|
Shenkman Capital Short Duration High Income Fund
|
||||||||
|
Schedule of Investments
|
||||||||
|
December 31, 2021 (Unaudited)
|
||||||||
|
Principal
|
Fair
|
|||||||
|
Amount
|
Value
|
|||||||
|
CORPORATE BONDS - 92.81% (f)
|
||||||||
|
AEROSPACE & DEFENSE - 2.50%
|
||||||||
|
Howmet Aerospace, Inc. 5.125%, 10/01/2024
|
$
|
5,660,000
|
$
|
6,106,008
|
||||
|
TransDigm, Inc.
|
||||||||
|
8.00%, 12/15/2025 (c)
|
3,620,000
|
3,823,679
|
||||||
|
6.25%, 03/15/2026 (c)
|
5,195,000
|
5,406,125
|
||||||
|
6.375%, 06/15/2026
|
10,597,000
|
10,900,021
|
||||||
|
TransDigm UK Holdings PLC 6.875%, 05/15/2026 (b)
|
5,796,000
|
6,063,167
|
||||||
|
Triumph Group, Inc. 8.875%, 06/01/2024 (c)
|
2,009,000
|
2,191,940
|
||||||
|
34,490,940
|
||||||||
|
AUTO RETAIL - 0.51%
|
||||||||
|
Penske Automotive Group, Inc. 3.50%, 09/01/2025
|
6,910,000
|
7,072,765
|
||||||
|
AUTOMOTIVE - 5.23%
|
||||||||
|
Adient U.S., LLC 9.00%, 04/15/2025 (c)
|
2,870,000
|
3,052,590
|
||||||
|
American Axle & Manufacturing, Inc. 6.25%, 03/15/2026
|
3,265,000
|
3,337,695
|
||||||
|
Clarios Global, L.P. 6.75%, 05/15/2025 (b)(c)
|
549,000
|
575,635
|
||||||
|
Clarios Global, L.P. / Clarios U.S. Finance Co.
|
||||||||
|
6.25%, 05/15/2026 (b)(c)
|
2,242,000
|
2,348,529
|
||||||
|
8.50%, 05/15/2027 (b)(c)
|
6,375,000
|
6,765,692
|
||||||
|
Dana Financing Luxembourg S.A.R.L. 5.75%, 04/15/2025 (b)(c)
|
3,720,000
|
3,812,070
|
||||||
|
Ford Motor Co. 9.00%, 04/22/2025
|
4,405,000
|
5,391,125
|
||||||
|
Ford Motor Credit Co., LLC
|
||||||||
|
1.391% (3 Month LIBOR USD + 1.235%), 02/15/2023 (a)
|
1,300,000
|
1,297,942
|
||||||
|
5.125%, 06/16/2025
|
625,000
|
680,500
|
||||||
|
3.375%, 11/13/2025
|
8,955,000
|
9,315,304
|
||||||
|
2.70%, 08/10/2026
|
4,195,000
|
4,236,950
|
||||||
|
Goodyear Tire & Rubber Co.
|
||||||||
|
9.50%, 05/31/2025
|
5,985,000
|
6,476,907
|
||||||
|
5.00%, 05/31/2026
|
12,677,000
|
13,026,505
|
||||||
|
IHO Verwaltungs GmbH 4.75% Cash or 6.00% PIK, 09/15/2026 (b)(c)(g)
|
2,000,000
|
2,044,310
|
||||||
|
Jaguar Land Rover Automotive PLC
|
||||||||
|
5.625%, 02/01/2023 (b)(c)
|
1,560,000
|
1,564,504
|
||||||
|
7.75%, 10/15/2025 (b)(c)
|
4,631,000
|
5,013,058
|
||||||
|
Meritor, Inc. 6.25%, 06/01/2025 (c)
|
3,020,000
|
3,151,415
|
||||||
|
72,090,731
|
||||||||
|
BUILDING PRODUCTS - 0.82%
|
||||||||
|
Forterra Finance, LLC / FRTA Finance Corp. 6.50%, 07/15/2025 (c)
|
10,650,000
|
11,313,655
|
||||||
|
CHEMICALS - 3.90%
|
||||||||
|
Avient Corp. 5.75%, 05/15/2025 (c)
|
6,211,000
|
6,481,924
|
||||||
|
Consolidated Energy Finance SA 6.50%, 05/15/2026 (b)(c)
|
4,025,000
|
4,104,655
|
||||||
|
Methanex Corp. 4.25%, 12/01/2024 (b)
|
4,976,000
|
5,217,610
|
||||||
|
NOVA Chemicals Corp. 4.875%, 06/01/2024 (b)(c)
|
10,450,000
|
10,801,381
|
||||||
|
SCIL IV, LLC / SCIL, U.S.A. Holdings, LLC 5.375%, 11/01/2026 (c)
|
2,910,000
|
2,990,025
|
||||||
|
SPCM SA 3.125%, 03/15/2027 (b)(c)
|
3,980,000
|
3,936,936
|
||||||
|
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 5.375%, 09/01/2025 (b)(c)
|
6,095,000
|
6,213,091
|
||||||
|
Tronox, Inc. 6.50%, 05/01/2025 (c)
|
6,177,000
|
6,534,648
|
||||||
|
W.R. Grace Holdings, LLC 5.625%, 10/01/2024 (c)
|
7,025,000
|
7,403,085
|
||||||
|
53,683,355
|
||||||||
|
COMMERCIAL SERVICES - 3.88%
|
||||||||
|
Allied Universal Holdco, LLC / Allied Universal Finance Corp. 6.625%, 07/15/2026 (c)
|
4,355,000
|
4,570,921
|
||||||
|
Aramark Services, Inc.
|
||||||||
|
5.00%, 04/01/2025 (c)
|
1,800,000
|
1,838,268
|
||||||
|
6.375%, 05/01/2025 (c)
|
9,686,000
|
10,134,220
|
||||||
|
Brink's Co. 5.50%, 07/15/2025 (c)
|
2,045,000
|
2,128,845
|
||||||
|
Camelot Finance SA 4.50%, 11/01/2026 (b)(c)
|
2,775,000
|
2,875,094
|
||||||
|
Dun & Bradstreet Corp. 6.875%, 08/15/2026 (c)
|
3,510,000
|
3,654,191
|
||||||
|
Garda World Security Corp. 9.50%, 11/01/2027 (b)(c)
|
5,189,000
|
5,602,044
|
||||||
|
Iron Mountain, Inc. 4.875%, 09/15/2027 (c)
|
2,880,000
|
2,990,851
|
||||||
|
KAR Auction Services, Inc. 5.125%, 06/01/2025 (c)
|
15,855,000
|
16,112,010
|
||||||
|
Tempo Acquisition, LLC / Tempo Acquisition Finance Corp. 5.75%, 06/01/2025 (c)
|
3,350,000
|
3,479,025
|
||||||
|
53,385,469
|
||||||||
|
CONSTRUCTION & ENGINEERING - 0.28%
|
||||||||
|
Picasso Finance Sub, Inc. 6.125%, 06/15/2025 (c)
|
3,679,000
|
3,848,289
|
||||||
|
CONSUMER DISCRETIONARY - 0.56%
|
||||||||
|
Hanesbrands, Inc. 4.625%, 05/15/2024 (c)
|
5,255,000
|
5,508,659
|
||||||
|
Newell Brands, Inc. 4.875%, 06/01/2025
|
2,075,000
|
2,264,312
|
||||||
|
7,772,971
|
||||||||
|
CONSUMER NON-DISCRETIONARY - 0.16%
|
||||||||
|
Spectrum Brands, Inc. 5.75%, 07/15/2025
|
2,138,000
|
2,185,624
|
||||||
|
ENVIRONMENTAL SERVICES - 1.83%
|
||||||||
|
Clean Harbors, Inc. 4.875%, 07/15/2027 (c)
|
2,410,000
|
2,484,710
|
||||||
|
Covanta Holding Corp. 6.00%, 01/01/2027
|
1,385,000
|
1,431,661
|
||||||
|
GFL Environmental, Inc.
|
||||||||
|
4.25%, 06/01/2025 (b)(c)
|
4,178,000
|
4,303,340
|
||||||
|
3.75%, 08/01/2025 (b)(c)
|
5,850,000
|
5,915,754
|
||||||
|
5.125%, 12/15/2026 (b)(c)
|
1,055,000
|
1,098,492
|
||||||
|
Stericycle, Inc. 5.375%, 07/15/2024 (c)
|
9,754,000
|
9,959,175
|
||||||
|
25,193,132
|
||||||||
|
FINANCIALS - CONSUMER FINANCE - 1.79%
|
||||||||
|
Ally Financial, Inc. 5.75%, 11/20/2025
|
2,970,000
|
3,354,226
|
||||||
|
goeasy, Ltd.
|
||||||||
|
5.375%, 12/01/2024 (b)(c)
|
5,069,000
|
5,213,644
|
||||||
|
4.375%, 05/01/2026 (b)(c)
|
1,760,000
|
1,792,657
|
||||||
|
LFS Topco, LLC 5.875%, 10/15/2026 (c)
|
1,720,000
|
1,777,689
|
||||||
|
Navient Corp.
|
||||||||
|
5.50%, 01/25/2023
|
1,840,000
|
1,918,568
|
||||||
|
7.25%, 09/25/2023
|
1,961,000
|
2,114,938
|
||||||
|
6.75%, 06/25/2025
|
1,075,000
|
1,183,575
|
||||||
|
OneMain Finance Corp.
|
||||||||
|
6.125%, 03/15/2024
|
4,000,000
|
4,245,720
|
||||||
|
6.875%, 03/15/2025
|
1,850,000
|
2,060,465
|
||||||
|
8.875%, 06/01/2025
|
885,000
|
947,999
|
||||||
|
24,609,481
|
||||||||
|
FINANCIALS - DIVERSIFIED - 0.81%
|
||||||||
|
Blackstone Mortgage Trust, Inc. 3.750%, 01/15/2027 (c)
|
4,510,000
|
4,498,725
|
||||||
|
Starwood Property Trust, Inc.
|
||||||||
|
5.50%, 11/01/2023 (c)
|
3,043,000
|
3,152,563
|
||||||
|
3.75%, 12/31/2024 (c)
|
1,550,000
|
1,568,011
|
||||||
|
3.625%, 07/15/2026 (c)
|
1,875,000
|
1,867,603
|
||||||
|
11,086,902
|
||||||||
|
FINANCIALS - INSURANCE - 0.89%
|
||||||||
|
Acrisure, LLC / Acrisure Finance, Inc.
|
||||||||
|
7.00%, 11/15/2025 (c)
|
5,075,000
|
5,080,659
|
||||||
|
10.125%, 08/01/2026 (c)
|
3,671,000
|
4,046,506
|
||||||
|
HUB International, Ltd. 7.00%, 05/01/2026 (c)
|
3,000,000
|
3,086,325
|
||||||
|
12,213,490
|
||||||||
|
FINANCIALS - THRIFTS & MORTGAGES - 0.88%
|
||||||||
|
PennyMac Financial Services, Inc. 5.375%, 10/15/2025 (c)
|
5,935,000
|
6,104,919
|
||||||
|
Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc. 2.875%, 10/15/2026 (c)
|
3,850,000
|
3,826,284
|
||||||
|
United Wholesale Mortgage, LLC 5.50%, 11/15/2025 (c)
|
2,125,000
|
2,167,149
|
||||||
|
12,098,352
|
||||||||
|
FOOD & BEVERAGE - 1.55%
|
||||||||
|
B&G Foods, Inc. 5.25%, 04/01/2025
|
11,693,000
|
11,956,093
|
||||||
|
Post Holdings, Inc. 5.75%, 03/01/2027 (c)
|
9,078,000
|
9,383,974
|
||||||
|
21,340,067
|
||||||||
|
HEALTHCARE - EQUIPMENT & SUPPLIES - 2.04%
|
||||||||
|
Change Healthcare Holdings, LLC / Change Healthcare Finance, Inc. 5.75%, 03/01/2025 (c)
|
19,654,000
|
19,846,413
|
||||||
|
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA 7.375%, 06/01/2025 (c)
|
7,871,000
|
8,311,894
|
||||||
|
28,158,307
|
||||||||
|
HEALTHCARE - FACILITIES - 5.70%
|
||||||||
|
Global Medical Response, Inc. 6.50%, 10/01/2025 (c)
|
3,805,000
|
3,852,981
|
||||||
|
HCA, Inc.
|
||||||||
|
7.50%, 12/15/2023
|
2,505,000
|
2,791,021
|
||||||
|
8.36%, 04/15/2024
|
3,846,000
|
4,406,881
|
||||||
|
5.375%, 02/01/2025
|
1,805,000
|
1,986,041
|
||||||
|
7.69%, 06/15/2025
|
658,000
|
778,143
|
||||||
|
7.58%, 09/15/2025
|
2,251,000
|
2,660,187
|
||||||
|
Legacy LifePoint Health, LLC 6.75%, 04/15/2025 (c)
|
8,881,000
|
9,267,457
|
||||||
|
Magellan Health, Inc. 4.90%, 09/22/2024 (d)
|
2,972,000
|
3,220,311
|
||||||
|
ModivCare, Inc. 5.875%, 11/15/2025 (c)
|
4,312,000
|
4,532,774
|
||||||
|
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. 9.75%, 12/01/2026 (c)
|
13,496,000
|
14,278,431
|
||||||
|
RP Escrow Issuer, LLC 5.25%, 12/15/2025 (c)
|
4,345,000
|
4,388,754
|
||||||
|
Surgery Center Holdings, Inc. 6.75%, 07/01/2025 (c)
|
8,255,000
|
8,325,498
|
||||||
|
Tenet Healthcare Corp.
|
||||||||
|
6.75%, 06/15/2023
|
6,235,000
|
6,671,201
|
||||||
|
4.625%, 07/15/2024
|
656,000
|
665,023
|
||||||
|
4.625%, 09/01/2024 (c)
|
5,360,000
|
5,486,335
|
||||||
|
7.50%, 04/01/2025 (c)
|
4,915,000
|
5,178,690
|
||||||
|
78,489,728
|
||||||||
|
HEALTHCARE - LIFE SCIENCES - 0.28%
|
||||||||
|
Catalent Pharma Solutions, Inc. 5.00%, 07/15/2027 (c)
|
1,290,000
|
1,341,600
|
||||||
|
IQVIA, Inc. 5.00%, 10/15/2026 (c)
|
2,409,000
|
2,475,235
|
||||||
|
3,816,835
|
||||||||
|
HEALTHCARE - MANAGED HEALTH CARE - 1.58%
|
||||||||
|
Verscend Escrow Corp. 9.75%, 08/15/2026 (c)
|
20,406,000
|
21,715,046
|
||||||
|
HEALTHCARE - PHARMACEUTICALS & BIOTECHNOLOGY - 3.18%
|
||||||||
|
Bausch Health Cos., Inc.
|
||||||||
|
6.125%, 04/15/2025 (b)(c)
|
18,866,000
|
19,266,902
|
||||||
|
5.50%, 11/01/2025 (b)(c)
|
500,000
|
508,758
|
||||||
|
9.00%, 12/15/2025 (b)(c)
|
16,134,000
|
17,012,980
|
||||||
|
Elanco Animal Health, Inc. 5.272%, 08/28/2023 (d)
|
2,952,000
|
3,144,028
|
||||||
|
Teva Pharmaceutical Finance Netherlands III B.V.
|
||||||||
|
6.00%, 04/15/2024 (b)
|
1,370,000
|
1,436,719
|
||||||
|
4.75%, 05/09/2027 (b)
|
2,455,000
|
2,433,519
|
||||||
|
43,802,906
|
||||||||
|
HEALTHCARE - REITs - 1.03%
|
||||||||
|
MPT Operating Partnership, L.P. / MPT Finance Corp. 5.25%, 08/01/2026
|
13,797,000
|
14,210,497
|
||||||
|
INDUSTRIAL MACHINERY - 1.20%
|
||||||||
|
Colfax Corp. 6.375%, 02/15/2026 (c)
|
4,762,000
|
4,927,599
|
||||||
|
EnPro Industries, Inc. 5.75%, 10/15/2026
|
3,605,000
|
3,773,739
|
||||||
|
Hillenbrand, Inc. 5.75%, 06/15/2025
|
2,105,000
|
2,201,830
|
||||||
|
WESCO Distribution, Inc. 7.125%, 06/15/2025 (c)
|
5,307,000
|
5,632,186
|
||||||
|
16,535,354
|
||||||||
|
LEISURE - CASINOS & GAMING - 5.59%
|
||||||||
|
Boyd Gaming Corp. 8.625%, 06/01/2025 (c)
|
3,275,000
|
3,513,158
|
||||||
|
Caesars Entertainment, Inc. 6.25%, 07/01/2025 (c)
|
11,925,000
|
12,531,982
|
||||||
|
Caesars Resort Collection, LLC / CRC Finco, Inc. 5.75%, 07/01/2025 (c)
|
1,875,000
|
1,960,481
|
||||||
|
International Game Technology PLC
|
||||||||
|
6.50%, 02/15/2025 (b)(c)
|
12,070,000
|
13,111,098
|
||||||
|
4.125%, 04/15/2026 (b)(c)
|
4,525,000
|
4,666,678
|
||||||
|
MGM Growth Properties Operating Partnership, L.P. / MGP Finance Co-Issuer, Inc.
|
||||||||
|
5.625%, 05/01/2024
|
1,515,000
|
1,621,027
|
||||||
|
4.625%, 06/15/2025 (c)
|
3,227,000
|
3,447,033
|
||||||
|
MGM Resorts International
|
||||||||
|
7.75%, 03/15/2022
|
4,629,000
|
4,692,718
|
||||||
|
6.00%, 03/15/2023
|
6,128,000
|
6,411,512
|
||||||
|
6.75%, 05/01/2025
|
1,335,000
|
1,396,410
|
||||||
|
Scientific Games International, Inc.
|
||||||||
|
8.625%, 07/01/2025 (c)
|
6,860,000
|
7,331,282
|
||||||
|
5.00%, 10/15/2025 (c)
|
8,719,000
|
8,987,763
|
||||||
|
8.25%, 03/15/2026 (c)
|
900,000
|
948,398
|
||||||
|
VICI Properties, L.P. / VICI Note Co., Inc.
|
||||||||
|
3.50%, 02/15/2025 (c)
|
1,865,000
|
1,894,943
|
||||||
|
4.25%, 12/01/2026 (c)
|
4,245,000
|
4,426,622
|
||||||
|
76,941,105
|
||||||||
|
LEISURE - HOTELS - 4.96%
|
||||||||
|
Hilton Domestic Operating Co., Inc. 5.375%, 05/01/2025 (c)
|
1,510,000
|
1,572,869
|
||||||
|
Marriott International, Inc. 5.75%, 05/01/2025 (d)
|
275,000
|
309,904
|
||||||
|
Marriott Ownership Resorts, Inc. 6.125%, 09/15/2025 (c)
|
2,177,000
|
2,271,699
|
||||||
|
NCL Corp., Ltd.
|
||||||||
|
12.25%, 05/15/2024 (b)(c)
|
595,000
|
705,679
|
||||||
|
10.25%, 02/01/2026 (b)(c)
|
3,440,000
|
4,002,491
|
||||||
|
RLJ Lodging Trust, L.P. 3.75%, 07/01/2026 (c)
|
3,187,000
|
3,207,891
|
||||||
|
Royal Caribbean Cruises, Ltd.
|
||||||||
|
5.25%, 11/15/2022 (b)
|
2,040,000
|
2,070,692
|
||||||
|
10.875%, 06/01/2023 (b)(c)
|
7,116,000
|
7,783,232
|
||||||
|
11.50%, 06/01/2025 (b)(c)
|
2,789,000
|
3,127,208
|
||||||
|
Service Properties Trust
|
||||||||
|
5.00%, 08/15/2022
|
9,022,000
|
9,022,677
|
||||||
|
4.50%, 06/15/2023
|
1,765,000
|
1,766,518
|
||||||
|
4.65%, 03/15/2024
|
1,230,000
|
1,215,959
|
||||||
|
4.35%, 10/01/2024
|
3,705,000
|
3,634,920
|
||||||
|
7.50%, 09/15/2025
|
3,820,000
|
4,143,439
|
||||||
|
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025 (c)
|
2,899,000
|
3,099,212
|
||||||
|
Travel + Leisure Co.
|
||||||||
|
3.90%, 03/01/2023
|
1,715,000
|
1,743,358
|
||||||
|
5.65%, 04/01/2024 (d)
|
435,000
|
462,622
|
||||||
|
TripAdvisor, Inc. 7.00%, 07/15/2025 (c)
|
9,793,000
|
10,341,555
|
||||||
|
Vail Resorts, Inc. 6.25%, 05/15/2025 (c)
|
7,510,000
|
7,817,910
|
||||||
|
68,299,835
|
||||||||
|
LEISURE - RESTAURANTS - 1.87%
|
||||||||
|
1011778 B.C., ULC / New Red Finance, Inc. 5.75%, 04/15/2025 (b)(c)
|
2,800,000
|
2,908,318
|
||||||
|
IRB Holding Corp.
|
||||||||
|
7.00%, 06/15/2025 (c)
|
5,865,000
|
6,210,947
|
||||||
|
6.75%, 02/15/2026 (c)
|
8,154,000
|
8,315,490
|
||||||
|
Yum! Brands, Inc. 7.75%, 04/01/2025 (c)
|
7,877,000
|
8,309,723
|
||||||
|
25,744,478
|
||||||||
|
MEDIA - BROADCASTING - 4.45%
|
||||||||
|
AMC Networks, Inc.
|
||||||||
|
5.00%, 04/01/2024
|
3,277,000
|
3,305,018
|
||||||
|
4.75%, 08/01/2025
|
14,397,000
|
14,720,717
|
||||||
|
Gray Television, Inc. 5.875%, 07/15/2026 (c)
|
9,950,000
|
10,290,141
|
||||||
|
Nexstar Media, Inc. 5.625%, 07/15/2027 (c)
|
3,326,000
|
3,479,944
|
||||||
|
Sirius XM Radio, Inc.
|
||||||||
|
3.125%, 09/01/2026 (c)
|
6,739,000
|
6,749,816
|
||||||
|
5.00%, 08/01/2027 (c)
|
3,175,000
|
3,303,841
|
||||||
|
TEGNA, Inc. 4.75%, 03/15/2026 (c)
|
3,145,000
|
3,274,118
|
||||||
|
Univision Communications, Inc.
|
||||||||
|
5.125%, 02/15/2025 (c)
|
9,378,000
|
9,483,456
|
||||||
|
6.625%, 06/01/2027 (c)
|
6,210,000
|
6,697,578
|
||||||
|
61,304,629
|
||||||||
|
MEDIA - CABLE & SATELLITE - 5.61%
|
||||||||
|
CCO Holdings, LLC / CCO Holdings Capital Corp. 5.50%, 05/01/2026 (c)
|
9,411,000
|
9,706,482
|
||||||
|
Connect Finco S.A.R.L. / Connect U.S. Finco, LLC 6.75%, 10/01/2026 (b)(c)
|
2,500,000
|
2,631,500
|
||||||
|
CSC Holdings, LLC
|
||||||||
|
5.875%, 09/15/2022
|
4,933,000
|
5,061,332
|
||||||
|
5.50%, 04/15/2027 (c)
|
7,117,000
|
7,365,668
|
||||||
|
DIRECTV Financing, LLC / DIRECTV Financing Co-Obligor, Inc. 5.875%, 08/15/2027 (c)
|
4,585,000
|
4,698,800
|
||||||
|
DISH DBS Corp.
|
||||||||
|
5.875%, 07/15/2022
|
3,375,000
|
3,434,147
|
||||||
|
5.875%, 11/15/2024
|
2,030,000
|
2,086,109
|
||||||
|
7.75%, 07/01/2026
|
3,107,000
|
3,281,924
|
||||||
|
5.25%, 12/01/2026 (c)
|
5,142,000
|
5,230,828
|
||||||
|
Hughes Satellite Systems Corp. 6.625%, 08/01/2026
|
3,425,000
|
3,836,856
|
||||||
|
Maxar Space Robotics, LLC 9.75%, 12/31/2023 (c)
|
11,234,000
|
12,116,038
|
||||||
|
Quebecor Media, Inc. 5.75%, 01/15/2023 (b)
|
7,165,000
|
7,458,801
|
||||||
|
Viasat, Inc. 5.625%, 09/15/2025 (c)
|
10,317,000
|
10,381,223
|
||||||
|
77,289,708
|
||||||||
|
MEDIA - DIVERSIFIED - 1.25%
|
||||||||
|
Houghton Mifflin Harcourt Publishers, Inc. 9.00%, 02/15/2025 (c)
|
3,130,000
|
3,288,863
|
||||||
|
Nielsen Co. Luxembourg S.A.R.L. 5.00%, 02/01/2025 (b)(c)
|
10,442,000
|
10,619,514
|
||||||
|
Outfront Media Capital, LLC / Outfront Media Capital Corp. 6.25%, 06/15/2025 (c)
|
3,211,000
|
3,342,699
|
||||||
|
17,251,076
|
||||||||
|
MEDIA - ENTERTAINMENT - 0.76%
|
||||||||
|
Live Nation Entertainment, Inc.
|
||||||||
|
4.875%, 11/01/2024 (c)
|
4,663,000
|
4,714,573
|
||||||
|
5.625%, 03/15/2026 (c)
|
5,180,000
|
5,360,911
|
||||||
|
Netflix, Inc. 5.50%, 02/15/2022
|
455,000
|
458,042
|
||||||
|
10,533,526
|
||||||||
|
METALS & MINING - 1.05%
|
||||||||
|
Constellium SE 5.875%, 02/15/2026 (b)(c)
|
2,184,000
|
2,213,733
|
||||||
|
FMG Resources August 2006 Pty, Ltd. 5.125%, 05/15/2024 (b)(c)
|
7,711,000
|
8,181,680
|
||||||
|
Novelis Corp. 3.25%, 11/15/2026 (c)
|
4,055,000
|
4,095,246
|
||||||
|
14,490,659
|
||||||||
|
MIDSTREAM - STORAGE & TRANSPORT - 2.58%
|
||||||||
|
Buckeye Partners, L.P.
|
||||||||
|
4.15%, 07/01/2023
|
2,507,000
|
2,572,320
|
||||||
|
4.35%, 10/15/2024
|
1,405,000
|
1,466,195
|
||||||
|
4.125%, 03/01/2025 (c)
|
3,625,000
|
3,747,362
|
||||||
|
DCP Midstream Operating, L.P.
|
||||||||
|
4.95%, 04/01/2022
|
2,000,000
|
2,000,000
|
||||||
|
3.875%, 03/15/2023
|
850,000
|
872,597
|
||||||
|
EQM Midstream Partners, L.P.
|
||||||||
|
4.75%, 07/15/2023
|
1,305,000
|
1,358,577
|
||||||
|
6.00%, 07/01/2025 (c)
|
1,945,000
|
2,117,366
|
||||||
|
NGL Energy Operating, LLC / NGL Energy Finance Corp. 7.50%, 02/01/2026 (c)
|
1,630,000
|
1,683,146
|
||||||
|
NuStar Logistics, L.P. 5.75%, 10/01/2025
|
1,900,000
|
2,046,537
|
||||||
|
Rattler Midstream, L.P. 5.625%, 07/15/2025 (c)
|
6,275,000
|
6,532,275
|
||||||
|
Sunoco, L.P. / Sunoco Finance Corp. 6.00%, 04/15/2027
|
2,341,000
|
2,443,770
|
||||||
|
Tallgrass Energy Partners, L.P. / Tallgrass Energy Finance Corp. 7.50%, 10/01/2025 (c)
|
2,630,000
|
2,849,644
|
||||||
|
Targa Resources Partners, L.P. / Targa Resources Partners Finance Corp. 5.875%, 04/15/2026
|
5,590,000
|
5,840,041
|
||||||
|
35,529,830
|
||||||||
|
PACKAGING - 3.81%
|
||||||||
|
ARD Finance SA 6.50%, 06/30/2027 (b)(c)
|
4,915,000
|
5,067,562
|
||||||
|
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc.
|
||||||||
|
5.25%, 04/30/2025 (b)(c)
|
7,130,000
|
7,369,105
|
||||||
|
4.125%, 08/15/2026 (b)(c)
|
5,365,000
|
5,492,418
|
||||||
|
CANPACK SA / Eastern PA Land Investment Holding, LLC 3.125%, 11/01/2025 (b)(c)
|
3,075,000
|
3,078,244
|
||||||
|
Crown Americas, LLC / Crown Americas Capital Corp. VI 4.75%, 02/01/2026
|
5,150,000
|
5,285,522
|
||||||
|
Flex Acquisition Co., Inc.
|
||||||||
|
6.875%, 01/15/2025 (c)
|
6,020,000
|
6,033,485
|
||||||
|
7.875%, 07/15/2026 (c)
|
6,075,000
|
6,309,464
|
||||||
|
Graphic Packaging International, LLC 4.875%, 11/15/2022
|
469,000
|
477,700
|
||||||
|
LABL, Inc.
|
||||||||
|
6.75%, 07/15/2026 (c)
|
5,710,000
|
5,890,665
|
||||||
|
10.50%, 07/15/2027 (c)
|
1,391,000
|
1,460,202
|
||||||
|
Sealed Air Corp.
|
||||||||
|
5.125%, 12/01/2024 (c)
|
4,359,000
|
4,673,502
|
||||||
|
5.50%, 09/15/2025 (c)
|
205,000
|
226,986
|
||||||
|
Silgan Holdings, Inc. 4.75%, 03/15/2025
|
1,092,000
|
1,099,977
|
||||||
|
52,464,832
|
||||||||
|
PAPER & FOREST PRODUCTS - 0.29%
|
||||||||
|
Mercer International, Inc. 5.50%, 01/15/2026
|
3,969,000
|
4,029,051
|
||||||
|
REAL ESTATE - HOMEBUILDING - 0.34%
|
||||||||
|
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc. 5.625%, 03/01/2024 (c)
|
2,490,000
|
2,654,340
|
||||||
|
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. 5.875%, 06/15/2024
|
1,860,000
|
2,026,935
|
||||||
|
4,681,275
|
||||||||
|
REAL ESTATE - MANAGEMENT - 1.20%
|
||||||||
|
Greystar Real Estate Partners, LLC 5.75%, 12/01/2025 (c)
|
3,398,000
|
3,461,933
|
||||||
|
Newmark Group, Inc. 6.125%, 11/15/2023
|
2,920,000
|
3,127,320
|
||||||
|
Realogy Group, LLC / Realogy Co-Issuer Corp.
|
||||||||
|
7.625%, 06/15/2025 (c)
|
6,275,000
|
6,657,775
|
||||||
|
9.375%, 04/01/2027 (c)
|
3,020,000
|
3,264,937
|
||||||
|
16,511,965
|
||||||||
|
RETAIL - FOOD & DRUG - 1.32%
|
||||||||
|
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, L.P. / Albertsons, LLC
|
||||||||
|
3.50%, 02/15/2023 (c)
|
2,030,000
|
2,067,667
|
||||||
|
3.25%, 03/15/2026 (c)
|
3,565,000
|
3,635,605
|
||||||
|
7.50%, 03/15/2026 (c)
|
7,192,000
|
7,685,982
|
||||||
|
U.S. Foods, Inc. 6.25%, 04/15/2025 (c)
|
4,560,000
|
4,753,025
|
||||||
|
18,142,279
|
||||||||
|
RETAILING - 1.24%
|
||||||||
|
QVC, Inc.
|
||||||||
|
4.375%, 03/15/2023
|
8,593,000
|
8,860,887
|
||||||
|
4.45%, 02/15/2025
|
7,731,000
|
8,164,361
|
||||||
|
17,025,248
|
||||||||
|
TECHNOLOGY - SOFTWARE & SERVICES - 5.06%
|
||||||||
|
Block, Inc. 2.75%, 06/01/2026 (c)
|
1,790,000
|
1,794,484
|
||||||
|
Boxer Parent Co., Inc.
|
||||||||
|
7.125%, 10/02/2025 (c)
|
15,453,000
|
16,223,255
|
||||||
|
9.125%, 03/01/2026 (c)
|
2,160,000
|
2,258,507
|
||||||
|
Consensus Cloud Solutions, Inc. 6.00%, 10/15/2026 (c)
|
4,585,000
|
4,773,879
|
||||||
|
Go Daddy Operating Co., LLC / GD Finance Co., Inc. 5.25%, 12/01/2027 (c)
|
1,485,000
|
1,537,220
|
||||||
|
NCR Corp. 5.75%, 09/01/2027 (c)
|
6,805,000
|
7,118,030
|
||||||
|
NortonLifeLock, Inc.
|
||||||||
|
3.95%, 06/15/2022
|
1,400,000
|
1,409,254
|
||||||
|
5.00%, 04/15/2025 (c)
|
11,970,000
|
12,074,737
|
||||||
|
Nuance Communications, Inc. 5.625%, 12/15/2026
|
6,440,000
|
6,651,522
|
||||||
|
PTC, Inc. 3.625%, 02/15/2025 (c)
|
1,510,000
|
1,532,356
|
||||||
|
Sabre GLBL, Inc.
|
||||||||
|
9.25%, 04/15/2025 (c)
|
6,020,000
|
6,809,523
|
||||||
|
7.375%, 09/01/2025 (c)
|
1,320,000
|
1,381,195
|
||||||
|
Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc. 4.625%, 11/01/2026 (c)
|
5,856,000
|
6,074,136
|
||||||
|
69,638,098
|
||||||||
|
TECHNOLOGY HARDWARE - 2.14%
|
||||||||
|
CDW, LLC / CDW Finance Corp. 4.125%, 05/01/2025
|
3,945,000
|
4,057,649
|
||||||
|
CommScope, Inc. 6.00%, 03/01/2026 (c)
|
3,030,000
|
3,124,975
|
||||||
|
Diebold Nixdorf, Inc.
|
||||||||
|
8.50%, 04/15/2024
|
5,405,000
|
5,410,621
|
||||||
|
9.375%, 07/15/2025 (c)
|
8,882,000
|
9,573,331
|
||||||
|
Microchip Technology, Inc. 4.25%, 09/01/2025
|
2,755,000
|
2,861,962
|
||||||
|
Seagate HDD Cayman 4.75%, 06/01/2023 (b)
|
1,631,000
|
1,706,466
|
||||||
|
Sensata Technologies B.V. 4.875%, 10/15/2023 (b)(c)
|
705,000
|
741,114
|
||||||
|
Western Digital Corp. 4.75%, 02/15/2026
|
1,875,000
|
2,050,903
|
||||||
|
29,527,021
|
||||||||
|
TELECOMMUNICATION SERVICES - DIVERSIFIED - 3.28%
|
||||||||
|
Altice France SA 8.125%, 02/01/2027 (b)(c)
|
10,643,000
|
11,353,420
|
||||||
|
Cogent Communications Group, Inc. 3.50%, 05/01/2026 (c)
|
2,175,000
|
2,209,920
|
||||||
|
Level 3 Financing, Inc.
|
||||||||
|
5.375%, 05/01/2025
|
8,253,000
|
8,442,737
|
||||||
|
5.25%, 03/15/2026
|
4,678,000
|
4,788,237
|
||||||
|
Lumen Technologies, Inc.
|
||||||||
|
5.80%, 03/15/2022
|
1,715,000
|
1,730,032
|
||||||
|
6.75%, 12/01/2023
|
3,310,000
|
3,578,507
|
||||||
|
7.50%, 04/01/2024
|
4,290,000
|
4,702,698
|
||||||
|
5.625%, 04/01/2025
|
2,405,000
|
2,546,667
|
||||||
|
5.125%, 12/15/2026 (c)
|
188,000
|
195,922
|
||||||
|
Northwest Fiber, LLC / Northwest Fiber Finance Sub, Inc. 4.75%, 04/30/2027 (c)
|
2,190,000
|
2,170,290
|
||||||
|
Uniti Group, L.P. / Uniti Fiber Holdings, Inc. / CSL Capital, LLC 7.875%, 02/15/2025 (c)
|
3,260,000
|
3,406,537
|
||||||
|
45,124,967
|
||||||||
|
TELECOMMUNICATION SERVICES - WIRELESS - 0.72%
|
||||||||
|
Sprint Corp.
|
||||||||
|
7.875%, 09/15/2023
|
5,420,000
|
5,976,770
|
||||||
|
7.125%, 06/15/2024
|
3,500,000
|
3,933,720
|
||||||
|
9,910,490
|
||||||||
|
TRANSPORTATION - 1.77%
|
||||||||
|
Uber Technologies, Inc.
|
||||||||
|
7.50%, 05/15/2025 (c)
|
4,010,000
|
4,219,142
|
||||||
|
8.00%, 11/01/2026 (c)
|
7,260,000
|
7,742,681
|
||||||
|
7.50%, 09/15/2027 (c)
|
1,275,000
|
1,389,112
|
||||||
|
XPO Logistics, Inc. 6.25%, 05/01/2025 (c)
|
10,540,000
|
11,040,808
|
||||||
|
24,391,743
|
||||||||
|
UTILITIES - POWER - 2.23%
|
||||||||
|
Calpine Corp. 5.25%, 06/01/2026 (c)
|
2,323,000
|
2,386,220
|
||||||
|
NextEra Energy Operating Partners, L.P.
|
||||||||
|
4.25%, 07/15/2024 (c)
|
7,808,000
|
8,120,203
|
||||||
|
4.25%, 09/15/2024 (c)
|
72,000
|
74,771
|
||||||
|
TerraForm Power Operating, LLC 4.25%, 01/31/2023 (c)
|
3,940,000
|
4,032,807
|
||||||
|
Vistra Operations Co., LLC
|
||||||||
|
5.50%, 09/01/2026 (c)
|
4,735,000
|
4,895,919
|
||||||
|
5.625%, 02/15/2027 (c)
|
9,446,000
|
9,741,329
|
||||||
|
5.00%, 07/31/2027 (c)
|
1,390,000
|
1,444,294
|
||||||
|
30,695,543
|
||||||||
|
UTILITIES - PROPANE - 0.69%
|
||||||||
|
AmeriGas Partners, L.P. / AmeriGas Finance Corp. 5.625%, 05/20/2024
|
5,101,000
|
5,520,149
|
||||||
|
Ferrellgas, L.P. / Ferrellgas Finance Corp. 5.375%, 04/01/2026 (c)
|
4,159,000
|
4,028,304
|
||||||
|
9,548,453
|
||||||||
|
TOTAL CORPORATE BONDS (Cost $1,270,517,069)
|
1,278,189,707
|
|||||||
|
BANK LOANS - 2.76%
|
||||||||
|
AEROSPACE & DEFENSE - 0.13%
|
||||||||
|
Transdigm, Inc., Senior Secured First Lien Term Loan 2.354% (1 Month LIBOR USD + 2.25%), 12/09/2025 (a)
|
1,755,946
|
1,734,331
|
||||||
|
BUILDING PRODUCTS - 0.12%
|
||||||||
|
Forterra Finance, LLC, Senior Secured First Lien Term Loan 4.00% (1 Month LIBOR USD + 3.00%, 1.000% Floor), 10/25/2023 (a)
|
1,572,775
|
1,574,057
|
||||||
|
COMMERCIAL SERVICES - 0.06%
|
||||||||
|
IRI Holdings, Inc., Senior Secured First Lien Term Loan 4.354% (1 Month LIBOR USD + 4.25%), 12/01/2025 (a)
|
693,550
|
694,677
|
||||||
|
Tempo Acquisition, LLC, Senior Secured First Lien Term Loan 2.854% (1 Month LIBOR USD + 2.75%), 05/01/2024 (a)
|
185,626
|
185,765
|
||||||
|
880,442
|
||||||||
|
FINANCIALS - INSURANCE - 0.25%
|
||||||||
|
Asurion, LLC
|
||||||||
|
Senior Secured First Lien Term Loan 3.229% (1 Month LIBOR USD + 3.125%), 11/03/2023 (a)
|
99,595
|
99,470
|
||||||
|
Senior Secured First Lien Term Loan 3.09% (1 Month LIBOR USD + 3.00%), 11/04/2024 (a)
|
1,447,500
|
1,442,716
|
||||||
|
Senior Secured First Lien Term Loan 3.354% (1 Month LIBOR USD + 3.25%), 12/23/2026 (a)
|
421,446
|
419,164
|
||||||
|
HUB International, Ltd., Senior Secured First Lien Term Loan 4.00% (3 Month LIBOR USD + 3.25%, 0.750% Floor), 04/25/2025 (a)
|
1,526,146
|
1,527,970
|
||||||
|
3,489,320
|
||||||||
|
FOOD & BEVERAGE - 0.07%
|
||||||||
|
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)
|
1,016,941
|
1,007,407
|
||||||
|
HEALTHCARE - EQUIPMENT & SUPPLIES - 0.05%
|
||||||||
|
athenahealth, Inc., Senior Secured First Lien Term Loan 4.40% (3 Month LIBOR USD + 4.25%), 02/11/2026 (a)
|
734,450
|
735,460
|
||||||
|
HEALTHCARE - FACILITIES - 0.14%
|
||||||||
|
RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan 3.852% (1 Month LIBOR USD + 3.75%), 11/14/2025 (a)
|
1,980,643
|
1,981,624
|
||||||
|
HEALTHCARE - PHARMACEUTICALS & BIOTECHNOLOGY - 0.13%
|
||||||||
|
Bausch Health Cos., Inc., Senior Secured First Lien Term Loan 2.854% (1 Month LIBOR USD + 2.75%), 11/27/2025 (a)
|
1,736,149
|
1,728,006
|
||||||
|
MEDIA - BROADCASTING - 0.07%
|
||||||||
|
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
|
943,437
|
||||||
|
MEDIA - CABLE & SATELLITE - 0.15%
|
||||||||
|
Connect U.S. Finco, LLC, Senior Secured First Lien Term Loan 4.50% (1 Month LIBOR USD + 3.50%, 1.000% Floor), 12/11/2026 (a)
|
2,067,315
|
2,070,075
|
||||||
|
MEDIA - ENTERTAINMENT - 0.24%
|
||||||||
|
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
|
1,626,565
|
||||||
|
William Morris Endeavor Entertainment, LLC, Senior Secured First Lien Term Loan 2.86% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)
|
1,761,889
|
1,728,193
|
||||||
|
3,354,758
|
||||||||
|
TECHNOLOGY - SOFTWARE & SERVICES - 1.25%
|
||||||||
|
Almonde, Inc., Senior Secured First Lien Term Loan 4.50% (6 Month LIBOR USD + 3.50%, 1.000% Floor), 06/13/2024 (a)
|
4,821,810
|
4,806,742
|
||||||
|
Optiv Security, Inc., Senior Secured First Lien Term Loan 4.25% (1 Month LIBOR USD + 3.25%, 1.000% Floor), 02/01/2024 (a)
|
3,385,815
|
3,357,713
|
||||||
|
Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan 4.11% (1 Month LIBOR USD + 4.00%), 04/26/2024 (a)
|
584,100
|
585,744
|
||||||
|
RealPage, Inc., Senior Secured First Lien Term Loan 3.75% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 04/24/2028 (a)
|
892,568
|
891,037
|
||||||
|
TIBCO Software, Inc.
|
||||||||
|
Senior Secured First Lien Term Loan 3.85% (1 Month LIBOR USD + 3.75%), 06/30/2026 (a)
|
2,698,720
|
2,681,853
|
||||||
|
Senior Secured Second Lien Term Loan 7.35% (1 Month LIBOR USD + 7.25%), 03/03/2028 (a)
|
3,140,000
|
3,156,344
|
||||||
|
UKG, Inc., Senior Secured First Lien Term Loan 3.75% (1 Month LIBOR USD + 3.25%, 0.500% Floor), 05/04/2026 (a)
|
1,683,032
|
1,677,065
|
||||||
|
17,156,498
|
||||||||
|
TRANSPORTATION - 0.10%
|
||||||||
|
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)
|
1,369,332
|
1,367,525
|
||||||
|
TOTAL BANK LOANS (Cost $37,747,726)
|
38,022,940
|
|||||||
|
CONVERTIBLE BOND - 0.37%
|
||||||||
|
FINANCIALS - DIVERSIFIED - 0.37%
|
||||||||
|
Blackstone Mortgage Trust, Inc. 4.75%, 03/15/2023
|
4,960,000
|
5,111,776
|
||||||
|
TOTAL CONVERTIBLE BOND (Cost $5,072,452)
|
5,111,776
|
|||||||
|
Shares
|
||||||||
|
MONEY MARKET FUND - 3.07%
|
||||||||
|
First American Government Obligations Fund - Class X, 0.03% (e)
|
42,212,998
|
42,212,998
|
||||||
|
TOTAL MONEY MARKET FUND (Cost $42,212,998)
|
42,212,998
|
|||||||
|
Total Investments (Cost $1,355,550,245) - 99.01%
|
1,363,537,421
|
|||||||
|
Other Assets in Excess of Liabilities - 0.99%
|
13,678,464
|
|||||||
|
TOTAL NET ASSETS - 100.00%
|
$
|
1,377,215,885
|
||||||
|
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 December 31, 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 December 31, 2021, the value of these investments was $915,850,501 or 66.5% 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 December 31, 2021.
|
||||
|
(e)
|
Rate shown is the 7-day annualized yield as of December 31, 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.
|
|||
|
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI,
|
||||
|
Inc. and Standard & Poor's Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has
|
||||
|
been licensed for use by Shenkman Capital Management, Inc. Industries presented are at the discretion
|
||||
|
of Shenkman Capital Management, Inc. and therefore may not follow the exact naming convention prescribed by GICS.
|
||||
|
Shenkman Capital Short Duration High Income Fund
|
|||||||||
|
Summary of Fair Value Disclosure at December 31, 2021 (Unaudited)
|
|||||||||
|
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting
|
|||||||||
|
principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes
|
|||||||||
|
inputs to valuation methods. The three levels of inputs are:
|
|||||||||
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the
|
||||||||
|
Fund has the ability to access.
|
|||||||||
|
Level 2 –
|
Observable inputs other than quoted prices included in Level 1 that are observable for
|
||||||||
|
the asset or liability, either directly or indirectly. These inputs may include quoted prices
|
|||||||||
|
for the identical instrument on an inactive market, prices for similar instruments, interest
|
|||||||||
|
rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|||||||||
|
Level 3 –
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs
|
||||||||
|
are not available, representing the Fund's own assumptions about the assumptions a market
|
|||||||||
|
participant would use in valuing the asset or liability, and would be based on the best
|
|||||||||
|
information available.
|
|||||||||
|
The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021:
|
|
Shenkman Capital Short Duration High Income Fund
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Fixed Income
|
||||||||||||||||
|
Corporate Bonds
|
$
|
-
|
$ |
1,278,189,707
|
$
|
-
|
$ |
1,278,189,707
|
||||||||
|
Bank Loans
|
-
|
38,022,940
|
-
|
38,022,940
|
||||||||||||
|
Convertible Bond
|
-
|
5,111,776
|
-
|
5,111,776
|
||||||||||||
|
Total Fixed Income
|
-
|
1,321,324,423
|
-
|
1,321,324,423
|
||||||||||||
|
Money Market Fund
|
42,212,998
|
-
|
-
|
42,212,998
|
||||||||||||
|
Total Investments
|
$
|
42,212,998
|
$ |
1,321,324,423
|
$
|
-
|
$ |
1,363,537,421
|
||||||||
|
Refer to the Fund's schedule of investments for a detailed break-out of holdings by industry classification.
|
|||||||||