Shenkman Capital Short Duration High Income Fund

Schedule of Investments

December 31, 2023 (Unaudited)

Principal

Fair

Amount

Value

CORPORATE BONDS - 82.38% (e)

AEROSPACE & DEFENSE - 1.83%

Bombardier, Inc. 7.125%, 06/15/2026 (b)(c)

          2,840,000

          2,829,699

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

1,014,000

1,010,223

TransDigm, Inc.

6.25%, 03/15/2026 (c)

24,030,000

24,011,391

7.50%, 03/15/2027

420,000

422,045

5.50%, 11/15/2027

4,327,000

4,241,563

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

266,000

283,130

32,798,051

AUTO RETAIL - 0.76%

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

5,910,000

5,688,314

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

8,259,000

8,018,174

13,706,488

AUTOMOTIVE - 7.19%

Adient Global Holdings, Ltd.

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

2,527,000

2,473,282

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

3,035,000

3,139,859

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

4,450,000

4,302,080

American Axle & Manufacturing, Inc.

6.25%, 03/15/2026

2,677,000

2,662,528

6.50%, 04/01/2027

7,732,000

7,769,037

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

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

15,742,000

15,770,855

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

11,384,000

11,444,700

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

4,834,000

4,826,517

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

4,456,000

4,429,264

Ford Motor Credit Co., LLC

3.664%, 09/08/2024

1,855,000

1,826,199

5.125%, 06/16/2025

10,215,000

10,092,784

3.375%, 11/13/2025

8,955,000

8,576,324

8.299% (SOFR USD + 2.95%), 03/06/2026 (a)

3,675,000

3,775,249

6.95%, 06/10/2026

6,162,000

6,327,192

2.70%, 08/10/2026

4,195,000

3,888,770

3.815%, 11/02/2027

1,005,000

939,810

2.90%, 02/16/2028

1,770,000

1,591,937

Goodyear Tire & Rubber Co.

9.50%, 05/31/2025

7,100,000

7,208,949

5.00%, 05/31/2026

7,622,000

7,511,210

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

3,135,000

3,006,355

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

5,576,000

5,643,698

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

5,306,000

5,334,467

ZF North America Capital, Inc.

4.75%, 04/29/2025 (c)

3,790,000

3,749,189

6.875%, 04/14/2028 (c)

2,625,000

2,727,330

129,017,585

BUILDING PRODUCTS - 0.23%

AmeriTex HoldCo Intermediate, LLC 10.25%, 10/15/2028 (c)

2,097,000

2,157,289

Eco Material Technologies, Inc. 7.875%, 01/31/2027 (c)

2,000,000

2,002,500

4,159,789

CHEMICALS - 2.16%

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

10,971,000

10,982,322

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

1,626,000

1,637,278

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

890,000

813,442

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

3,845,000

3,788,339

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

4,906,000

4,829,408

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

7,987,000

7,924,781

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

2,635,000

2,798,518

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

2,910,000

2,796,850

SNF Group SACA 3.125%, 03/15/2027 (b)(c)

2,617,000

2,384,899

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

1,018,000

886,408

38,842,245

COMMERCIAL SERVICES - 3.13%

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

5,840,000

5,814,896

Aramark Services, Inc.

5.00%, 04/01/2025 (c)

10,360,000

10,289,409

5.00%, 02/01/2028 (c)

2,446,000

2,374,215

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

5,365,000

5,343,785

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

4,625,000

4,521,601

Garda World Security Corp.

4.625%, 02/15/2027 (b)(c)

120,000

115,604

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

2,814,000

2,840,201

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

1,420,000

1,470,594

Iron Mountain, Inc.

4.875%, 09/15/2027 (c)

8,125,000

7,934,801

7.00%, 02/15/2029 (c)

1,504,000

1,546,856

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

5,938,000

5,859,203

SS&C Technologies, Inc. 5.50%, 09/30/2027 (c)

2,985,000

2,943,259

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

5,142,000

5,169,690

56,224,114

CONSTRUCTION & ENGINEERING - 0.47%

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

8,333,000

8,358,249

ENVIRONMENTAL SERVICES - 2.18%

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

2,495,000

2,447,794

GFL Environmental, Inc.

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

9,493,000

9,358,790

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

10,665,000

10,420,815

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

1,055,000

1,044,528

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

15,956,000

15,917,546

39,189,473

FINANCIALS: CONSUMER FINANCE - 2.26%

Ally Financial, Inc.

5.75%, 11/20/2025

3,022,000

3,015,941

7.10%, 11/15/2027

4,125,000

4,294,136

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

1,456,000

1,508,068

goeasy, Ltd.

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

2,390,000

2,303,732

9.25%, 12/01/2028 (b)(c)

3,261,000

3,485,552

Navient Corp.

5.875%, 10/25/2024

1,000,000

1,000,416

6.75%, 06/25/2025

5,830,000

5,905,049

OneMain Finance Corp.

6.875%, 03/15/2025

9,009,000

9,126,883

7.125%, 03/15/2026

2,000,000

2,039,174

3.50%, 01/15/2027

1,381,000

1,279,029

7.875%, 03/15/2030

2,507,000

2,583,165

SLM Corp. 3.125%, 11/02/2026

4,285,000

3,999,148

40,540,293

FINANCIALS: DIVERSIFIED - 1.26%

Aircastle, Ltd.

4.125%, 05/01/2024 (b)

3,419,000

3,392,723

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

4,810,000

4,745,052

6.50%, 07/18/2028 (b)(c)

2,723,000

2,782,271

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

4,154,000

3,920,284

Credit Acceptance Corp. 9.25%, 12/15/2028 (c)

1,050,000

1,121,032

Macquarie Airfinance Holdings, Ltd.

8.375%, 05/01/2028 (b)(c)

1,800,000

1,886,706

8.125%, 03/30/2029 (b)(c)

697,000

729,102

Starwood Property Trust, Inc.

3.75%, 12/31/2024 (c)

1,383,000

1,358,182

3.625%, 07/15/2026 (c)

2,809,000

2,663,382

22,598,734

FINANCIALS: INSURANCE - 1.06%

Acrisure, LLC / Acrisure Finance, Inc.

7.00%, 11/15/2025 (c)

5,342,000

5,332,714

10.125%, 08/01/2026 (c)

3,149,000

3,293,700

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

8,421,000

8,463,316

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

1,910,000

1,942,660

19,032,390

FINANCIALS: THRIFTS & MORTGAGES - 1.92%

Nationstar Mortgage Holdings, Inc.

5.00%, 02/01/2026 (c)

2,447,000

2,394,348

6.00%, 01/15/2027 (c)

5,731,000

5,693,920

PennyMac Financial Services, Inc.

5.375%, 10/15/2025 (c)

8,125,000

8,038,655

7.875%, 12/15/2029 (c)

1,195,000

1,231,966

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

9,416,000

8,694,217

United Wholesale Mortgage, LLC

5.50%, 11/15/2025 (c)

6,950,000

6,916,268

5.75%, 06/15/2027 (c)

1,470,000

1,442,269

34,411,643

FOOD & BEVERAGE - 0.19%

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

259,000

255,248

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

3,240,000

3,219,219

3,474,467

HEALTHCARE: EQUIPMENT & SUPPLIES - 0.21%

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

3,870,000

3,816,884

HEALTHCARE: FACILITIES - 3.73%

Acadia Healthcare Co., Inc. 5.50%, 07/01/2028 (c)

3,000,000

2,965,636

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

1,885,000

1,879,034

HCA, Inc.

8.36%, 04/15/2024

3,846,000

3,868,989

5.375%, 02/01/2025

1,805,000

1,803,486

7.69%, 06/15/2025

658,000

680,301

7.58%, 09/15/2025

2,251,000

2,321,504

Heartland Dental, LLC / Heartland Dental Finance Corp. 10.50%, 04/30/2028 (c)

1,945,000

2,020,446

Legacy LifePoint Health, LLC 4.375%, 02/15/2027 (c)

512,000

473,837

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

4,460,000

4,409,245

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

9,816,000

9,767,127

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

5,993,000

6,028,545

Surgery Center Holdings, Inc.

6.75%, 07/01/2025 (c)

5,013,000

5,033,227

10.00%, 04/15/2027 (c)

3,852,000

3,900,728

Tenet Healthcare Corp.

4.875%, 01/01/2026

5,170,000

5,116,503

6.25%, 02/01/2027

16,630,000

16,723,062

66,991,670

HEALTHCARE: LIFE SCIENCES - 1.15%

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

2,685,000

2,605,698

IQVIA, Inc.

5.00%, 10/15/2026 (c)

17,290,000

17,138,654

5.00%, 05/15/2027 (c)

909,000

892,730

20,637,082

HEALTHCARE: MANAGED HEALTH CARE - 1.46%

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

25,946,000

26,137,507

HEALTHCARE: PHARMACEUTICALS & BIOTECHNOLOGY - 1.67%

Bausch Health Cos., Inc.

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

3,694,000

3,382,577

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

4,744,000

4,437,917

Teva Pharmaceutical Finance Netherlands III B.V.

6.00%, 04/15/2024 (b)

8,534,000

8,513,780

7.125%, 01/31/2025 (b)

2,400,000

2,422,793

3.15%, 10/01/2026 (b)

12,135,000

11,245,387

30,002,454

HEALTHCARE: REITs - 0.73%

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

9,059,000

8,106,142

Sabra Health Care, LP 5.125%, 08/15/2026

5,090,000

5,005,816

13,111,958

INDUSTRIAL MACHINERY - 2.04%

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

6,489,000

6,429,315

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

2,105,000

2,104,484

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

7,441,000

7,528,063

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

2,855,000

2,807,489

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

17,529,000

17,672,195

36,541,546

LEISURE: CASINOS & GAMING - 8.43%

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

1,600,000

1,542,158

Caesars Entertainment, Inc.

6.25%, 07/01/2025 (c)

30,955,000

31,064,859

8.125%, 07/01/2027 (c)

7,727,000

7,928,374

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

12,075,000

12,078,421

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

12,155,000

12,036,466

International Game Technology PLC

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

4,529,000

4,536,976

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

13,642,000

13,267,412

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

4,505,000

4,574,449

Light & Wonder International, Inc. 7.00%, 05/15/2028 (c)

6,399,000

6,469,236

MGM Resorts International

6.75%, 05/01/2025

19,830,000

19,905,770

5.75%, 06/15/2025

8,169,000

8,143,090

4.625%, 09/01/2026

427,000

417,032

5.50%, 04/15/2027

1,385,000

1,374,863

Penn Entertainment, Inc. 5.625%, 01/15/2027 (c)

4,258,000

4,135,313

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

5.625%, 05/01/2024 (c)

7,810,000

7,787,948

3.50%, 02/15/2025 (c)

1,865,000

1,818,478

4.625%, 06/15/2025 (c)

5,805,000

5,705,589

4.50%, 09/01/2026 (c)

2,405,000

2,329,666

4.25%, 12/01/2026 (c)

5,240,000

5,048,117

3.75%, 02/15/2027 (c)

1,255,000

1,185,826

151,350,043

LEISURE: HOTELS - 7.81%

Carnival Corp. 9.875%, 08/01/2027 (b)(c)

9,045,000

9,503,518

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

5.50%, 05/01/2025 (c)

12,871,000

12,813,901

5.375%, 04/15/2027

2,655,000

2,602,236

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

6,000,000

5,998,654

NCL Corp., Ltd.

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

4,255,000

4,140,659

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

3,270,000

3,244,209

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

1,305,000

1,383,688

8.125%, 01/15/2029 (b)(c)

880,000

919,489

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

11,471,000

11,543,148

RHP Hotel Properties, LP / RHP Finance Corp.

4.75%, 10/15/2027

4,315,000

4,170,988

7.25%, 07/15/2028 (c)

1,623,000

1,688,426

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

11,557,000

10,958,974

Royal Caribbean Cruises, Ltd.

4.25%, 07/01/2026 (b)(c)

1,003,000

969,138

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

4,166,000

4,129,278

11.625%, 08/15/2027 (b)(c)

7,312,000

7,961,744

Sabre GLBL, Inc.

8.625%, 06/01/2027 (c)

4,496,000

4,087,675

11.25%, 12/15/2027 (c)

866,000

851,412

Service Properties Trust

4.50%, 03/15/2025

2,350,000

2,297,148

7.50%, 09/15/2025

3,820,000

3,866,608

5.25%, 02/15/2026

2,210,000

2,148,341

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

4,865,000

4,890,736

Travel + Leisure Co.

5.875%, 10/01/2025 (h)

3,498,000

3,504,538

6.625%, 07/31/2026 (c)

9,100,000

9,199,554

6.00%, 04/01/2027 (h)

2,810,000

2,803,208

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

12,327,000

12,368,727

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

12,287,000

12,237,483

140,283,480

LEISURE: RESTAURANTS - 1.48%

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

2,600,000

2,593,023

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

5,509,000

5,382,269

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

4,152,000

4,208,260

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

14,371,000

14,382,209

26,565,761

MEDIA: BROADCASTING - 2.24%

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

3,645,000

3,620,633

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

1,363,000

1,318,961

Sirius XM Radio, Inc.

3.125%, 09/01/2026 (c)

4,478,000

4,212,951

5.00%, 08/01/2027 (c)

12,551,000

12,123,482

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

3,590,000

3,496,846

Univision Communications, Inc.

5.125%, 02/15/2025 (c)

5,219,000

5,204,049

6.625%, 06/01/2027 (c)

10,172,000

10,150,650

40,127,572

MEDIA: CABLE & SATELLITE - 3.12%

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

5,285,000

4,929,266

CCO Holdings, LLC / CCO Holdings Capital Corp.

5.50%, 05/01/2026 (c)

17,381,000

17,277,180

5.125%, 05/01/2027 (c)

3,165,000

3,056,264

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

5,290,000

5,263,684

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

5,300,000

4,905,094

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

4,474,000

4,210,211

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

6,365,000

5,973,856

Hughes Satellite Systems Corp.

5.25%, 08/01/2026

1,043,000

918,871

6.625%, 08/01/2026

2,418,000

1,908,660

Sable International Finance, Ltd. 5.75%, 09/07/2027 (b)(c)

2,000,000

1,891,080

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

5,843,000

5,702,899

56,037,065

MEDIA: DIVERSIFIED - 0.6%

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

4,560,000

4,458,743

Outfront Media Capital, LLC / Outfront Media Capital Corp. 5.00%, 08/15/2027 (c)

6,530,000

6,323,453

10,782,196

MEDIA: ENTERTAINMENT - 1.33%

Live Nation Entertainment, Inc.

4.875%, 11/01/2024 (c)

11,376,000

11,283,513

5.625%, 03/15/2026 (c)

9,423,000

9,345,402

6.50%, 05/15/2027 (c)

500,000

509,056

4.75%, 10/15/2027 (c)

2,925,000

2,807,122

23,945,093

METALS & MINING - 0.43%

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

7,670,000

7,695,418

MIDSTREAM: STORAGE & TRANSPORT - 3.6%

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

5,673,000

5,825,184

Buckeye Partners, LP

4.35%, 10/15/2024

3,460,000

3,394,129

4.125%, 03/01/2025 (c)

4,856,000

4,740,986

3.95%, 12/01/2026

1,139,000

1,077,318

Crestwood Midstream Partners, LP / Crestwood Midstream Finance Corp.

5.75%, 04/01/2025

2,505,000

2,507,568

5.625%, 05/01/2027 (c)

1,799,000

1,794,053

EQM Midstream Partners, LP

4.00%, 08/01/2024

6,079,000

6,026,043

6.00%, 07/01/2025 (c)

3,214,000

3,215,236

7.50%, 06/01/2027 (c)

3,695,000

3,803,238

Genesis Energy, LP / Genesis Energy Finance Corp. 6.25%, 05/15/2026

2,183,000

2,182,936

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

8,734,000

8,676,356

Sunoco, LP / Sunoco Finance Corp.

6.00%, 04/15/2027

2,341,000

2,348,969

7.00%, 09/15/2028 (c)

5,497,000

5,673,552

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

2,630,000

2,645,898

Venture Global LNG, Inc.

8.125%, 06/01/2028 (c)

5,542,000

5,601,654

9.50%, 02/01/2029 (c)

4,896,000

5,182,597

64,695,717

PACKAGING - 2.61%

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

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

6,385,000

6,214,798

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

4,879,000

4,456,210

Ball Corp. 5.25%, 07/01/2025

3,480,000

3,478,880

Berry Global, Inc.

4.50%, 02/15/2026 (c)

5,140,000

5,007,658

4.875%, 07/15/2026 (c)

7,701,000

7,572,485

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

5,420,000

5,372,183

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

6,916,000

6,732,928

Mauser Packaging Solutions Holding Co.

7.875%, 08/15/2026 (c)

1,744,000

1,776,253

9.25%, 04/15/2027 (c)

1,647,000

1,618,354

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

3,627,000

3,631,524

Sealed Air Corp.

5.50%, 09/15/2025 (c)

205,000

205,204

4.00%, 12/01/2027 (c)

810,000

760,752

46,827,229

REAL ESTATE: HOMEBUILDING - 0.29%

Shea Homes, LP / Shea Homes Funding Corp. 4.75%, 02/15/2028

582,000

547,804

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

2,670,000

2,673,057

Tri Pointe Homes, Inc. 5.25%, 06/01/2027

2,075,000

2,041,043

5,261,904

RETAIL: FOOD & DRUG - 1.69%

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

3.25%, 03/15/2026 (c)

3,565,000

3,364,955

7.50%, 03/15/2026 (c)

13,344,000

13,597,242

4.625%, 01/15/2027 (c)

2,325,000

2,262,269

6.50%, 02/15/2028 (c)

5,260,000

5,317,423

U.S. Foods, Inc. 6.875%, 09/15/2028 (c)

3,278,000

3,378,342

Walgreens Boots Alliance, Inc. 3.80%, 11/18/2024

2,500,000

2,456,347

30,376,578

RETAILING - 0.52%

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

4,552,000

4,810,827

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

4,716,000

4,452,750

9,263,577

TECHNOLOGY HARDWARE - 0.75%

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

5,065,000

4,962,130

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

3,175,000

3,210,919

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

5,356,000

5,260,171

13,433,220

TECHNOLOGY: SOFTWARE & SERVICES - 3.8%

Boxer Parent Co., Inc.

7.125%, 10/02/2025 (c)

10,157,000

10,222,310

9.125%, 03/01/2026 (c)

3,282,000

3,297,384

Consensus Cloud Solutions, Inc.

6.00%, 10/15/2026 (c)

4,975,000

4,735,255

6.50%, 10/15/2028 (c)

2,000,000

1,816,171

Gen Digital, Inc.

5.00%, 04/15/2025 (c)

18,275,000

18,108,606

6.75%, 09/30/2027 (c)

6,773,000

6,892,185

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

1,275,000

1,250,549

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

4,905,000

5,103,064

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

8,277,000

8,103,132

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

8,883,000

8,643,470

68,172,126

TELECOM SERVICES: DIVERSIFIED - 1.77%

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

2,415,000

2,227,979

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

3,857,000

3,695,739

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

7,788,000

7,778,331

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

3,155,000

3,015,533

SBA Communications Corp. 3.875%, 02/15/2027

2,500,000

2,403,208

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

1,049,000

1,064,272

Videotron, Ltd.

5.375%, 06/15/2024 (b)(c)

3,510,000

3,494,784

5.125%, 04/15/2027 (b)(c)

8,187,000

8,071,113

31,750,959

TELECOM SERVICES: WIRELESS - 0.13%

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

1,578,000

1,709,829

Sprint, LLC 7.625%, 03/01/2026

660,000

689,600

2,399,429

TRANSPORTATION - 1.76%

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

4,960,900

4,978,836

Uber Technologies, Inc.

8.00%, 11/01/2026 (c)

18,160,000

18,509,616

7.50%, 09/15/2027 (c)

1,690,000

1,751,271

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

2,247,000

2,320,769

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

3,925,000

3,979,314

31,539,806

UTILITIES: POWER - 2.7%

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

7,458,000

7,357,882

NextEra Energy Operating Partners, LP

4.25%, 07/15/2024 (c)

5,553,000

5,492,211

4.25%, 09/15/2024 (c)

72,000

69,866

NRG Energy, Inc.

3.75%, 06/15/2024 (c)

4,354,000

4,304,857

6.625%, 01/15/2027

5,815,000

5,830,712

Vistra Operations Co., LLC

4.875%, 05/13/2024 (c)

2,430,000

2,419,307

3.55%, 07/15/2024 (c)

570,000

562,099

5.50%, 09/01/2026 (c)

6,639,000

6,570,575

5.625%, 02/15/2027 (c)

10,641,000

10,502,571

5.00%, 07/31/2027 (c)

5,520,000

5,378,487

48,488,567

UTILITIES: PROPANE - 1.69%

AmeriGas Partners, LP / AmeriGas Finance Corp.

5.50%, 05/20/2025

12,573,000

12,408,516

5.875%, 08/20/2026

7,030,000

6,961,987

5.75%, 05/20/2027

4,418,000

4,297,998

9.375%, 06/01/2028 (c)

3,531,000

3,651,117

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

1,900,000

1,862,176

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

1,177,000

1,176,695

30,358,489

TOTAL CORPORATE BONDS (Cost $1,476,231,653)

 

 

 

1,478,946,851

CONVERTIBLE BONDS - 1.22%

LEISURE: HOTELS - 0.12%

Expedia Group, Inc. 4.953%, 02/15/2026 (i)

900,000

855,450

TripAdvisor, Inc. 0.25%, 04/01/2026

1,527,000

1,345,745

2,201,195

TECHNOLOGY HARDWARE - 0.09%

Enphase Energy, Inc. 6.896%, 03/01/2026 (i)

1,640,000

1,502,240

TECHNOLOGY: SOFTWARE & SERVICES - 0.72%

DigitalOcean Holdings, Inc. 8.114%, 12/01/2026 (i)

9,522,000

7,897,547

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

2,440,000

2,440,056

Splunk, Inc. 1.125%, 06/15/2027

2,540,000

2,472,690

12,810,293

TELECOM SERVICES: DIVERSIFIED - 0.26%

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

4,884,000

4,713,060

TRANSPORTATION - 0.03%

Spirit Airlines, Inc. 1.00%, 05/15/2026

853,000

595,394

TOTAL CONVERTIBLE BONDS (Cost $21,405,531)

 

 

 

21,822,182

BANK LOANS - 11.74% (j)

AEROSPACE & DEFENSE - 0.31%

Transdigm, Inc., Senior Secured First Lien Term Loan 8.598% (3 Month SOFR USD + 3.25%), 08/24/2028 (a)

5,468,694

5,500,439

AUTO RETAIL - 0.53%

LS Group Opco Acquisition, LLC, Senior Secured First Lien Term Loan 8.71% (1 Month SOFR USD + 3.25%, 0.750% Floor), 11/02/2027 (a)

5,998,888

6,007,646

Mavis Tire Express Services Topco Corp., Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%, 0.750% Floor), 05/04/2028 (a)

3,491,049

3,501,958

9,509,604

AUTOMOTIVE - 0.11%

Adient U.S., LLC, Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%), 04/10/2028 (a)

2,000,000

2,009,790

BUILDING PRODUCTS - 0.22%

Standard Industries, Inc., Senior Secured First Lien Term Loan 7.699%, 05/27/2027 (a)(e)(g)

 

3,983,978

 

3,997,145

COMMERCIAL SERVICES - 1.38%

AlixPartners, LLP, Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%, 0.500% Floor), 02/04/2028 (a)

4,488,459

4,503,608

Camelot U.S. Acquisition 1 Co.

Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%), 10/30/2026 (a)

1,242,412

1,245,673

Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%, 1.000% Floor), 10/30/2026 (a)

4,749,208

4,763,456

Dun & Bradstreet Corp., Senior Secured First Lien Term Loan 8.205% (1 Month SOFR USD + 2.75%), 02/06/2026 (a)

7,390,912

7,415,191

Garda World Security Corp., Senior Secured First Lien Term Loan 9.725% (3 Month SOFR USD + 4.25%), 10/30/2026 (a)

6,842,824

6,863,695

24,791,623

CONSTRUCTION & ENGINEERING - 0.12%

Api Group DE, Inc., Senior Secured First Lien Term Loan 7.72% (1 Month SOFR USD + 2.25%), 10/01/2026 (a)

2,066,661

2,072,571

CONSUMER DISCRETIONARY - 0.50%

Wand NewCo 3, Inc., Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%), 02/05/2026 (a)

9,004,915

9,042,646

ENVIRONMENTAL SERVICES - 0.00%

GFL Environmental, Inc., Senior Secured First Lien Term Loan 7.912% (3 Month SOFR USD + 2.50%, 0.500% Floor), 05/31/2027 (a)

29,006

29,147

FINANCIALS: DIVERSIFIED - 0.26%

Castlelake Aviation One, LLC

 

 

 

 

Senior Secured First Lien Term Loan 8.146% (3 Month SOFR USD + 2.50%, 0.500% Floor), 10/22/2026 (a)

 

3,076,663

 

3,086,493

Senior Secured First Lien Term Loan 8.421% (3 Month LIBOR USD + 2.75%, 0.500% Floor), 10/22/2026 (a)

 

2,856

 

2,865

Edelman Financial Engines Centre, LLC, Senior Secured Second Lien Term Loan 12.22% (1 Month SOFR USD + 6.75%), 07/20/2026 (a)

1,603,607

1,606,614

4,695,972

FINANCIALS: INSURANCE - 0.44%

Acrisure, LLC

Senior Secured First Lien Term Loan 9.15% (1 Month LIBOR USD + 3.50%), 02/16/2027 (a)

2,417,915

2,417,274

Senior Secured First Lien Term Loan 9.689% (1 Month LIBOR USD + 4.25%, 0.500% Floor), 02/16/2027 (a)

1,575,990

1,582,885

AssuredPartners, Inc., Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.500% Floor), 02/12/2027 (a)

1,236,792

1,243,198

NFP Corp., Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%), 02/15/2027 (a)

2,708,919

2,726,066

7,969,423

HEALTHCARE: EQUIPMENT & SUPPLIES - 0.59%

Insulet Corp., Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 05/04/2028 (a)

912,666

917,229

Medline Borrower, LP, Senior Secured First Lien Term Loan 8.47% (1 Month SOFR USD + 3.00%, 0.500% Floor), 10/23/2028 (a)

4,801,019

4,830,641

Navicure, Inc., Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%), 10/22/2026 (a)

4,768,750

4,792,594

10,540,464

HEALTHCARE: FACILITIES - 0.31%

Select Medical Corp., Senior Secured First Lien Term Loan 8.356% (1 Month SOFR USD + 3.00%), 03/06/2027 (a)

3,221,657

3,227,698

Surgery Center Holdings, Inc., Senior Secured First Lien Term Loan 8.856% (1 Month SOFR USD + 3.50%), 12/05/2030 (a)

2,388,000

2,400,692

5,628,390

HEALTHCARE: MANAGED HEALTH CARE - 0.87%

Verscend Holding Corp., Senior Secured First Lien Term Loan 9.47% (1 Month SOFR USD + 4.00%), 08/27/2025 (a)

15,607,059

15,678,539

HEALTHCARE: PHARMACEUTICALS & BIOTECHNOLOGY - 0.54%

Jazz Pharmaceuticals, Inc., Senior Secured First Lien Term Loan 8.97% (1 Month SOFR USD + 3.50%, 0.500% Floor), 05/05/2028 (a)

9,576,723

9,638,541

INDUSTRIAL MACHINERY - 0.62%

TK Elevator Midco GMBH, Senior Secured First Lien Term Loan 9.381% (6 Month SOFR USD + 3.50%, 0.500% Floor), 07/30/2027 (a)

7,312,064

7,337,656

Vertiv Group Corp., Senior Secured First Lien Term Loan 7.974% (1 Month SOFR USD + 2.50%), 03/02/2027 (a)

3,724,586

3,741,589

11,079,245

LEISURE: HOTELS - 0.05%

Carnival Corp., Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.750% Floor), 10/18/2028 (a)

412,949

414,155

Sabre GLBL, Inc., Senior Secured First Lien Term Loan 10.456% (1 Month SOFR USD + 5.00%, 0.500% Floor), 06/30/2028 (a)

436,605

390,325

804,480

LEISURE: RESTAURANTS - 0.40%

IRB Holding Corp., Senior Secured First Lien Term Loan 8.456% (1 Month SOFR USD + 3.00%, 0.750% Floor), 12/15/2027 (a)

7,205,763

7,226,336

MEDIA: BROADCASTING - 0.32%

Univision Communications, Inc., Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.750% Floor), 03/13/2026 (a)

5,696,536

5,714,366

MEDIA: CABLE & SATELLITE - 0.28%

Charter Communications Operating, LLC., Senior Secured First Lien Term Loan 7.133% (3 Month SOFR USD + 1.75%), 02/01/2027 (a)

4,986,979

4,993,238

MEDIA: ENTERTAINMENT - 0.92%

Playtika Holding Corp., Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%), 03/13/2028 (a)

5,697,989

5,702,462

UFC Holdings, LLC, Senior Secured First Lien Term Loan 8.399% (3 Month SOFR USD + 2.75%, 0.750% Floor), 04/29/2026 (a)

3,784,427

3,803,084

William Morris Endeavor Entertainment, LLC, Senior Secured First Lien Term Loan 8.22% (1 Month SOFR USD + 2.75%), 05/16/2025 (a)

6,907,883

6,934,893

16,440,439

RETAILING - 0.26%

PetSmart, Inc., Senior Secured First Lien Term Loan 9.206% (1 Month SOFR USD + 3.75%, 0.750% Floor), 02/11/2028 (a)

4,780,354

4,734,941

TECHNOLOGY HARDWARE - 0.28%

Presidio Holdings, Inc.

 

 

 

 

Senior Secured First Lien Term Loan 8.956% (1 Month SOFR USD + 3.50%), 01/22/2027 (a)

 

91,596

 

91,896

Senior Secured First Lien Term Loan 8.983% (3 Month SOFR USD + 3.50%), 01/22/2027 (a)

 

2,956,327

 

2,966,024

Synaptics, Inc., Senior Secured First Lien Term Loan 7.875% (3 Month SOFR USD + 2.25%, 0.500% Floor), 12/04/2028 (a)

1,994,898

1,989,911

5,047,831

TECHNOLOGY: SOFTWARE & SERVICES - 1.55%

Boxer Parent Co., Inc., Senior Secured First Lien Term Loan 9.598%, 12/31/2028 (a)(g)

 

4,200,000

 

4,236,225

Open Text Corp., Senior Secured First Lien Term Loan 7.206% (1 Month SOFR USD + 1.75%), 05/30/2025 (a)

5,384,803

5,400,499

Proofpoint, Inc., Senior Secured First Lien Term Loan 8.72% (1 Month SOFR USD + 3.25%, 0.500% Floor), 08/31/2028 (a)

1,735,859

1,738,810

SolarWinds Holdings, Inc., Senior Secured First Lien Term Loan 9.106% (1 Month SOFR USD + 3.75%), 02/05/2027 (a)

4,963,953

4,981,898

UKG, Inc.

Senior Secured First Lien Term Loan 8.764% (3 Month SOFR USD + 3.25%, 0.500% Floor), 05/04/2026 (a)

7,033,107

7,061,169

Senior Secured First Lien Term Loan 9.233% (3 Month SOFR USD + 3.75%), 05/04/2026 (a)

4,052,138

4,066,807

Senior Secured First Lien Term Loan 9.988% (3 Month SOFR USD + 4.50%, 0.500% Floor), 05/04/2026 (a)

325,365

327,169

27,812,577

TRANSPORTATION - 0.75%

AAdvantage Loyalty IP, Ltd., Senior Secured First Lien Term Loan 10.427% (3 Month SOFR USD + 4.75%, 0.750% Floor), 04/20/2028 (a)

5,027,291

5,172,228

Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan 9.22% (1 Month SOFR USD + 3.75%, 0.750% Floor), 03/24/2026 (a)

980,821

979,021

Mileage Plus Holdings, LLC, Senior Secured First Lien Term Loan 10.77% (3 Month SOFR USD + 5.25%, 1.000% Floor), 06/21/2027 (a)

4,462,273

4,621,643

SkyMiles IP, Ltd., Senior Secured First Lien Term Loan 9.166% (3 Month SOFR USD + 3.75%, 1.000% Floor), 10/20/2027 (a)

2,692,883

2,761,606

13,534,498

UTILITIES: POWER - 0.13%

Calpine Corp., Senior Secured First Lien Term Loan 7.97% (1 Month SOFR USD + 2.50%), 12/16/2027 (a)

2,245,000

2,252,105

TOTAL BANK LOANS (Cost $209,441,119)

 

 

 

210,744,350

Shares

MONEY MARKET FUND - 5.61%

First American Government Obligations Fund - Class X, 5.29% (d)

100,802,119

100,802,119

TOTAL MONEY MARKET FUND (Cost $100,802,119)

 

 

 

100,802,119

Total Investments (Cost $1,807,880,422) - 100.95%

1,812,315,502

Liabilities in Excess of Other Assets  - (0.95%)

(17,079,702)

TOTAL NET ASSETS - 100.00%

   1,795,235,800

 

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 December 31, 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 December 31, 2023, the value of these investments was $1,119,771,317 or 62.37% of total net assets.

(d)

Rate shown is the 7-day annualized yield as of December 31, 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 December 31, 2023.

(i)

Zero-coupon security.  Rate shown is the weighted average amortized yield as of December 31, 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.