Shenkman Capital Short Duration High Income Fund

Schedule of Investments

December 31, 2022 (Unaudited)

Principal

Fair

Amount

Value

CORPORATE BONDS - 87.35% (e)

AEROSPACE & DEFENSE - 2.91%

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

          5,785,000

          5,725,415

TransDigm, Inc.

8.00%, 12/15/2025 (c)

4,503,000

4,577,769

6.25%, 03/15/2026 (c)

13,029,000

12,877,733

6.375%, 06/15/2026

10,860,000

10,566,259

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

5,796,000

5,668,857

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

2,703,000

2,754,492

42,170,525

AUTO RETAIL - 0.41%

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

6,370,000

5,921,773

AUTOMOTIVE - 6.18%

Adient Global Holdings, Ltd. 4.875%, 08/15/2026 (b)(c)

920,000

857,845

American Axle & Manufacturing, Inc.

6.25%, 03/15/2026

3,727,000

3,493,703

6.50%, 04/01/2027

7,872,000

7,114,556

Clarios Global, LP 6.75%, 05/15/2025 (b)(c)

549,000

550,535

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

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

8,672,000

8,486,322

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

7,209,000

7,079,415

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

7,085,000

6,941,959

Ford Motor Credit Co., LLC

3.664%, 09/08/2024

1,855,000

1,770,869

5.125%, 06/16/2025

7,695,000

7,411,912

3.375%, 11/13/2025

8,955,000

8,111,285

2.70%, 08/10/2026

4,195,000

3,648,518

4.95%, 05/28/2027

2,035,000

1,902,257

Goodyear Tire & Rubber Co.

9.50%, 05/31/2025

4,970,000

5,114,986

5.00%, 05/31/2026

7,622,000

7,200,483

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

3,135,000

2,717,869

Jaguar Land Rover Automotive PLC

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

6,275,000

6,235,912

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

5,531,000

5,097,259

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

2,204,000

2,147,883

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

3,790,000

3,572,519

89,456,087

BUILDING PRODUCTS - 0.14%

Summit Materials, LLC / Summit Materials Finance Corp. 6.50%, 03/15/2027 (c)

2,110,000

2,071,368

CHEMICALS - 3.83%

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

10,801,000

10,549,562

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

4,900,000

4,891,132

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

890,000

835,380

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

2,400,000

2,207,988

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

4,941,000

4,739,239

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

13,969,000

13,546,931

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

2,910,000

2,469,863

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

2,617,000

2,253,878

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

8,156,000

6,721,197

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

7,290,000

7,190,783

55,405,953

COMMERCIAL SERVICES - 3.70%

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

5,840,000

5,355,630

Aramark Services, Inc.

5.00%, 04/01/2025 (c)

2,430,000

2,374,928

6.375%, 05/01/2025 (c)

24,155,000

23,907,170

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

5,365,000

5,276,737

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

3,689,000

3,558,414

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

8,035,000

7,862,165

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

5,142,000

5,159,676

53,494,720

CONSTRUCTION & ENGINEERING - 0.46%

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

6,649,000

6,592,816

CONSUMER DISCRETIONARY - 0.47%

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

7,040,000

6,829,910

CONSUMER NON-DISCRETIONARY - 0.30%

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

4,324,000

4,281,492

ENVIRONMENTAL SERVICES - 1.98%

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

2,495,000

2,368,304

GFL Environmental, Inc.

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

4,263,000

4,078,600

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

5,850,000

5,537,464

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

1,055,000

1,010,694

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

15,956,000

15,662,011

28,657,073

FINANCIALS - CONSUMER FINANCE - 2.69%

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

3,710,000

3,598,795

goeasy, Ltd.

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

5,709,000

5,486,634

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

1,945,000

1,724,087

Navient Corp.

7.25%, 09/25/2023

3,506,000

3,514,084

6.125%, 03/25/2024

10,300,000

10,106,867

5.875%, 10/25/2024

1,000,000

969,300

6.75%, 06/25/2025

1,755,000

1,687,709

OneMain Finance Corp.

8.25%, 10/01/2023

3,206,000

3,236,339

6.125%, 03/15/2024

6,050,000

5,867,093

6.875%, 03/15/2025

1,850,000

1,781,374

SLM Corp. 3.125%, 11/02/2026

1,065,000

907,055

38,879,337

FINANCIALS - DIVERSIFIED - 0.81%

AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.875%, 01/16/2024 (b)

2,634,000

2,609,968

Aircastle, Ltd. 5.25%, 08/11/2025 (b)(c)

1,080,000

1,040,562

Starwood Property Trust, Inc.

5.50%, 11/01/2023 (c)

3,043,000

3,021,120

3.75%, 12/31/2024 (c)

3,121,000

2,934,272

3.625%, 07/15/2026 (c)

2,395,000

2,098,607

11,704,529

FINANCIALS - INSURANCE - 0.86%

Acrisure, LLC / Acrisure Finance, Inc.

7.00%, 11/15/2025 (c)

4,269,000

3,929,156

10.125%, 08/01/2026 (c)

4,271,000

4,160,771

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

4,490,000

4,404,780

12,494,707

FINANCIALS - THRIFTS & MORTGAGES - 0.71%

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

3,940,000

3,532,525

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

3,920,000

3,539,659

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

2,272,000

1,960,691

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

1,300,000

1,172,704

10,205,579

FOOD & BEVERAGE - 0.75%

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

8,804,000

7,733,369

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

3,240,000

3,138,070

10,871,439

HEALTHCARE - EQUIPMENT & SUPPLIES - 0.26%

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

3,870,000

3,746,757

HEALTHCARE - FACILITIES - 5.14%

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

4,145,000

2,973,167

HCA, Inc.

7.50%, 12/15/2023

2,505,000

2,547,315

8.36%, 04/15/2024

3,846,000

3,959,709

5.375%, 02/01/2025

1,805,000

1,805,643

7.69%, 06/15/2025

658,000

690,864

7.58%, 09/15/2025

2,251,000

2,336,576

Legacy LifePoint Health, LLC

6.75%, 04/15/2025 (c)

8,119,000

7,653,537

4.375%, 02/15/2027 (c)

655,000

555,047

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

3,520,000

3,310,970

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

17,273,000

13,936,893

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

6,835,000

5,228,095

Surgery Center Holdings, Inc.

6.75%, 07/01/2025 (c)

5,013,000

4,955,344

10.00%, 04/15/2027 (c)

2,907,000

2,962,466

Tenet Healthcare Corp.

4.625%, 07/15/2024

656,000

640,726

4.625%, 09/01/2024 (c)

13,849,000

13,471,159

6.25%, 02/01/2027 (c)

7,621,000

7,292,837

74,320,348

HEALTHCARE - LIFE SCIENCES - 0.61%

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

1,290,000

1,202,175

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

7,917,000

7,575,618

8,777,793

HEALTHCARE - MANAGED HEALTH CARE - 1.77%

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

26,134,000

25,659,929

HEALTHCARE - PHARMACEUTICALS & BIOTECHNOLOGY - 1.41%

Bausch Health Cos., Inc.

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

3,085,000

2,627,114

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

6,470,000

5,149,538

Teva Pharmaceutical Finance Netherlands III B.V.

2.80%, 07/21/2023 (b)

1,670,000

1,635,815

6.00%, 04/15/2024 (b)

8,740,000

8,583,885

7.125%, 01/31/2025 (b)

2,400,000

2,390,448

20,386,800

HEALTHCARE - REITs - 0.72%

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

11,378,000

10,381,344

INDUSTRIAL MACHINERY - 1.67%

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

6,489,000

6,324,828

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

2,105,000

2,098,390

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

15,584,000

15,813,153

24,236,371

LEISURE - CASINOS & GAMING - 7.48%

Caesars Entertainment, Inc.

6.25%, 07/01/2025 (c)

23,629,000

23,029,732

8.125%, 07/01/2027 (c)

3,480,000

3,426,443

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

5,900,000

5,784,160

International Game Technology PLC

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

6,257,000

6,305,304

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

4,525,000

4,226,144

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

1,400,000

1,391,782

MGM Resorts International

6.00%, 03/15/2023

5,158,000

5,150,804

6.75%, 05/01/2025

19,200,000

19,329,197

5.75%, 06/15/2025

5,285,000

5,143,714

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

14,203,000

14,514,358

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

5.625%, 05/01/2024 (c)

7,810,000

7,768,063

3.50%, 02/15/2025 (c)

1,865,000

1,761,418

4.625%, 06/15/2025 (c)

5,805,000

5,573,090

4.25%, 12/01/2026 (c)

5,240,000

4,891,674

108,295,883

LEISURE - HOTELS - 6.40%

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

11,931,000

11,782,091

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

1,000,000

867,455

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

8,980,000

8,988,800

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

6,307,000

5,619,006

Royal Caribbean Cruises, Ltd. 11.50%, 06/01/2025 (b)(c)

8,361,000

8,985,567

Service Properties Trust

4.50%, 06/15/2023

7,805,000

7,682,242

4.65%, 03/15/2024

1,230,000

1,176,743

4.35%, 10/01/2024

6,495,000

5,914,682

7.50%, 09/15/2025

3,820,000

3,644,951

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

3,940,000

3,799,638

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

4,865,000

4,909,922

Travel + Leisure Co.

3.90%, 03/01/2023

1,715,000

1,707,876

6.60%, 10/01/2025 (h)

3,498,000

3,452,760

6.625%, 07/31/2026 (c)

1,540,000

1,509,172

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

12,192,000

12,065,324

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

10,459,000

10,476,997

92,583,226

LEISURE - RESTAURANTS - 0.86%

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

4,685,000

4,656,507

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

7,830,000

7,822,562

12,479,069

MEDIA - BROADCASTING - 4.15%

AMC Networks, Inc.

5.00%, 04/01/2024

3,007,000

2,816,808

4.75%, 08/01/2025

10,479,000

7,982,378

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

3,645,000

3,586,990

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

9,730,000

8,684,025

Sirius XM Radio, Inc.

3.125%, 09/01/2026 (c)

4,478,000

3,981,770

5.00%, 08/01/2027 (c)

6,831,000

6,329,990

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

3,590,000

3,487,238

Univision Communications, Inc.

5.125%, 02/15/2025 (c)

16,973,000

16,199,374

6.625%, 06/01/2027 (c)

7,180,000

6,942,593

60,011,166

MEDIA - CABLE & SATELLITE - 3.91%

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

15,721,000

15,242,327

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

2,500,000

2,322,049

CSC Holdings, LLC

5.25%, 06/01/2024

7,794,000

7,267,905

5.50%, 04/15/2027 (c)

7,117,000

5,985,585

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

3,874,000

3,473,273

DISH DBS Corp.

5.875%, 11/15/2024

3,955,000

3,683,267

5.25%, 12/01/2026 (c)

4,237,000

3,576,918

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

3,425,000

3,200,628

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

1,690,000

1,756,523

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

7,159,000

6,653,343

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

3,510,000

3,471,846

56,633,664

MEDIA - DIVERSIFIED - 0.49%

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

2,045,000

1,884,918

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

5,200,000

5,159,681

7,044,599

MEDIA - ENTERTAINMENT - 1.28%

Live Nation Entertainment, Inc.

4.875%, 11/01/2024 (c)

9,332,000

9,050,121

5.625%, 03/15/2026 (c)

9,423,000

8,925,829

6.50%, 05/15/2027 (c)

500,000

490,646

18,466,596

METALS & MINING - 0.72%

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

10,656,000

10,491,282

MIDSTREAM - STORAGE & TRANSPORT - 2.08%

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

3,810,000

3,862,131

Buckeye Partners, LP

4.15%, 07/01/2023

3,537,000

3,480,434

4.35%, 10/15/2024

3,460,000

3,348,064

4.125%, 03/01/2025 (c)

4,616,000

4,405,680

Crestwood Midstream Partners, LP / Crestwood Midstream Finance Corp. 5.75%, 04/01/2025

2,505,000

2,441,173

DCP Midstream Operating, LP 3.875%, 03/15/2023

850,000

846,558

EQM Midstream Partners, LP

6.00%, 07/01/2025 (c)

714,000

690,235

7.50%, 06/01/2027 (c)

1,805,000

1,769,956

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

1,150,000

1,024,426

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

3,385,000

3,264,371

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

2,341,000

2,309,206

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

2,630,000

2,657,812

30,100,046

PACKAGING - 3.17%

ARD Finance SA 6.50%, 06/30/2027 (b)(c)

1,321,210

921,767

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

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

10,953,000

10,448,141

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

5,365,000

4,658,341

Ball Corp. 5.25%, 07/01/2025

3,480,000

3,439,532

Berry Global, Inc.

4.50%, 02/15/2026 (c)

1,500,000

1,435,571

4.875%, 07/15/2026 (c)

6,151,000

5,927,487

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

2,869,000

2,524,864

Graphic Packaging International, LLC 4.125%, 08/15/2024

2,960,000

2,912,714

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

4,138,000

3,924,323

Mauser Packaging Solutions Holding Co.

5.50%, 04/15/2024 (c)

3,302,000

3,217,119

7.25%, 04/15/2025 (c)

2,100,000

1,946,083

Sealed Air Corp.

5.125%, 12/01/2024 (c)

4,359,000

4,290,215

5.50%, 09/15/2025 (c)

205,000

202,439

45,848,596

REAL ESTATE - HOMEBUILDING - 0.42%

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

3,455,000

3,445,153

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

2,670,000

2,649,208

6,094,361

REAL ESTATE - MANAGEMENT - 0.69%

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

3,880,000

3,798,413

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

6,268,000

6,218,748

10,017,161

RETAIL - FOOD & DRUG - 2.47%

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

7.50%, 03/15/2026 (c)

13,234,000

13,535,336

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

19,168,000

18,998,614

35,791,040

RETAILING - 0.33%

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

3,552,000

3,798,651

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

1,252,000

1,024,136

4,822,787

TECHNOLOGY - SOFTWARE & SERVICES - 4.45%

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

1,790,000

1,601,370

Boxer Parent Co., Inc.

7.125%, 10/02/2025 (c)

15,453,000

15,052,636

9.125%, 03/01/2026 (c)

2,982,000

2,817,975

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

4,975,000

4,674,041

Gen Digital, Inc.

5.00%, 04/15/2025 (c)

18,275,000

17,817,573

6.75%, 09/30/2027 (c)

2,957,000

2,901,704

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

1,430,000

1,355,897

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

4,485,000

4,490,830

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

2,845,000

2,709,814

Sabre GLBL, Inc.

9.25%, 04/15/2025 (c)

6,405,000

6,391,402

7.375%, 09/01/2025 (c)

933,000

893,103

11.25%, 12/15/2027 (c)

1,000,000

1,030,005

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

2,851,000

2,698,243

64,434,593

TECHNOLOGY HARDWARE - 1.48%

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

3,945,000

3,837,696

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

6,805,000

6,522,420

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

2,000,000

1,857,320

Seagate HDD Cayman

4.75%, 06/01/2023 (b)

1,631,000

1,624,672

4.875%, 03/01/2024 (b)

1,225,000

1,202,851

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

4,445,000

4,436,513

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

2,070,000

1,953,873

21,435,345

TELECOMMUNICATION SERVICES - DIVERSIFIED - 2.28%

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

13,623,000

12,436,982

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

3,105,000

2,824,580

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

4,903,000

4,555,788

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

2,726,000

2,312,648

Lumen Technologies, Inc. 4.00%, 02/15/2027 (c)

1,720,000

1,461,454

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

3,155,000

2,779,910

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

6,790,000

6,586,907

32,958,269

TELECOMMUNICATION SERVICES - WIRELESS - 1.30%

Sprint, LLC

7.875%, 09/15/2023

9,233,000

9,383,544

7.125%, 06/15/2024

8,505,000

8,694,032

7.625%, 03/01/2026

660,000

695,892

18,773,468

TRANSPORTATION - 1.69%

Uber Technologies, Inc.

7.50%, 05/15/2025 (c)

6,705,000

6,711,559

8.00%, 11/01/2026 (c)

13,705,000

13,779,990

7.50%, 09/15/2027 (c)

1,690,000

1,692,907

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

2,310,000

2,340,538

24,524,994

UTILITIES - POWER - 2.66%

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

5,458,000

5,207,765

NextEra Energy Operating Partners, LP

4.25%, 07/15/2024 (c)

8,158,000

7,926,584

4.25%, 09/15/2024 (c)

72,000

67,311

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

5,815,000

5,775,342

Vistra Operations Co., LLC

5.50%, 09/01/2026 (c)

6,639,000

6,407,488

5.625%, 02/15/2027 (c)

10,641,000

10,130,060

5.00%, 07/31/2027 (c)

3,240,000

3,006,393

38,520,943

UTILITIES - PROPANE - 1.26%

AmeriGas Partners, LP / AmeriGas Finance Corp.

5.625%, 05/20/2024

12,986,000

12,625,371

5.50%, 05/20/2025

645,000

619,898

5.875%, 08/20/2026

2,300,000

2,187,897

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

3,059,000

2,786,434

18,219,600

TOTAL CORPORATE BONDS (Cost $1,330,089,330)

 

 

1,264,093,338

BANK LOANS - 7.35%

AEROSPACE & DEFENSE - 0.18%

TransDigm, Inc.

Senior Secured First Lien Term Loan 6.98% (3 Month LIBOR USD + 2.25%), 05/30/2025 (a)

855,000

847,327

Senior Secured First Lien Term Loan 6.98% (3 Month LIBOR USD + 2.25%), 12/09/2025 (a)

1,742,508

1,724,647

2,571,974

AUTOMOTIVE - 0.52%

Clarios Global, LP, Senior Secured First Lien Term Loan 7.634% (1 Month LIBOR USD + 3.25%), 04/30/2026 (a)

3,825,000

3,761,257

Thor Industries, Inc., Senior Secured First Lien Term Loan 7.438% (1 Month LIBOR USD + 3.00%), 02/02/2026 (a)

3,813,803

3,803,086

7,564,343

COMMERCIAL SERVICES - 0.55%

Camelot U.S. Acquisition 1 Co.

Senior Secured First Lien Term Loan 7.384% (1 Month LIBOR USD + 3.00%), 10/30/2026 (a)

801,475

789,954

Senior Secured First Lien Term Loan 7.384% (1 Month LIBOR USD + 3.00%, 1.000% Floor), 10/30/2026 (a)

4,162,470

4,105,236

Dun & Bradstreet Corp., Senior Secured First Lien Term Loan 7.639% (1 Month LIBOR USD + 3.25%), 02/06/2026 (a)

2,877,454

2,856,132

Tempo Acquisition, LLC, Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%), 05/01/2024 (a)

168,629

168,460

7,919,782

CONSTRUCTION & ENGINEERING - 0.15%

Api Group DE, Inc., Senior Secured First Lien Term Loan 6.571% (1 Month LIBOR USD + 2.50%), 10/01/2026 (a)

2,215,146

2,203,605

FINANCIALS - INSURANCE - 1.03%

Asurion, LLC

Senior Secured First Lien Term Loan 7.384% (1 Month LIBOR USD + 3.00%), 11/04/2024 (a)

5,295,180

5,156,181

Senior Secured Second Lien Term Loan 9.634% (1 Month LIBOR USD + 5.25%), 01/19/2029 (a)

1,055,000

826,292

HUB International, Ltd., Senior Secured First Lien Term Loan 7.528% (3 Month LIBOR USD + 3.25%, 0.750% Floor), 04/25/2025 (a)

8,611,481

8,545,905

NFP Corp., Senior Secured First Lien Term Loan 7.321%, 02/04/2027 (a)(g)

433,885

 

416,065

14,944,443

HEALTHCARE - FACILITIES - 0.16%

Surgery Center Holdings, Inc., Senior Secured First Lien Term Loan 8.05% (1 Month LIBOR USD + 3.75%, 0.750% Floor), 09/03/2026 (a)

2,328,775

2,305,231

HEALTHCARE - MANAGED HEALTH CARE - 0.29%

Verscend Holding Corp., Senior Secured First Lien Term Loan 8.384% (1 Month LIBOR USD + 4.00%), 08/27/2025 (a)

4,173,984

4,155,723

LEISURE - CASINOS & GAMING - 0.46%

Caesars Resort Collection

Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%), 12/23/2024 (a)

2,465,420

2,463,053

Senior Secured First Lien Term Loan 7.884% (1 Month LIBOR USD + 3.50%), 07/21/2025 (a)

4,211,135

4,206,102

6,669,155

LEISURE - RESTAURANTS - 0.77%

IRB Holding Corp., Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%, 1.000% Floor), 02/05/2025 (a)

11,236,972

11,154,437

MEDIA - BROADCASTING - 0.01%

Univision Communications, Inc., Senior Secured First Lien Term Loan 7.134% (1 Month LIBOR USD + 2.75%, 1.000% Floor), 03/15/2024 (a)

179,395

179,433

MEDIA - CABLE & SATELLITE - 0.34%

CSC Holdings, LLC, Senior Secured First Lien Term Loan 6.568% (1 Month LIBOR USD + 2.25%), 07/17/2025 (a)

1,728,304

1,639,297

DIRECTV Financing, LLC, Senior Secured First Lien Term Loan 9.384% (1 Month LIBOR USD + 5.00%, 0.750% Floor), 08/02/2027 (a)

693,420

676,591

Maxar Technologies, Ltd., Senior Secured First Lien Term Loan 8.673% (1 Month SOFR USD + 4.25%, 0.500% Floor), 06/14/2029 (a)

2,544,959

2,546,091

4,861,979

MEDIA - DIVERSIFIED - 0.18%

Red Ventures, LLC, Senior Secured First Lien Term Loan 6.884% (1 Month LIBOR USD + 2.50%), 11/08/2024 (a)

2,667,371

2,655,287

MEDIA - ENTERTAINMENT - 0.56%

UFC Holdings, LLC, Senior Secured First Lien Term Loan 7.11% (3 Month LIBOR USD + 2.75%, 0.750% Floor), 04/29/2026 (a)

1,110,563

1,098,069

William Morris Endeavor Entertainment, LLC

 

 

 

Senior Secured First Lien Term Loan 6.83% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)

6,690,401

 

6,563,283

Senior Secured First Lien Term Loan 7.14% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)

385,012

 

377,697

8,039,049

PACKAGING - 0.20%

Mauser Packaging Solutions Holding Co., Senior Secured First Lien Term Loan 7.37% (1 Month LIBOR USD + 3.25%), 04/03/2024 (a)

3,006,634

2,941,495

TECHNOLOGY - SOFTWARE & SERVICES - 1.58%

Almonde, Inc., Senior Secured First Lien Term Loan 6.871% (6 Month LIBOR USD + 3.50%, 1.000% Floor), 06/13/2024 (a)

1,728,795

1,533,580

Boxer Parent Co., Inc., Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%), 10/02/2025 (a)

4,043,040

3,880,409

Open Text Corp., Senior Secured First Lien Term Loan 5.504%, 05/30/2025 (a)(g)

2,842,539

 

2,788,062

Optiv Security, Inc., Senior Secured First Lien Term Loan 7.42% (6 Month LIBOR USD + 3.25%, 1.000% Floor), 02/01/2024 (a)

6,077,342

5,827,927

Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan 8.39% (1 Month LIBOR USD + 4.00%), 04/26/2024 (a)

9,007,646

8,809,478

22,839,456

TECHNOLOGY HARDWARE - 0.07%

Presidio Holdings, Inc.

 

 

 

Senior Secured First Lien Term Loan 7.89% (1 Month LIBOR USD + 3.50%), 01/22/2027 (a)

41,771

 

41,184

Senior Secured First Lien Term Loan 7.92% (3 Month LIBOR USD + 3.50%), 01/22/2027 (a)

1,002,518

 

988,423

 

 

 

1,029,607

TRANSPORTATION - 0.30%

AAdvantage Loyalty IP, Ltd., Senior Secured First Lien Term Loan 8.993%, 04/20/2028 (a)(g)

853,252

 

850,987

Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan 8.134% (1 Month LIBOR USD + 3.75%, 0.750% Floor), 03/24/2026 (a)

990,933

968,458

XPO Logistics, Inc., Senior Secured First Lien Term Loan 5.935% (1 Month LIBOR USD + 1.75%), 02/24/2025 (a)

2,570,000

2,561,763

4,381,208

TOTAL BANK LOANS (Cost $106,659,442)

 

 

106,416,207

CONVERTIBLE BONDS - 1.18%

FINANCIALS - DIVERSIFIED - 0.59%

Blackstone Mortgage Trust, Inc.

4.75%, 03/15/2023

5,010,000

4,963,031

5.50%, 03/15/2027

2,450,000

2,099,344

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

1,450,000

1,412,844

8,475,219

FOOD & BEVERAGE - 0.23%

Herbalife Nutrition, Ltd. 2.625%, 03/15/2024 (b)

3,630,000

3,355,935

TECHNOLOGY - SOFTWARE & SERVICES - 0.36%

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

2,440,000

2,305,800

Splunk, Inc. 0.50%, 09/15/2023

3,000,000

2,905,500

5,211,300

TOTAL CONVERTIBLE BONDS (Cost $17,498,781)

 

 

17,042,454

Shares

MONEY MARKET FUND - 4.32%

First American Government Obligations Fund - Class X, 4.10% (d)

62,545,777

62,545,777

TOTAL MONEY MARKET FUND (Cost $62,545,777)

 

 

62,545,777

Total Investments (Cost $1,516,793,330) - 100.20%

1,450,097,776

Liabilities in Excess of Other Assets  - (0.20%)

(2,852,661)

TOTAL NET ASSETS - 100.00%

   1,447,245,115

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, 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 December 31, 2022, the value of these investments was $927,085,812 or 64.06% of total net assets.

(d)

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

(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, 2022.

(i)

Zero-coupon security.  Rate shown is the amortized yield as of December 31, 2022.

 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.