Shenkman Capital Short Duration High Income Fund

Schedule of Investments

June 30, 2021 (Unaudited)

Principal

Fair

Amount

Value

CORPORATE BONDS - 93.76% (f)

AEROSPACE & DEFENSE - 1.88%

Howmet Aerospace, Inc.

5.125%, 10/01/2024

$         

$         

6.875%, 05/01/2025

2,940,000

3,425,982

8.00%, 12/15/2025 (c)

6.25%, 03/15/2026 (c)

6.375%, 06/15/2026

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

1,431,000

1,514,019

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

2,095,000

2,333,317

22,667,087

AUTO RETAIL - 0.31%

Lithia Motors, Inc. 5.25%, 08/01/2025 (c)

1,500,000

1,548,592

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

2,150,000

2,233,904

3,782,496

AUTOMOTIVE - 6.00%

Adient U.S., LLC 9.00%, 04/15/2025 (c)

2,870,000

3,168,422

American Axle & Manufacturing, Inc. 6.25%, 04/01/2025

6,190,000

6,406,402

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

549,000

586,052

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

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

1,177,000

1,254,976

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

3,990,000

4,354,886

Dana Financing Luxembourg S.A.R.L. 5.75%, 04/15/2025 (b)(c)

2,505,000

2,591,072

Ford Motor Co.

8.50%, 04/21/2023

6,335,000

7,077,462

9.00%, 04/22/2025

1,869,000

2,306,617

Ford Motor Credit Co., LLC

1.391% (3 Month LIBOR USD + 1.235%), 02/15/2023 (a)

1,300,000

1,295,541

3.81%, 01/09/2024

750,000

785,786

3.664%, 09/08/2024

2,660,000

2,795,806

4.063%, 11/01/2024

1,750,000

1,863,575

5.125%, 06/16/2025

625,000

689,063

3.375%, 11/13/2025

8,955,000

9,290,813

Goodyear Tire & Rubber Co.

9.50%, 05/31/2025

5,140,000

5,765,949

5.00%, 05/31/2026

8,082,000

8,309,584

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

2,000,000

2,049,540

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

2,945,000

3,241,355

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

2,520,000

2,687,542

Navistar International Corp.

9.50%, 05/01/2025 (c)

601,000

645,023

6.625%, 11/01/2025 (c)

1,975,000

2,040,432

Tesla, Inc. 5.30%, 08/15/2025 (c)

3,100,000

3,208,159

72,414,057

BUILDING PRODUCTS - 1.51%

Ashtead Capital, Inc. 5.25%, 08/01/2026 (c)

1,720,000

1,796,394

Forterra Finance, LLC / FRTA Finance Corp. 6.50%, 07/15/2025 (c)

10,580,000

11,435,287

Summit Materials, LLC / Summit Materials Finance Corp. 5.125%, 06/01/2025 (c)

2,692,000

2,720,132

United Rentals North America, Inc. 5.875%, 09/15/2026

2,185,000

2,266,708

18,218,521

CHEMICALS - 3.32%

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

6,211,000

6,572,418

Chemours Co. 7.00%, 05/15/2025

1,120,000

1,157,274

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

4,976,000

5,288,061

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

4,400,000

4,647,500

OCI N.V. 5.25%, 11/01/2024 (b)(c)

12,450,000

12,861,597

Olin Corp. 9.50%, 06/01/2025 (c)

1,167,000

1,454,461

Polar U.S. Borrower, LLC / Schenectady International Group, Inc. 6.75%, 05/15/2026 (c)

2,945,000

2,954,630

Tronox, Inc. 6.50%, 05/01/2025 (c)

4,872,000

5,172,334

40,108,275

COMMERCIAL SERVICES - 4.01%

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

4,355,000

4,622,745

Aramark Services, Inc. 6.375%, 05/01/2025 (c)

2,626,000

2,793,407

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

2,045,000

2,174,541

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

2,775,000

2,912,585

Dun & Bradstreet Corp.

6.875%, 08/15/2026 (c)

3,510,000

3,732,867

10.25%, 02/15/2027 (c)

2,000,000

2,215,660

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

2,560,000

2,840,422

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

12,607,000

12,953,062

Tempo Acquisition, LLC / Tempo Acquisition Finance Corp.

5.75%, 06/01/2025 (c)

3,350,000

3,536,562

6.75%, 06/01/2025 (c)

10,425,000

10,600,974

48,382,825

CONSTRUCTION & ENGINEERING - 0.32%

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

3,679,000

3,896,981

CONSUMER DISCRETIONARY - 1.14%

Hanesbrands, Inc. 5.375%, 05/15/2025 (c)

5,115,000

5,430,775

Levi Strauss & Co. 5.00%, 05/01/2025

1,141,000

1,167,260

Newell Brands, Inc. 4.875%, 06/01/2025

2,075,000

2,301,299

PVH Corp. 4.625%, 07/10/2025

4,385,000

4,898,758

13,798,092

CONSUMER NON-DISCRETIONARY - 0.14%

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

1,603,000

1,644,678

ENVIRONMENTAL SERVICES - 2.69%

Covanta Holding Corp.

5.875%, 07/01/2025

8,503,000

8,817,994

6.00%, 01/01/2027

2,000,000

2,086,530

GFL Environmental, Inc.

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

4,178,000

4,362,041

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

5,850,000

6,018,187

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

1,055,000

1,119,334

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

9,754,000

10,053,789

32,457,875

FINANCIALS - BANKS - 0.48%

CIT Group, Inc.

5.00%, 08/01/2023

3,135,000

3,393,637

3.929% (SOFR + 3.827%), 06/19/2024 (a)

2,289,000

2,419,027

5,812,664

FINANCIALS - CONSUMER FINANCE - 2.40%

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

2,970,000

3,414,410

goeasy, Ltd.

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

1,830,000

1,893,611

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

1,760,000

1,806,200

Navient Corp.

7.25%, 01/25/2022

6,331,000

6,574,427

6.50%, 06/15/2022

3,696,000

3,857,700

5.50%, 01/25/2023

1,840,000

1,942,975

7.25%, 09/25/2023

3,275,000

3,623,804

OneMain Finance Corp.

6.125%, 05/15/2022

475,000

494,713

6.125%, 03/15/2024

4,000,000

4,310,000

8.875%, 06/01/2025

885,000

983,819

28,901,659

FINANCIALS - DIVERSIFIED - 0.87%

DAE Funding, LLC 5.00%, 08/01/2024 (c)

799,000

822,558

ESH Hospitality, Inc. 5.25%, 05/01/2025 (c)

6,488,000

6,616,787

Park Aerospace Holdings, Ltd. 5.25%, 08/15/2022 (b)(c)

78,000

81,633

Starwood Property Trust, Inc.

5.00%, 12/15/2021

1,070,000

1,076,688

3.625%, 07/15/2026 (c)

1,875,000

1,891,406

10,489,072

FINANCIALS - INSURANCE - 0.84%

Acrisure, LLC / Acrisure Finance, Inc.

7.00%, 11/15/2025 (c)

5,075,000

5,194,694

10.125%, 08/01/2026 (c)

1,610,000

1,818,543

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

3,000,000

3,118,710

10,131,947

FINANCIALS - THRIFTS & MORTGAGES - 0.61%

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

4,895,000

5,166,501

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

2,125,000

2,206,738

7,373,239

FOOD & BEVERAGE - 0.78%

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

9,088,000

9,345,645

HEALTHCARE - EQUIPMENT & SUPPLIES - 1.13%

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

11,809,000

12,015,657

Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA 7.375%, 06/01/2025 (c)

1,498,000

1,614,567

13,630,224

HEALTHCARE - FACILITIES - 4.98%

AHP Health Partners, Inc. 9.75%, 07/15/2026 (c)

5,190,000

5,589,890

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

2,775,000

2,860,331

HCA, Inc.

7.50%, 12/15/2023

2,505,000

2,880,813

8.36%, 04/15/2024

3,846,000

4,551,549

7.69%, 06/15/2025

658,000

801,937

7.58%, 09/15/2025

2,251,000

2,723,710

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

5,656,000

6,031,106

Magellan Health, Inc. 4.90%, 09/22/2024 (d)

2,972,000

3,312,101

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

10,041,000

10,836,498

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

3,930,000

4,114,749

Surgery Center Holdings, Inc. 6.75%, 07/01/2025 (c)

1,905,000

1,947,920

Tenet Healthcare Corp.

6.75%, 06/15/2023

5,475,000

5,981,437

4.625%, 07/15/2024

1,610,000

1,637,507

4.625%, 09/01/2024 (c)

5,360,000

5,512,010

7.50%, 04/01/2025 (c)

1,205,000

1,301,412

60,082,970

HEALTHCARE - LIFE SCIENCES - 0.59%

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

1,049,000

1,085,904

Jaguar Holding Co. II / PPD Development, L.P. 4.625%, 06/15/2025 (c)

5,747,000

6,045,844

7,131,748

HEALTHCARE - MANAGED HEALTH CARE - 3.69%

Centene Corp. 5.375%, 06/01/2026 (c)

15,475,000

16,171,685

Molina Healthcare, Inc. 5.375%, 11/15/2022 (d)

10,028,000

10,523,082

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

16,921,000

17,852,163

44,546,930

HEALTHCARE - PHARMACEUTICALS & BIOTECHNOLOGY - 2.81%

Bausch Health Cos., Inc.

6.125%, 04/15/2025 (b)(c)

18,501,000

18,986,651

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

300,000

308,175

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

3,559,000

3,820,765

Elanco Animal Health, Inc. 4.912%, 08/27/2021 (d)

812,000

817,814

Teva Pharmaceutical Finance Netherlands III B.V.

2.20%, 07/21/2021 (b)

5,563,000

5,544,030

2.80%, 07/21/2023 (b)

4,395,000

4,385,067

33,862,502

HEALTHCARE - REITs - 1.58%

Diversified Healthcare Trust 9.75%, 06/15/2025

4,360,000

4,834,433

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

13,797,000

14,248,300

19,082,733

INDUSTRIAL MACHINERY - 1.84%

Colfax Corp. 6.375%, 02/15/2026 (c)

4,762,000

5,038,196

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

2,690,000

2,847,392

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

2,105,000

2,262,138

RBS Global, Inc. / Rexnord, LLC 4.875%, 12/15/2025 (c)

4,625,000

4,732,531

WESCO Distribution, Inc.

5.375%, 06/15/2024

1,530,000

1,550,655

7.125%, 06/15/2025 (c)

5,307,000

5,741,909

22,172,821

LEISURE - CASINOS & GAMING - 4.99%

Boyd Gaming Corp. 8.625%, 06/01/2025 (c)

6,585,000

7,267,338

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

7,140,000

7,580,609

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

1,875,000

1,978,125

International Game Technology PLC 4.125%, 04/15/2026 (b)(c)

2,550,000

2,658,375

MGM Growth Properties Operating Partnership, L.P. / MGP Finance Co-Issuer, Inc.

5.625%, 05/01/2024

665,000

720,994

4.625%, 06/15/2025 (c)

1,516,000

1,623,257

MGM Resorts International

7.75%, 03/15/2022

4,629,000

4,844,017

6.00%, 03/15/2023

6,128,000

6,567,224

6.75%, 05/01/2025

1,335,000

1,431,741

Scientific Games International, Inc.

8.625%, 07/01/2025 (c)

1,880,000

2,060,950

5.00%, 10/15/2025 (c)

3,520,000

3,643,746

Stars Group Holdings B.V. / Stars Group U.S. Co-Borrower, LLC 7.00%, 07/15/2026 (b)(c)

17,213,000

17,875,356

VICI Properties, L.P. / VICI Note Co., Inc. 3.50%, 02/15/2025 (c)

1,865,000

1,907,886

60,159,618

LEISURE - HOTELS - 4.62%

Expedia Group, Inc. 3.60%, 12/15/2023

1,705,000

1,813,236

FelCor Lodging, L.P. 6.00%, 06/01/2025

2,105,000

2,157,667

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

1,510,000

1,593,835

Marriott International, Inc./MD 5.75%, 05/01/2025 (d)

4,135,000

4,777,152

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

4,395,000

4,687,136

Marriott Ownership Resorts, Inc. / ILG, LLC 6.50%, 09/15/2026

1,573,000

1,636,014

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

3,187,000

3,222,854

Royal Caribbean Cruises, Ltd.

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

3,786,000

4,316,229

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

3,080,000

3,553,735

Service Properties Trust

5.00%, 08/15/2022

5,460,000

5,539,170

4.35%, 10/01/2024

1,486,000

1,498,349

7.50%, 09/15/2025

1,765,000

2,000,527

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

629,000

678,707

Travel + Leisure Co.

4.25%, 03/01/2022

1,060,000

1,073,250

3.90%, 03/01/2023

1,715,000

1,772,050

5.65%, 04/01/2024 (d)

435,000

475,396

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

9,793,000

10,556,854

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

4,070,000

4,368,168

55,720,329

LEISURE - RESTAURANTS - 1.43%

1011778 B.C., ULC / New Red Finance, Inc.

4.25%, 05/15/2024 (b)(c)

1,976,000

1,998,971

5.75%, 04/15/2025 (b)(c)

2,800,000

2,972,816

IRB Holding Corp.

7.00%, 06/15/2025 (c)

2,400,000

2,596,008

6.75%, 02/15/2026 (c)

2,210,000

2,291,770

Yum! Brands, Inc. 7.75%, 04/01/2025 (c)

6,747,000

7,357,536

17,217,101

MEDIA - BROADCASTING - 1.09%

AMC Networks, Inc.

5.00%, 04/01/2024

3,277,000

3,328,056

4.75%, 08/01/2025

375,000

386,021

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

3,425,000

3,540,594

TEGNA, Inc.

5.50%, 09/15/2024 (c)

1,812,000

1,845,975

4.75%, 03/15/2026 (c)

1,695,000

1,807,294

Univision Communications, Inc. 5.125%, 02/15/2025 (c)

2,163,000

2,213,300

13,121,240

MEDIA - CABLE & SATELLITE - 5.11%

CCO Holdings, LLC / CCO Holdings Capital Corp.

5.75%, 02/15/2026 (c)

6,164,000

6,385,319

5.50%, 05/01/2026 (c)

8,406,000

8,710,591

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

2,500,000

2,649,350

CSC Holdings, LLC

6.75%, 11/15/2021

800,000

817,692

5.875%, 09/15/2022

4,933,000

5,192,155

DISH DBS Corp.

5.875%, 07/15/2022

3,375,000

3,525,019

5.875%, 11/15/2024

2,030,000

2,182,250

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

3,425,000

3,851,293

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

7,165,000

7,676,796

SSL Robotics, LLC 9.75%, 12/31/2023 (c)

5,519,000

6,112,127

Telesat Canada / Telesat, LLC 5.625%, 12/06/2026 (b)(c)

2,065,000

2,072,744

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

4,256,000

4,350,802

Virgin Media Secured Finance PLC 5.50%, 08/15/2026 (b)(c)

7,811,000

8,080,479

61,606,617

MEDIA - DIVERSIFIED - 1.04%

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

10,442,000

10,772,489

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

1,726,000

1,830,242

12,602,731

MEDIA - ENTERTAINMENT - 1.60%

Live Nation Entertainment, Inc. 5.625%, 03/15/2026 (c)

2,835,000

2,957,983

Netflix, Inc. 5.50%, 02/15/2022

455,000

467,601

Sirius XM Radio, Inc.

3.875%, 08/01/2022 (c)

4,245,000

4,257,947

4.625%, 07/15/2024 (c)

11,258,000

11,581,049

19,264,580

METALS & MINING - 0.92%

Constellium SE 5.875%, 02/15/2026 (b)(c)

2,690,000

2,773,256

Grinding Media, Inc. / Moly-Cop AltaSteel, Ltd. 7.375%, 12/15/2023 (c)

5,499,000

5,641,919

Novelis Corp. 5.875%, 09/30/2026 (c)

2,585,000

2,692,289

11,107,464

MIDSTREAM - STORAGE & TRANSPORT - 2.37%

Buckeye Partners, L.P.

4.15%, 07/01/2023

377,000

390,807

4.35%, 10/15/2024

1,405,000

1,474,372

4.125%, 03/01/2025 (c)

3,625,000

3,768,242

DCP Midstream Operating, L.P.

4.95%, 04/01/2022

2,000,000

2,043,390

3.875%, 03/15/2023

850,000

883,758

EQM Midstream Partners, L.P.

4.75%, 07/15/2023

453,000

473,448

6.00%, 07/01/2025 (c)

1,945,000

2,119,710

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

1,630,000

1,713,538

NGL Energy Partners, L.P. / NGL Energy Finance Corp. 7.50%, 11/01/2023

3,000,000

2,958,750

NuStar Logistics, L.P.

4.75%, 02/01/2022

1,840,000

1,863,893

5.75%, 10/01/2025

1,900,000

2,071,988

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

2,340,000

2,462,850

Sunoco, L.P. / Sunoco Finance Corp. 5.50%, 02/15/2026

4,484,000

4,635,783

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

1,610,000

1,768,295

28,628,824

PACKAGING - 3.19%

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

6.00%, 02/15/2025 (b)(c)

969,000

1,002,164

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

5,630,000

5,925,575

Berry Global, Inc.

5.125%, 07/15/2023

2,051,000

2,055,615

4.875%, 07/15/2026 (c)

2,385,000

2,526,693

CANPACK SA / Eastern PA Land Investment Holding, LLC 3.125%, 11/01/2025 (b)(c)

1,990,000

2,027,412

Crown Americas, LLC / Crown Americas Capital Corp. IV 4.50%, 01/15/2023

2,525,000

2,641,781

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

4,650,000

4,831,466

Flex Acquisition Co., Inc.

6.875%, 01/15/2025 (c)

1,825,000

1,859,265

7.875%, 07/15/2026 (c)

6,075,000

6,339,232

Graphic Packaging International, LLC 4.875%, 11/15/2022

469,000

491,847

LABL Escrow Issuer, LLC

6.75%, 07/15/2026 (c)

5,110,000

5,461,262

10.50%, 07/15/2027 (c)

2,000,000

2,209,000

Silgan Holdings, Inc. 4.75%, 03/15/2025

1,092,000

1,113,141

38,484,453

PAPER & FOREST PRODUCTS - 0.22%

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

2,525,000

2,597,581

REAL ESTATE - HOMEBUILDING - 0.54%

Lennar Corp. 4.75%, 11/15/2022 (d)

4,250,000

4,457,145

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

1,860,000

2,073,677

6,530,822

REAL ESTATE - MANAGEMENT - 0.92%

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

2,068,000

2,132,749

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

2,920,000

3,217,250

Realogy Group, LLC / Realogy Co-Issuer Corp. 7.625%, 06/15/2025 (c)

5,275,000

5,728,439

11,078,438

RETAIL - FOOD & DRUG - 1.41%

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

3.50%, 02/15/2023 (c)

2,030,000

2,089,915

5.75%, 03/15/2025

806,000

826,763

3.25%, 03/15/2026 (c)

3,565,000

3,636,924

7.50%, 03/15/2026 (c)

4,117,000

4,531,006

Ingles Markets, Inc. 5.75%, 06/15/2023

1,083,000

1,085,301

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

4,560,000

4,845,000

17,014,909

RETAILING - 1.44%

QVC, Inc.

4.375%, 03/15/2023

8,593,000

9,071,974

4.45%, 02/15/2025

7,731,000

8,273,840

17,345,814

TECHNOLOGY - SOFTWARE & SERVICES - 2.97%

Banff Merger Sub, Inc. 9.75%, 09/01/2026 (c)

1,242,000

1,308,757

Boxer Parent Co., Inc. 7.125%, 10/02/2025 (c)

6,444,000

6,912,414

BY Crown Parent, LLC / BY Bond Finance, Inc. 4.25%, 01/31/2026 (c)

4,290,000

4,502,355

NortonLifeLock, Inc.

3.95%, 06/15/2022

1,400,000

1,426,460

5.00%, 04/15/2025 (c)

8,505,000

8,649,755

Nuance Communications, Inc. 5.625%, 12/15/2026

2,230,000

2,334,542

Open Text Corp. 5.875%, 06/01/2026 (b)(c)

960,000

995,741

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

1,510,000

1,560,223

Sabre GLBL, Inc.

9.25%, 04/15/2025 (c)

4,365,000

5,201,923

7.375%, 09/01/2025 (c)

1,070,000

1,164,984

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

1,790,000

1,823,563

35,880,717

TECHNOLOGY HARDWARE - 4.23%

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

3,945,000

4,128,048

5,871,000

CommScope Technologies, LLC 6.00%, 06/15/2025 (c)

3,541,000

3,620,672

Dell International, LLC / EMC Corp. 7.125%, 06/15/2024 (c)

14,284,000

14,685,095

Diebold Nixdorf, Inc.

8.50%, 04/15/2024

5,940,000

6,088,500

9.375%, 07/15/2025 (c)

4,732,000

5,261,676

Microchip Technology, Inc. 4.25%, 09/01/2025

2,755,000

2,893,522

NCR Corp. 8.125%, 04/15/2025 (c)

5,099,000

5,585,955

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

611,000

651,980

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

1,875,000

2,083,594

51,056,446

TELECOMMUNICATION SERVICES - DIVERSIFIED - 5.61%

Altice Financing SA 7.50%, 05/15/2026 (b)(c)

13,705,000

14,288,148

Altice France SA/France 7.375%, 05/01/2026 (b)(c)

16,595,000

17,278,382

Cogent Communications Group, Inc.

5.375%, 03/01/2022 (c)

1,268,000

1,293,734

3.50%, 05/01/2026 (c)

2,175,000

2,226,656

Level 3 Financing, Inc.

5.375%, 05/01/2025

8,253,000

8,438,693

5.25%, 03/15/2026

4,678,000

4,834,011

Lumen Technologies, Inc.

5.80%, 03/15/2022

1,715,000

1,767,033

6.75%, 12/01/2023

3,310,000

3,674,861

7.50%, 04/01/2024

4,290,000

4,820,888

5.625%, 04/01/2025

1,385,000

1,502,413

5.125%, 12/15/2026 (c)

188,000

195,741

SBA Communications Corp. 4.875%, 09/01/2024

7,247,000

7,394,585

67,715,145

TELECOMMUNICATION SERVICES - WIRELESS - 1.06%

Sprint Corp.

7.25%, 09/15/2021

2,550,000

2,593,006

7.875%, 09/15/2023

5,420,000

6,164,307

7.125%, 06/15/2024

3,500,000

4,042,500

12,799,813

TRANSPORTATION - 2.39%

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

4,165,000

4,414,900

Uber Technologies, Inc. 7.50%, 05/15/2025 (c)

4,010,000

4,332,725

XPO Logistics, Inc.

6.125%, 09/01/2023 (c)

1,850,000

1,869,878

6.75%, 08/15/2024 (c)

6,652,000

6,918,080

6.25%, 05/01/2025 (c)

10,540,000

11,251,977

28,787,560

UTILITIES - POWER - 1.80%

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

2,660,000

2,743,697

NextEra Energy Operating Partners, L.P.

4.25%, 07/15/2024 (c)

7,808,000

8,248,020

4.25%, 09/15/2024 (c)

72,000

76,050

NRG Energy, Inc. 7.25%, 05/15/2026

6,354,000

6,603,204

TerraForm Power Operating, LLC 4.25%, 01/31/2023 (c)

3,940,000

4,048,921

21,719,892

UTILITIES - PROPANE - 0.89%

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

5,101,000

5,587,176

Ferrellgas Escrow, LLC / FG Operating Finance Escrow Corp. 5.375%, 04/01/2026 (c)

5,206,000

5,167,528

10,754,704

TOTAL CORPORATE BONDS (Cost $1,114,530,910)

1,131,129,839

BANK LOANS - 2.78%

AEROSPACE & DEFENSE - 0.28%

Peraton Corp., Senior Secured First Lien Term Loan 4.50% (1 Month LIBOR USD + 3.75%, 0.750% Floor), 02/01/2028 (a)

1,645,875

1,653,529

Transdigm, Inc., Senior Secured First Lien Term Loan 2.354% (1 Month LIBOR USD + 2.25%), 12/09/2025 (a)

1,764,905

1,740,867

3,394,396

COMMERCIAL SERVICES - 0.28%

Indy U.S. BIDCO, LLC, Senior Secured First Lien Term Loan 4.08% (1 Month LIBOR USD + 4.00%), 03/06/2028 (a)

1,072,313

1,075,663

IRI Holdings, Inc., Senior Secured First Lien Term Loan 4.354% (1 Month LIBOR USD + 4.25%), 12/01/2025 (a)

697,125

697,707

Tempo Acquisition, LLC, Senior Secured First Lien Term Loan 2.843% (1 Month LIBOR USD + 2.75%), 05/01/2024 (a)

1,632,003

1,631,326

3,404,696

FINANCIALS - INSURANCE - 0.17%

Asurion, LLC

Senior Secured First Lien Term Loan 3.104% (1 Month LIBOR USD + 3.00%), 11/03/2023 (a)

122,776

122,278

Senior Secured First Lien Term Loan 3.104% (1 Month LIBOR USD + 3.00%), 11/04/2024 (a)

1,455,000

1,441,359

Senior Secured First Lien Term Loan 3.354% (1 Month LIBOR USD + 3.25%), 12/23/2026 (a)

423,574

419,273

1,982,910

FOOD & BEVERAGE - 0.13%

Triton Water Holdings, Inc., Senior Secured First Lien Term Loan 4.00% (3 Month LIBOR USD + 3.50%, 0.500% Floor), 03/31/2028 (a)

1,550,000

1,550,217

HEALTHCARE - EQUIPMENT & SUPPLIES - 0.06%

athenahealth, Inc., Senior Secured First Lien Term Loan 4.41% (3 Month LIBOR USD + 4.25%), 02/11/2026 (a)

738,150

741,151

HEALTHCARE - FACILITIES - 0.16%

RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan 3.854% (1 Month LIBOR USD + 3.75%), 11/14/2025 (a)

1,980,643

1,978,366

HEALTHCARE - PHARMACEUTICALS & BIOTECHNOLOGY - 0.16%

Bausch Health Cos., Inc., Senior Secured First Lien Term Loan 2.854% (1 Month LIBOR USD + 2.75%), 11/27/2025 (a)

1,968,750

1,955,983

MEDIA - BROADCASTING - 0.08%

Univision Communications, Inc., Senior Secured First Lien Term Loan 3.75% (1 Month LIBOR USD + 2.75%, 1.000% Floor), 03/15/2024 (a)

941,968

942,264

MEDIA - CABLE & SATELLITE - 0.08%

GCI Holdings, Inc., Senior Secured First Lien Term Loan 3.50% (1 Month LIBOR USD + 2.75%, 0.750% Floor), 10/15/2025 (a)

975,672

975,467

MEDIA - ENTERTAINMENT - 0.28%

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

1,621,191

William Morris Endeavor Entertainment, LLC

Senior Secured First Lien Term Loan 2.846% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)

1,702,587

1,675,455

Senior Secured First Lien Term Loan 2.86% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)

68,830

67,734

3,364,380

TECHNOLOGY - SOFTWARE & SERVICES - 0.92%

Almonde, Inc., Senior Secured First Lien Term Loan 4.50% (6 Month LIBOR USD + 3.50%, 1.000% Floor), 06/13/2024 (a)

4,848,346

4,780,033

Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan 4.11% (1 Month LIBOR USD + 4.00%), 04/26/2024 (a)

587,050

588,620

RealPage, Inc., Senior Secured First Lien Term Loan 3.75% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 04/24/2028 (a)

1,315,000

1,312,620

TIBCO Software, Inc., Senior Secured First Lien Term Loan 3.85% (1 Month LIBOR USD + 3.75%), 06/30/2026 (a)

2,712,419

2,709,028

UKG, Inc., Senior Secured First Lien Term Loan 4.00% (3 Month LIBOR USD + 3.25%, 0.750% Floor), 05/04/2026 (a)

1,687,271

1,691,414

11,081,715

TECHNOLOGY HARDWARE - 0.06%

PQ Performance Chemicals, Senior Secured First Lien Term Loan 3.50% (LIBOR USD + 0.00%), 04/28/2028 (a)(h)

770,000

771,925

TRANSPORTATION - 0.12%

Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan 4.50% (1 Month LIBOR USD + 3.75%, 0.750% Floor), 03/24/2026 (a)

1,376,248

1,381,732

TOTAL BANK LOANS (Cost $33,183,577)

33,525,202

CONVERTIBLE BONDS - 0.45%

FINANCIALS - DIVERSIFIED - 0.23%

Blackstone Mortgage Trust, Inc. 4.750%, 03/15/2023

2,670,000

2,746,896

HEALTHCARE - PHARMACEUTICALS & BIOTECHNOLOGY - 0.22%

Jazz Investments I, Ltd. 1.875%, 08/15/2021 (b)

2,690,000

2,703,450

TOTAL CONVERTIBLE BONDS (Cost $5,454,517)

5,450,346

Shares

MONEY MARKET FUND - 2.09%

First American Government Obligations Fund - Class X, 0.03% (e)

25,193,831

25,193,831

TOTAL MONEY MARKET FUND (Cost $25,193,831)

25,193,831

Total Investments (Cost $1,178,362,835) - 99.08%

1,195,299,218

Other Assets in Excess of  Liabilities - 0.92%

11,129,884

TOTAL NET ASSETS - 100.00%

$  

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, 2021.

(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, 2021, the value of these investments was $729,773,642 or 60.49% of total net assets.

(d)

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, 2021.

(e)

Rate shown is the 7-day annualized yield as of June 30, 2021.

(f)

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

(g)

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

(h)

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

 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.