc.

5.375%, 05/01/2025

11,685,000

11,269,598

5.25%, 03/15/2026

7,560,000

7,140,496

Lumen Technologies, Inc.

6.75%, 12/01/2023

3,460,000

3,433,973

7.50%, 04/01/2024

1,780,000

1,759,975

5.625%, 04/01/2025

5,535,000

5,189,720

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

3,155,000

2,602,911

Uniti Group, L.P. / Uniti Fiber Holdings, Inc. / CSL Capital, LLC 7.875%, 02/15/2025 (c)

6,865,000

6,646,281

56,197,771

TELECOMMUNICATION SERVICES - WIRELESS - 1.18%

Sprint Corp.

7.875%, 09/15/2023

8,445,000

8,736,014

7.125%, 06/15/2024

7,085,000

7,292,945

7.625%, 03/01/2026

660,000

696,839

16,725,798

TRANSPORTATION - 1.87%

Uber Technologies, Inc.

7.50%, 05/15/2025 (c)

5,280,000

5,242,406

8.00%, 11/01/2026 (c)

13,705,000

13,674,780

7.50%, 09/15/2027 (c)

1,690,000

1,640,061

XPO Logistics, Inc. 6.25%, 05/01/2025 (c)

5,938,000

5,903,441

26,460,688

UTILITIES - POWER - 2.41%

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

4,458,000

4,243,236

NextEra Energy Operating Partners, L.P.

4.25%, 07/15/2024 (c)

9,038,000

8,661,115

4.25%, 09/15/2024 (c)

72,000

69,023

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

3,575,000

3,507,402

Vistra Operations Co., LLC

5.50%, 09/01/2026 (c)

6,639,000

6,281,490

5.625%, 02/15/2027 (c)

10,641,000

9,998,496

5.00%, 07/31/2027 (c)

1,390,000

1,262,509

34,023,271

UTILITIES - PROPANE - 0.80%

AmeriGas Partners, L.P. / AmeriGas Finance Corp. 5.625%, 05/20/2024

8,881,000

8,585,486

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

3,059,000

2,668,167

11,253,653

TOTAL CORPORATE BONDS (Cost $1,402,499,487)

1,301,004,396

BANK LOANS - 4.07%

AEROSPACE & DEFENSE - 0.12%

Transdigm, Inc., Senior Secured First Lien Term Loan 3.916% (1 Month LIBOR USD + 2.25%), 12/09/2025 (a)

1,746,987

1,661,097

AUTOMOTIVE - 0.07%

Clarios Global, L.P., Senior Secured First Lien Term Loan 4.916% (1 Month LIBOR USD + 3.25%), 04/30/2026 (a)

1,140,000

1,067,325

COMMERCIAL SERVICES - 0.20%

IRI Holdings, Inc., Senior Secured First Lien Term Loan 5.916% (1 Month LIBOR USD + 4.25%), 12/01/2025 (a)

2,659,872

2,633,273

Tempo Acquisition, LLC, Senior Secured First Lien Term Loan 4.416% (1 Month LIBOR USD + 2.75%), 05/01/2024 (a)

177,127

175,245

2,808,518

FINANCE - INSURANCE - 0.13%

USI, Inc., Senior Secured First Lien Term Loan 5.25% (3 Month LIBOR USD + 3.00%), 05/16/2024 (a)

1,989,556

1,911,844

FINANCIALS - INSURANCE - 0.30%

Asurion, LLC

Senior Secured First Lien Term Loan 4.791% (1 Month LIBOR USD + 3.125%), 11/03/2023 (a)

99,595

95,974

Senior Secured First Lien Term Loan 4.666% (1 Month LIBOR USD + 3.00%), 11/04/2024 (a)

1,440,000

1,354,320

Senior Secured First Lien Term Loan 4.916% (1 Month LIBOR USD + 3.25%), 12/23/2026 (a)

419,317

381,319

Senior Secured Second Lien Term Loan 6.916% (1 Month LIBOR USD + 5.25%), 01/19/2029 (a)

1,055,000

901,498

HUB International, Ltd., Senior Secured First Lien Term Loan 4.348% (3 Month LIBOR USD + 3.25%, 0.750% Floor), 04/25/2025 (a)

1,518,438

1,444,156

4,177,267

HEALTHCARE - EQUIPMENT & SUPPLIES - 0.32%

Change Healthcare Holdings, Inc., Senior Secured First Lien Term Loan 3.56% (1 Month LIBOR USD + 2.50%, 1.000% Floor), 03/01/2024 (a)

4,585,000

4,474,410

HEALTHCARE - FACILITIES - 0.13%

RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan 4.81% (1 Month LIBOR USD + 3.75%), 11/14/2025 (a)

1,980,643

1,853,605

HEALTHCARE - MANAGED HEALTH CARE - 0.08%

Verscend Holding Corp., Senior Secured First Lien Term Loan 5.666% (1 Month LIBOR USD + 4.00%), 08/27/2025 (a)

1,241,216

1,191,567

MEDIA - BROADCASTING - 0.03%

Univision Communications, Inc., Senior Secured First Lien Term Loan 4.416% (1 Month LIBOR USD + 2.75%, 1.000% Floor), 03/15/2024 (a)

380,961

375,644

MEDIA - DIVERSIFIED - 0.20%

ABG Intermediate Holdings 2, LLC, Senior Secured First Lien Term Loan 4.916% (1 Month LIBOR USD + 3.25%, 0.750% Floor), 09/27/2024 (a)

3,000,000

2,883,750

MEDIA - ENTERTAINMENT - 0.47%

Delta 2 (Lux) S.A.R.L., Senior Secured First Lien Term Loan 4.166% (1 Month LIBOR USD + 2.50%, 1.000% Floor), 02/01/2024 (a)

1,625,890

1,589,511

William Morris Endeavor Entertainment, LLC, Senior Secured First Lien Term Loan 4.42% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)

5,287,344

4,993,711

6,583,222

PACKAGING - 0.14%

Mauser Packaging Solutions Holding Co., Senior Secured First Lien Term Loan 4.312% (1 Month LIBOR USD + 3.25%), 04/03/2024 (a)

2,064,567

1,948,002

TECHNOLOGY - SOFTWARE & SERVICES - 1.65%

Almonde, Inc., Senior Secured First Lien Term Loan 4.739% (3 Month LIBOR USD + 3.50%, 1.000% Floor), 06/13/2024 (a)

4,795,274

4,335,983

Optiv Security, Inc., Senior Secured First Lien Term Loan 4.25% (6 Month LIBOR USD + 3.25%, 1.000% Floor), 02/01/2024 (a)

6,110,676

5,868,785

Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan 5.67% (1 Month LIBOR USD + 4.00%), 04/26/2024 (a)

3,103,347

2,993,768

RealPage, Inc., Senior Secured First Lien Term Loan 4.06% (1 Month LIBOR USD + 3.00%, 0.500% Floor), 04/24/2028 (a)

888,094

823,334

TIBCO Software, Inc.

Senior Secured First Lien Term Loan 5.42% (1 Month LIBOR USD + 3.75%), 06/30/2026 (a)

6,317,162

6,213,529

Senior Secured Second Lien Term Loan 8.31% (1 Month LIBOR USD + 7.25%), 03/03/2028 (a)

3,140,000

3,098,395

23,333,794

TECHNOLOGY HARDWARE - 0.16%

Plantronics, Inc., Senior Secured First Lien Term Loan 4.166% (1 Month LIBOR USD + 2.50%), 07/02/2025 (a)

1,341,000

1,324,117

Presidio Holdings, Inc.

Senior Secured First Lien Term Loan 4.56% (1 Month LIBOR USD + 3.50%), 01/22/2027 (a)

25,706

24,431

Senior Secured First Lien Term Loan 4.74% (3 Month LIBOR USD + 3.50%), 01/22/2027 (a)

1,002,518

952,813

Senior Secured First Lien Term Loan 5.17% (1 Month LIBOR USD + 3.50%), 01/22/2027 (a)

21,421

20,359

2,321,720

TRANSPORTATION - 0.07%

Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan 5.383% (1 Month LIBOR USD + 3.75%, 0.750% Floor), 03/24/2026 (a)

995,988

938,719

TOTAL BANK LOANS (Cost $59,402,539)

57,530,484

CONVERTIBLE BONDS - 0.56%

FINANCIALS - DIVERSIFIED - 0.46%

Blackstone Mortgage Trust, Inc.

4.750%, 03/15/2023

2,860,000

2,863,718

5.500%, 03/15/2027

2,450,000

2,239,300

Starwood Property Trust, Inc. 4.375%, 04/01/2023

1,450,000

1,439,125

6,542,143

LEISURE - HOTELS - 0.10%

Royal Caribbean Cruises, Ltd. 4.250%, 06/15/2023 (b)

1,470,000

1,411,200

TOTAL CONVERTIBLE BONDS (Cost $8,192,268)

7,953,343

Shares

MONEY MARKET FUND - 2.24%

First American Government Obligations Fund - Class X, 1.29% (d)

31,634,231

31,634,231

TOTAL MONEY MARKET FUND (Cost $31,634,231)

31,634,231

Total Investments (Cost $1,501,728,525) - 98.99%

1,398,122,454

Other Assets in Excess of  Liabilities - 1.01%

14,250,944

TOTAL NET ASSETS - 100.00%

  1,412,373,398

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

(a)

Variable rate securities.  The coupon rate shown is the effective interest rate as of June 30, 2022.

(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, 2022, the value of these investments was $954,406,548 or 67.57% of total net assets.

(d)

Rate shown is the 7-day annualized yield as of June 30, 2022.

(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.

 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.