Shenkman Capital Short Duration High Income Fund
|
||||||
Schedule of Investments
|
||||||
June 30, 2023 (Unaudited)
|
||||||
Principal
|
Fair
|
|||||
Amount
|
Value
|
|||||
CORPORATE BONDS - 86.80% (e)
|
||||||
AEROSPACE & DEFENSE - 2.57%
|
||||||
Howmet Aerospace, Inc. 5.125%, 10/01/2024
|
$ |
3,073,000
|
$ |
3,041,379
|
||
TransDigm, Inc.
|
||||||
6.25%, 03/15/2026 (c)
|
16,560,000
|
16,492,979
|
||||
6.375%, 06/15/2026
|
10,860,000
|
10,731,793
|
||||
TransDigm UK Holdings PLC 6.875%, 05/15/2026 (b)
|
5,796,000
|
5,749,467
|
||||
Triumph Group, Inc. 9.00%, 03/15/2028 (c)
|
3,960,000
|
4,047,983
|
||||
40,063,601
|
||||||
AUTO RETAIL - 0.74%
|
||||||
Lithia Motors, Inc. 4.625%, 12/15/2027 (c)
|
5,910,000
|
5,526,264
|
||||
Penske Automotive Group, Inc. 3.50%, 09/01/2025
|
6,370,000
|
6,059,820
|
||||
11,586,084
|
||||||
AUTOMOTIVE - 7.02%
|
||||||
Adient Global Holdings, Ltd.
|
||||||
4.875%, 08/15/2026 (b)(c)
|
1,720,000
|
1,636,261
|
||||
7.00%, 04/15/2028 (b)(c)
|
3,035,000
|
3,071,041
|
||||
Allison Transmission, Inc. 4.75%, 10/01/2027 (c)
|
4,450,000
|
4,196,712
|
||||
American Axle & Manufacturing, Inc.
|
||||||
6.25%, 03/15/2026
|
3,727,000
|
3,628,860
|
||||
6.50%, 04/01/2027
|
7,332,000
|
6,965,348
|
||||
Clarios Global, LP / Clarios U.S. Finance Co.
|
||||||
6.25%, 05/15/2026 (b)(c)
|
10,312,000
|
10,257,430
|
||||
8.50%, 05/15/2027 (b)(c)
|
11,154,000
|
11,193,909
|
||||
Dana Financing Luxembourg Sarl 5.75%, 04/15/2025 (b)(c)
|
3,796,000
|
3,744,868
|
||||
Dana, Inc. 5.375%, 11/15/2027
|
2,584,000
|
2,450,072
|
||||
Ford Motor Credit Co., LLC
|
||||||
3.664%, 09/08/2024
|
1,855,000
|
1,794,148
|
||||
5.125%, 06/16/2025
|
6,215,000
|
6,047,291
|
||||
3.375%, 11/13/2025
|
8,955,000
|
8,330,853
|
||||
7.809% (3 Month SOFR + 2.95%), 03/06/2026 (a)
|
3,675,000
|
3,687,789
|
||||
6.95%, 06/10/2026
|
4,283,000
|
4,311,396
|
||||
2.70%, 08/10/2026
|
4,195,000
|
3,751,957
|
||||
Goodyear Tire & Rubber Co.
|
||||||
9.50%, 05/31/2025
|
7,100,000
|
7,266,744
|
||||
5.00%, 05/31/2026
|
7,622,000
|
7,459,698
|
||||
IHO Verwaltungs GmbH 4.75% Cash or 6.00% PIK, 09/15/2026 (b)(c)(f)
|
3,135,000
|
2,895,141
|
||||
Jaguar Land Rover Automotive PLC 7.75%, 10/15/2025 (b)(c)
|
5,576,000
|
5,604,003
|
||||
Patrick Industries, Inc. 7.50%, 10/15/2027 (c)
|
5,009,000
|
4,850,716
|
||||
ZF North America Capital, Inc.
|
||||||
4.75%, 04/29/2025 (c)
|
3,790,000
|
3,698,361
|
||||
6.875%, 04/14/2028 (c)
|
2,625,000
|
2,661,475
|
||||
109,504,073
|
||||||
CHEMICALS - 3.32%
|
||||||
Avient Corp. 5.75%, 05/15/2025 (c)
|
10,971,000
|
10,848,598
|
||||
Celanese U.S. Holdings, LLC 6.05%, 03/15/2025
|
6,012,000
|
5,989,632
|
||||
Consolidated Energy Finance SA 6.50%, 05/15/2026 (b)(c)
|
890,000
|
838,292
|
||||
INEOS Finance PLC 6.75%, 05/15/2028 (b)(c)
|
3,845,000
|
3,696,897
|
||||
INEOS Quattro Finance 2 PLC 3.375%, 01/15/2026 (b)(c)
|
2,400,000
|
2,192,473
|
||||
Methanex Corp. 4.25%, 12/01/2024 (b)
|
4,086,000
|
3,977,085
|
||||
NOVA Chemicals Corp. 4.875%, 06/01/2024 (b)(c)
|
11,389,000
|
11,137,075
|
||||
Olympus Water U.S. Holding Corp. 9.75%, 11/15/2028 (c)
|
4,480,000
|
4,377,856
|
||||
SCIL IV, LLC / SCIL, U.S.A. Holdings, LLC 5.375%, 11/01/2026 (c)
|
2,910,000
|
2,655,343
|
||||
SPCM SA 3.125%, 03/15/2027 (b)(c)
|
2,617,000
|
2,349,289
|
||||
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 5.375%, 09/01/2025 (b)(c)
|
4,520,000
|
3,782,359
|
||||
51,844,899
|
||||||
COMMERCIAL SERVICES - 4.52%
|
||||||
Allied Universal Holdco, LLC / Allied Universal Finance Corp. 6.625%, 07/15/2026 (c)
|
5,840,000
|
5,549,239
|
||||
Aramark Services, Inc.
|
||||||
5.00%, 04/01/2025 (c)
|
2,430,000
|
2,397,353
|
||||
6.375%, 05/01/2025 (c)
|
26,095,000
|
26,092,341
|
||||
Brink's Co. 5.50%, 07/15/2025 (c)
|
5,365,000
|
5,305,849
|
||||
Camelot Finance SA 4.50%, 11/01/2026 (b)(c)
|
4,625,000
|
4,361,413
|
||||
Garda World Security Corp.
|
||||||
9.50%, 11/01/2027 (b)(c)
|
2,814,000
|
2,722,048
|
||||
7.75%, 02/15/2028 (b)(c)
|
1,420,000
|
1,411,041
|
||||
Iron Mountain, Inc.
|
||||||
4.875%, 09/15/2027 (c)
|
8,125,000
|
7,686,708
|
||||
7.00%, 02/15/2029 (c)
|
4,183,000
|
4,195,402
|
||||
OPENLANE, Inc. 5.125%, 06/01/2025 (c)
|
5,758,000
|
5,649,555
|
||||
Tempo Acquisition, LLC / Tempo Acquisition Finance Corp. 5.75%, 06/01/2025 (c)
|
5,142,000
|
5,141,075
|
||||
70,512,024
|
||||||
CONSTRUCTION & ENGINEERING - 0.53%
|
||||||
Williams Scotsman International, Inc. 6.125%, 06/15/2025 (c)
|
8,333,000
|
8,280,672
|
||||
CONSUMER NON-DISCRETIONARY - 0.28%
|
||||||
Spectrum Brands, Inc. 5.75%, 07/15/2025
|
4,324,000
|
4,324,022
|
||||
ENVIRONMENTAL SERVICES - 2.17%
|
||||||
Clean Harbors, Inc. 4.875%, 07/15/2027 (c)
|
2,495,000
|
2,391,277
|
||||
GFL Environmental, Inc.
|
||||||
4.25%, 06/01/2025 (b)(c)
|
9,493,000
|
9,170,120
|
||||
3.75%, 08/01/2025 (b)(c)
|
5,850,000
|
5,571,017
|
||||
5.125%, 12/15/2026 (b)(c)
|
1,055,000
|
1,018,800
|
||||
Stericycle, Inc. 5.375%, 07/15/2024 (c)
|
15,956,000
|
15,764,154
|
||||
33,915,368
|
||||||
FINANCIALS: CONSUMER FINANCE - 3.20%
|
||||||
Ally Financial, Inc.
|
||||||
5.75%, 11/20/2025
|
3,022,000
|
2,911,684
|
||||
7.10%, 11/15/2027
|
2,880,000
|
2,906,693
|
||||
6.992% (6 Month SOFR + 3.26%), 06/13/2029 (a)
|
1,456,000
|
1,438,839
|
||||
goeasy, Ltd.
|
||||||
5.375%, 12/01/2024 (b)(c)
|
5,709,000
|
5,543,497
|
||||
4.375%, 05/01/2026 (b)(c)
|
1,945,000
|
1,775,864
|
||||
Navient Corp.
|
||||||
7.25%, 09/25/2023
|
3,506,000
|
3,511,767
|
||||
6.125%, 03/25/2024
|
10,300,000
|
10,228,711
|
||||
5.875%, 10/25/2024
|
1,000,000
|
983,659
|
||||
6.75%, 06/25/2025
|
1,755,000
|
1,727,095
|
||||
OneMain Finance Corp.
|
||||||
8.25%, 10/01/2023
|
3,206,000
|
3,225,221
|
||||
6.125%, 03/15/2024
|
6,050,000
|
6,035,038
|
||||
6.875%, 03/15/2025
|
3,975,000
|
3,939,896
|
||||
7.125%, 03/15/2026
|
2,000,000
|
1,966,844
|
||||
SLM Corp. 3.125%, 11/02/2026
|
4,285,000
|
3,715,952
|
||||
49,910,760
|
||||||
FINANCIALS: DIVERSIFIED - 0.66%
|
||||||
Aircastle, Ltd.
|
||||||
4.125%, 05/01/2024 (b)
|
1,459,000
|
1,420,071
|
||||
5.25%, 08/11/2025 (b)(c)
|
3,485,000
|
3,368,357
|
||||
Macquarie Airfinance Holdings, Ltd. 8.375%, 05/01/2028 (b)(c)
|
1,800,000
|
1,824,354
|
||||
Starwood Property Trust, Inc.
|
||||||
3.75%, 12/31/2024 (c)
|
1,383,000
|
1,297,856
|
||||
3.625%, 07/15/2026 (c)
|
2,809,000
|
2,420,809
|
||||
10,331,447
|
||||||
FINANCIALS: INSURANCE - 0.97%
|
||||||
Acrisure, LLC / Acrisure Finance, Inc.
|
||||||
7.00%, 11/15/2025 (c)
|
3,832,000
|
3,714,417
|
||||
10.125%, 08/01/2026 (c)
|
3,149,000
|
3,228,736
|
||||
HUB International, Ltd. 7.00%, 05/01/2026 (c)
|
6,510,000
|
6,497,828
|
||||
NFP Corp. 6.875%, 08/15/2028 (c)
|
1,910,000
|
1,661,002
|
||||
15,101,983
|
||||||
FINANCIALS: THRIFTS & MORTGAGES - 1.16%
|
||||||
Nationstar Mortgage Holdings, Inc. 6.00%, 01/15/2027 (c)
|
5,731,000
|
5,338,312
|
||||
PennyMac Financial Services, Inc. 5.375%, 10/15/2025 (c)
|
7,700,000
|
7,284,624
|
||||
Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc. 2.875%, 10/15/2026 (c)
|
2,272,000
|
2,013,117
|
||||
United Wholesale Mortgage, LLC 5.50%, 11/15/2025 (c)
|
3,640,000
|
3,468,085
|
||||
18,104,138
|
||||||
FOOD & BEVERAGE - 0.31%
|
||||||
B&G Foods, Inc. 5.25%, 04/01/2025
|
1,773,000
|
1,695,036
|
||||
Post Holdings, Inc. 5.75%, 03/01/2027 (c)
|
3,240,000
|
3,167,138
|
||||
4,862,174
|
||||||
HEALTHCARE: EQUIPMENT & SUPPLIES - 0.24%
|
||||||
Owens & Minor, Inc. 4.375%, 12/15/2024
|
3,870,000
|
3,758,027
|
||||
HEALTHCARE: FACILITIES - 3.19%
|
||||||
Encompass Health Corp. 5.75%, 09/15/2025
|
1,885,000
|
1,870,136
|
||||
Fresenius Medical Care U.S. Finance III, Inc. 1.875%, 12/01/2026 (c)
|
922,000
|
795,516
|
||||
HCA, Inc.
|
||||||
7.50%, 12/15/2023
|
2,505,000
|
2,519,596
|
||||
8.36%, 04/15/2024
|
3,846,000
|
3,908,771
|
||||
5.375%, 02/01/2025
|
1,805,000
|
1,789,687
|
||||
7.69%, 06/15/2025
|
658,000
|
676,336
|
||||
7.58%, 09/15/2025
|
2,251,000
|
2,327,922
|
||||
Legacy LifePoint Health, LLC 6.75%, 04/15/2025 (c)
|
4,396,000
|
4,060,981
|
||||
ModivCare, Inc. 5.875%, 11/15/2025 (c)
|
3,520,000
|
3,264,047
|
||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. 9.75%, 12/01/2026 (c)
|
7,896,000
|
6,606,374
|
||||
Select Medical Corp. 6.25%, 08/15/2026 (c)
|
1,914,000
|
1,883,395
|
||||
Surgery Center Holdings, Inc.
|
||||||
6.75%, 07/01/2025 (c)
|
5,013,000
|
5,013,746
|
||||
10.00%, 04/15/2027 (c)
|
3,852,000
|
3,943,389
|
||||
Tenet Healthcare Corp. 6.25%, 02/01/2027
|
11,271,000
|
11,165,970
|
||||
49,825,866
|
||||||
HEALTHCARE: LIFE SCIENCES - 0.87%
|
||||||
Catalent Pharma Solutions, Inc. 5.00%, 07/15/2027 (c)
|
1,290,000
|
1,185,736
|
||||
IQVIA, Inc. 5.00%, 10/15/2026 (c)
|
12,749,000
|
12,316,434
|
||||
13,502,170
|
||||||
HEALTHCARE: MANAGED HEALTH CARE - 1.56%
|
||||||
Verscend Escrow Corp. 9.75%, 08/15/2026 (c)
|
24,204,000
|
24,311,030
|
||||
HEALTHCARE: PHARMACEUTICALS & BIOTECHNOLOGY - 1.25%
|
||||||
Bausch Health Cos., Inc.
|
||||||
5.50%, 11/01/2025 (b)(c)
|
3,694,000
|
3,269,005
|
||||
9.00%, 12/15/2025 (b)(c)
|
4,744,000
|
4,144,050
|
||||
Teva Pharmaceutical Finance Netherlands III B.V.
|
||||||
2.80%, 07/21/2023 (b)
|
663,000
|
662,147
|
||||
6.00%, 04/15/2024 (b)
|
7,850,000
|
7,805,936
|
||||
7.125%, 01/31/2025 (b)
|
2,400,000
|
2,434,550
|
||||
3.15%, 10/01/2026 (b)
|
1,385,000
|
1,240,679
|
||||
19,556,367
|
||||||
HEALTHCARE: REITs - 0.57%
|
||||||
MPT Operating Partnership, LP / MPT Finance Corp. 5.25%, 08/01/2026
|
10,059,000
|
8,952,232
|
||||
INDUSTRIAL MACHINERY - 1.68%
|
||||||
EnPro Industries, Inc. 5.75%, 10/15/2026
|
6,489,000
|
6,300,170
|
||||
Hillenbrand, Inc. 5.75%, 06/15/2025
|
2,105,000
|
2,086,897
|
||||
Regal Rexnord Corp. 6.05%, 02/15/2026 (c)
|
1,796,000
|
1,798,675
|
||||
TK Elevator U.S. Newco, Inc. 5.25%, 07/15/2027 (c)
|
925,000
|
855,829
|
||||
WESCO Distribution, Inc. 7.125%, 06/15/2025 (c)
|
15,029,000
|
15,199,775
|
||||
26,241,346
|
||||||
LEISURE: CASINOS & GAMING - 8.75%
|
||||||
Boyd Gaming Corp. 4.75%, 12/01/2027
|
1,600,000
|
1,517,475
|
||||
Caesars Entertainment, Inc.
|
||||||
6.25%, 07/01/2025 (c)
|
23,955,000
|
23,863,583
|
||||
8.125%, 07/01/2027 (c)
|
5,050,000
|
5,172,235
|
||||
Caesars Resort Collection, LLC / CRC Finco, Inc. 5.75%, 07/01/2025 (c)
|
11,045,000
|
11,185,293
|
||||
Churchill Downs, Inc. 5.50%, 04/01/2027 (c)
|
7,285,000
|
7,011,570
|
||||
International Game Technology PLC
|
||||||
6.50%, 02/15/2025 (b)(c)
|
4,529,000
|
4,533,076
|
||||
4.125%, 04/15/2026 (b)(c)
|
9,769,000
|
9,285,923
|
||||
6.25%, 01/15/2027 (b)(c)
|
4,505,000
|
4,492,161
|
||||
MGM Resorts International
|
||||||
6.75%, 05/01/2025
|
19,830,000
|
19,895,974
|
||||
5.75%, 06/15/2025
|
8,169,000
|
8,093,928
|
||||
4.625%, 09/01/2026
|
1,425,000
|
1,345,083
|
||||
5.50%, 04/15/2027
|
1,385,000
|
1,328,371
|
||||
Scientific Games International, Inc.
|
||||||
8.625%, 07/01/2025 (c)
|
14,933,000
|
15,263,738
|
||||
7.00%, 05/15/2028 (c)
|
1,090,000
|
1,084,584
|
||||
VICI Properties, LP / VICI Note Co., Inc.
|
||||||
5.625%, 05/01/2024 (c)
|
7,810,000
|
7,767,978
|
||||
3.50%, 02/15/2025 (c)
|
1,865,000
|
1,783,714
|
||||
4.625%, 06/15/2025 (c)
|
5,805,000
|
5,614,278
|
||||
4.50%, 09/01/2026 (c)
|
2,405,000
|
2,274,216
|
||||
4.25%, 12/01/2026 (c)
|
5,240,000
|
4,907,200
|
||||
136,420,380
|
||||||
LEISURE: HOTELS - 7.19%
|
||||||
Cedar Fair, LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op
|
||||||
5.50%, 05/01/2025 (c)
|
12,871,000
|
12,766,762
|
||||
5.375%, 04/15/2027
|
2,655,000
|
2,527,014
|
||||
NCL Corp., Ltd.
|
||||||
3.625%, 12/15/2024 (b)(c)
|
1,150,000
|
1,105,805
|
||||
5.875%, 02/15/2027 (b)(c)
|
1,000,000
|
974,615
|
||||
8.375%, 02/01/2028 (b)(c)
|
1,305,000
|
1,364,745
|
||||
Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer 7.50%, 06/01/2025 (c)
|
9,725,000
|
9,735,697
|
||||
RHP Hotel Properties, LP / RHP Finance Corp.
|
||||||
4.75%, 10/15/2027
|
4,315,000
|
4,024,255
|
||||
7.25%, 07/15/2028 (c)
|
1,623,000
|
1,643,093
|
||||
RLJ Lodging Trust, LP 3.75%, 07/01/2026 (c)
|
7,642,000
|
7,018,413
|
||||
Royal Caribbean Cruises, Ltd.
|
||||||
11.50%, 06/01/2025 (b)(c)
|
8,514,000
|
9,041,017
|
||||
5.50%, 08/31/2026 (b)(c)
|
866,000
|
821,835
|
||||
Sabre GLBL, Inc.
|
||||||
9.25%, 04/15/2025 (c)
|
778,000
|
726,361
|
||||
7.375%, 09/01/2025 (c)
|
1,425,000
|
1,266,547
|
||||
11.25%, 12/15/2027 (c)
|
2,082,000
|
1,765,796
|
||||
Service Properties Trust
|
||||||
4.65%, 03/15/2024
|
1,230,000
|
1,211,215
|
||||
4.35%, 10/01/2024
|
8,985,000
|
8,648,872
|
||||
4.50%, 03/15/2025
|
490,000
|
463,540
|
||||
7.50%, 09/15/2025
|
3,820,000
|
3,753,367
|
||||
5.25%, 02/15/2026
|
2,210,000
|
2,007,288
|
||||
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025 (c)
|
4,865,000
|
4,893,690
|
||||
Travel + Leisure Co.
|
||||||
5.875%, 10/01/2025 (h)
|
3,498,000
|
3,505,661
|
||||
6.625%, 07/31/2026 (c)
|
7,365,000
|
7,315,648
|
||||
6.00%, 04/01/2027 (h)
|
1,085,000
|
1,054,186
|
||||
TripAdvisor, Inc. 7.00%, 07/15/2025 (c)
|
12,192,000
|
12,202,948
|
||||
Vail Resorts, Inc. 6.25%, 05/15/2025 (c)
|
12,287,000
|
12,312,742
|
||||
112,151,112
|
||||||
LEISURE: RESTAURANTS - 1.44%
|
||||||
1011778 B.C., ULC / New Red Finance, Inc. 5.75%, 04/15/2025 (b)(c)
|
4,685,000
|
4,682,030
|
||||
CEC Entertainment, LLC 6.75%, 05/01/2026 (c)
|
4,609,000
|
4,403,534
|
||||
Dave & Buster's, Inc. 7.625%, 11/01/2025 (c)
|
2,193,000
|
2,228,625
|
||||
IRB Holding Corp. 7.00%, 06/15/2025 (c)
|
11,127,000
|
11,197,267
|
||||
22,511,456
|
||||||
MEDIA: BROADCASTING - 3.34%
|
||||||
AMC Networks, Inc. 4.75%, 08/01/2025
|
2,361,000
|
2,067,466
|
||||
Graham Holdings Co. 5.75%, 06/01/2026 (c)
|
3,645,000
|
3,578,989
|
||||
Gray Television, Inc. 5.875%, 07/15/2026 (c)
|
6,276,000
|
5,607,783
|
||||
Sirius XM Radio, Inc.
|
||||||
3.125%, 09/01/2026 (c)
|
4,478,000
|
4,013,808
|
||||
5.00%, 08/01/2027 (c)
|
12,551,000
|
11,657,369
|
||||
TEGNA, Inc. 4.75%, 03/15/2026 (c)
|
3,590,000
|
3,431,071
|
||||
Univision Communications, Inc.
|
||||||
5.125%, 02/15/2025 (c)
|
15,151,000
|
14,848,889
|
||||
6.625%, 06/01/2027 (c)
|
7,180,000
|
6,953,162
|
||||
52,158,537
|
||||||
MEDIA: CABLE & SATELLITE - 3.22%
|
||||||
C&W Senior Financing DAC 6.875%, 09/15/2027 (b)(c)
|
2,685,000
|
2,345,079
|
||||
CCO Holdings, LLC / CCO Holdings Capital Corp.
|
||||||
5.50%, 05/01/2026 (c)
|
17,381,000
|
16,962,941
|
||||
5.125%, 05/01/2027 (c)
|
3,165,000
|
2,950,707
|
||||
Connect Finco Sarl / Connect U.S. Finco, LLC 6.75%, 10/01/2026 (b)(c)
|
2,500,000
|
2,430,541
|
||||
CSC Holdings, LLC 5.50%, 04/15/2027 (c)
|
5,300,000
|
4,417,655
|
||||
DIRECTV Financing, LLC / DIRECTV Financing Co-Obligor, Inc. 5.875%, 08/15/2027 (c)
|
4,474,000
|
4,056,284
|
||||
DISH DBS Corp. 5.875%, 11/15/2024
|
3,955,000
|
3,464,281
|
||||
Hughes Satellite Systems Corp.
|
||||||
5.25%, 08/01/2026 | 1,435,000 |
1,340,738
|
||||
6.625%, 08/01/2026
|
3,425,000
|
3,205,475
|
||||
Viasat, Inc. 5.625%, 09/15/2025 (c)
|
5,732,000
|
5,558,894
|
||||
Videotron, Ltd. 5.375%, 06/15/2024 (b)(c)
|
3,510,000
|
3,476,760
|
||||
50,209,355
|
||||||
MEDIA: DIVERSIFIED - 0.60%
|
||||||
Match Group Holdings II, LLC 5.00%, 12/15/2027 (c)
|
4,560,000
|
4,233,549
|
||||
Outfront Media Capital, LLC / Outfront Media Capital Corp. 6.25%, 06/15/2025 (c)
|
5,200,000
|
5,186,426
|
||||
9,419,975
|
||||||
MEDIA: ENTERTAINMENT - 1.30%
|
||||||
Live Nation Entertainment, Inc.
|
||||||
4.875%, 11/01/2024 (c)
|
10,682,000
|
10,529,269
|
||||
5.625%, 03/15/2026 (c)
|
9,423,000
|
9,217,244
|
||||
6.50%, 05/15/2027 (c)
|
500,000
|
503,169
|
||||
20,249,682
|
||||||
METALS & MINING - 0.32%
|
||||||
Cleveland-Cliffs, Inc. 6.75%, 03/15/2026 (c)
|
4,920,000
|
4,975,081
|
||||
MIDSTREAM: STORAGE & TRANSPORT - 2.61%
|
||||||
Antero Midstream Partners, LP / Antero Midstream Finance Corp. 7.875%, 05/15/2026 (c)
|
4,550,000
|
4,615,502
|
||||
Buckeye Partners, LP
|
||||||
4.35%, 10/15/2024
|
3,460,000
|
3,359,314
|
||||
4.125%, 03/01/2025 (c)
|
4,856,000
|
4,623,859
|
||||
3.95%, 12/01/2026
|
1,139,000
|
1,029,707
|
||||
Crestwood Midstream Partners, LP / Crestwood Midstream Finance Corp.
|
||||||
5.75%, 04/01/2025
|
2,505,000
|
2,463,434
|
||||
5.625%, 05/01/2027 (c)
|
1,799,000
|
1,707,251
|
||||
EQM Midstream Partners, LP
|
||||||
6.00%, 07/01/2025 (c)
|
714,000
|
706,622
|
||||
7.50%, 06/01/2027 (c)
|
3,695,000
|
3,734,174
|
||||
Genesis Energy, LP / Genesis Energy Finance Corp.
|
||||||
6.50%, 10/01/2025
|
1,280,000
|
1,261,323
|
||||
6.25%, 05/15/2026
|
2,183,000
|
2,076,054
|
||||
NuStar Logistics, LP 5.75%, 10/01/2025
|
3,385,000
|
3,303,463
|
||||
Sunoco, LP / Sunoco Finance Corp. 6.00%, 04/15/2027
|
2,341,000
|
2,310,897
|
||||
Tallgrass Energy Partners, LP / Tallgrass Energy Finance Corp. 7.50%, 10/01/2025 (c)
|
2,630,000
|
2,627,515
|
||||
Venture Global LNG, Inc. 8.125%, 06/01/2028 (c)
|
6,748,000
|
6,843,115
|
||||
40,662,230
|
||||||
PACKAGING - 3.20%
|
||||||
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc.
|
||||||
5.25%, 04/30/2025 (b)(c)
|
10,953,000
|
10,725,247
|
||||
4.125%, 08/15/2026 (b)(c)
|
4,879,000
|
4,550,191
|
||||
Ball Corp. 5.25%, 07/01/2025
|
3,480,000
|
3,438,710
|
||||
Berry Global, Inc.
|
||||||
4.50%, 02/15/2026 (c)
|
1,500,000
|
1,430,067
|
||||
4.875%, 07/15/2026 (c)
|
7,701,000
|
7,409,517
|
||||
CANPACK SA / CANPACK U.S., LLC 3.125%, 11/01/2025 (b)(c)
|
1,604,000
|
1,469,553
|
||||
LABL, Inc. 6.75%, 07/15/2026 (c)
|
6,916,000
|
6,806,181
|
||||
Mauser Packaging Solutions Holding Co.
|
||||||
7.875%, 08/15/2026 (c)
|
4,167,000
|
4,138,973
|
||||
9.25%, 04/15/2027 (c)
|
2,100,000
|
1,940,516
|
||||
Owens-Brockway Glass Container, Inc. 6.625%, 05/13/2027 (c)
|
3,627,000
|
3,596,855
|
||||
Sealed Air Corp.
|
||||||
5.125%, 12/01/2024 (c)
|
3,503,000
|
3,464,817
|
||||
5.50%, 09/15/2025 (c)
|
205,000
|
201,978
|
||||
4.00%, 12/01/2027 (c)
|
810,000
|
737,100
|
||||
49,909,705
|
||||||
REAL ESTATE: HOMEBUILDING - 0.39%
|
||||||
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc. 5.625%, 03/01/2024 (c)
|
3,455,000
|
3,432,197
|
||||
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. 5.875%, 06/15/2024
|
2,670,000
|
2,652,378
|
||||
6,084,575
|
||||||
REAL ESTATE: MANAGEMENT - 0.64%
|
||||||
Greystar Real Estate Partners, LLC 5.75%, 12/01/2025 (c)
|
3,880,000
|
3,792,374
|
||||
Newmark Group, Inc. 6.125%, 11/15/2023
|
6,268,000
|
6,210,961
|
||||
10,003,335
|
||||||
RETAIL: FOOD & DRUG - 2.78%
|
||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC
|
||||||
3.25%, 03/15/2026 (c)
|
3,565,000
|
3,293,774
|
||||
7.50%, 03/15/2026 (c)
|
11,764,000
|
11,973,987
|
||||
6.50%, 02/15/2028 (c)
|
5,260,000
|
5,274,702
|
||||
U.S. Foods, Inc. 6.25%, 04/15/2025 (c)
|
22,738,000
|
22,746,652
|
||||
43,289,115
|
||||||
RETAILING - 0.46%
|
||||||
Bath & Body Works, Inc. 9.375%, 07/01/2025 (c)
|
4,552,000
|
4,837,137
|
||||
PetSmart, Inc. / PetSmart Finance Corp. 4.75%, 02/15/2028 (c)
|
2,439,000
|
2,256,532
|
||||
7,093,669
|
||||||
TECHNOLOGY HARDWARE - 1.12%
|
||||||
CDW, LLC / CDW Finance Corp. 4.125%, 05/01/2025
|
3,945,000
|
3,802,428
|
||||
NCR Corp. 5.75%, 09/01/2027 (c)
|
4,940,000
|
4,945,390
|
||||
Presidio Holdings, Inc. 8.25%, 02/01/2028 (c)
|
3,175,000
|
3,027,100
|
||||
Sensata Technologies B.V. 5.625%, 11/01/2024 (b)(c)
|
4,445,000
|
4,415,217
|
||||
Western Digital Corp. 4.75%, 02/15/2026
|
1,371,000
|
1,306,470
|
||||
17,496,605
|
||||||
TECHNOLOGY: SOFTWARE & SERVICES - 4.03%
|
||||||
Block, Inc. 2.75%, 06/01/2026
|
4,154,000
|
3,786,055
|
||||
Boxer Parent Co., Inc.
|
||||||
7.125%, 10/02/2025 (c)
|
11,702,000
|
11,712,708
|
||||
9.125%, 03/01/2026 (c)
|
2,982,000
|
2,972,025
|
||||
Consensus Cloud Solutions, Inc. 6.00%, 10/15/2026 (c)
|
4,975,000
|
4,524,927
|
||||
Gen Digital, Inc.
|
||||||
5.00%, 04/15/2025 (c)
|
18,275,000
|
17,914,953
|
||||
6.75%, 09/30/2027 (c)
|
3,823,000
|
3,815,862
|
||||
Go Daddy Operating Co., LLC / GD Finance Co., Inc. 5.25%, 12/01/2027 (c)
|
1,430,000
|
1,359,844
|
||||
Open Text Corp. 6.90%, 12/01/2027 (b)(c)
|
4,485,000
|
4,571,202
|
||||
PTC, Inc. 3.625%, 02/15/2025 (c)
|
7,085,000
|
6,849,697
|
||||
Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc. 4.625%, 11/01/2026 (c)
|
5,656,000
|
5,309,712
|
||||
62,816,985
|
||||||
TELECOMMUNICATION SERVICES: DIVERSIFIED - 1.53%
|
||||||
Altice France SA 8.125%, 02/01/2027 (b)(c)
|
6,781,000
|
5,848,382
|
||||
Cogent Communications Group, Inc. 3.50%, 05/01/2026 (c)
|
3,105,000
|
2,882,682
|
||||
Iliad Holding SASU 6.50%, 10/15/2026 (b)(c)
|
7,353,000
|
6,946,947
|
||||
Level 3 Financing, Inc. 3.40%, 03/01/2027 (c)
|
2,793,000
|
2,371,513
|
||||
Northwest Fiber, LLC / Northwest Fiber Finance Sub, Inc. 4.75%, 04/30/2027 (c)
|
3,155,000
|
2,789,335
|
||||
Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC 10.50%, 02/15/2028 (c)
|
3,033,000
|
3,011,467
|
||||
23,850,326
|
||||||
TELECOMMUNICATION SERVICES: WIRELESS - 0.55%
|
||||||
Sprint Capital Corp. 6.875%, 11/15/2028
|
3,540,000
|
3,757,974
|
||||
Sprint, LLC
|
||||||
7.125%, 06/15/2024
|
4,030,000
|
4,069,605
|
||||
7.625%, 03/01/2026
|
660,000
|
686,192
|
||||
8,513,771
|
||||||
TRANSPORTATION - 2.47%
|
||||||
American Airlines, Inc. 11.75%, 07/15/2025 (c)
|
1,500,000
|
1,646,074
|
||||
American Airlines, Inc. / AAdvantage Loyalty IP, Ltd. 5.50%, 04/20/2026 (b)(c)
|
1,380,000
|
1,362,483
|
||||
Mileage Plus Holdings, LLC / Mileage Plus Intellectual Property Assets, Ltd. 6.50%, 06/20/2027 (c)
|
5,669,600
|
5,688,021
|
||||
Uber Technologies, Inc.
|
||||||
7.50%, 05/15/2025 (c)
|
7,860,000
|
7,962,619
|
||||
8.00%, 11/01/2026 (c)
|
13,705,000
|
13,983,157
|
||||
7.50%, 09/15/2027 (c)
|
1,690,000
|
1,730,525
|
||||
XPO Escrow Sub, LLC 7.50%, 11/15/2027 (c)
|
2,310,000
|
2,362,508
|
||||
XPO, Inc. 6.25%, 06/01/2028 (c)
|
3,925,000
|
3,866,125
|
||||
38,601,512
|
||||||
UTILITIES: POWER - 2.48%
|
||||||
Calpine Corp. 5.25%, 06/01/2026 (c)
|
5,458,000
|
5,276,392
|
||||
NextEra Energy Operating Partners, LP
|
||||||
4.25%, 07/15/2024 (c)
|
8,158,000
|
7,986,146
|
||||
4.25%, 09/15/2024 (c)
|
72,000
|
69,031
|
||||
NRG Energy, Inc. 6.625%, 01/15/2027
|
5,815,000
|
5,774,757
|
||||
Vistra Operations Co., LLC
|
||||||
5.50%, 09/01/2026 (c)
|
6,639,000
|
6,394,969
|
||||
5.625%, 02/15/2027 (c)
|
10,641,000
|
10,207,530
|
||||
5.00%, 07/31/2027 (c)
|
3,240,000
|
3,035,587
|
||||
38,744,412
|
||||||
UTILITIES: PROPANE - 1.57%
|
||||||
AmeriGas Partners, LP / AmeriGas Finance Corp.
|
||||||
5.50%, 05/20/2025
|
11,868,000
|
11,469,163
|
||||
5.875%, 08/20/2026
|
4,030,000
|
3,793,555
|
||||
5.75%, 05/20/2027
|
1,515,000
|
1,394,283
|
||||
9.375%, 06/01/2028 (c)
|
4,881,000
|
4,961,829
|
||||
Ferrellgas, LP / Ferrellgas Finance Corp. 5.375%, 04/01/2026 (c)
|
1,900,000
|
1,768,953
|
||||
Suburban Propane Partners, LP/Suburban Energy Finance Corp. 5.875%, 03/01/2027
|
1,177,000
|
1,138,248
|
||||
24,526,031
|
||||||
TOTAL CORPORATE BONDS (Cost $1,385,446,207)
|
1,354,176,132
|
|||||
CONVERTIBLE BONDS - 0.75%
|
||||||
FOOD & BEVERAGE - 0.39%
|
||||||
Herbalife Nutrition, Ltd. 2.625%, 03/15/2024
|
6,205,000
|
6,025,055
|
||||
TECHNOLOGY: SOFTWARE & SERVICES - 0.15%
|
||||||
DocuSign, Inc. 5.125%, 01/15/2024 (i)
|
2,440,000
|
2,372,990
|
||||
TELECOMMUNICATION SERVICES: DIVERSIFIED - 0.21%
|
||||||
Liberty Latin America, Ltd. 2.00%, 07/15/2024
|
3,478,000
|
3,311,056
|
||||
TOTAL CONVERTIBLE BONDS (Cost $11,574,684)
|
11,709,101
|
|||||
BANK LOANS - 8.32% (j)
|
||||||
AUTOMOTIVE - 0.31%
|
||||||
Thor Industries, Inc., Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.0%), 02/02/2026 (a)
|
4,846,661
|
4,853,470
|
||||
CHEMICALS - 0.05%
|
||||||
Nouryon Finance B.V., Senior Secured First Lien Term Loan 8.068%, 10/01/2025 (a)(g)
|
745,824
|
746,663
|
||||
COMMERCIAL SERVICES - 0.82%
|
||||||
Camelot U.S. Acquisition 1 Co.
|
||||||
Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.0%), 10/30/2026 (a)
|
753,340
|
753,152
|
||||
Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.0%, 1.00% Floor), 10/30/2026 (a)
|
3,912,437
|
3,911,635
|
||||
Dun & Bradstreet Corp., Senior Secured First Lien Term Loan 8.434% (1 Month SOFR USD + 3.25%), 02/06/2026 (a)
|
4,923,479
|
4,933,942
|
||||
Garda World Security Corp., Senior Secured First Lien Term Loan 9.427% (1 Month SOFR USD + 4.25%), 10/30/2026 (a)
|
3,187,349
|
3,175,396
|
||||
12,774,125
|
||||||
CONSTRUCTION & ENGINEERING - 0.20%
|
||||||
Api Group DE, Inc., Senior Secured First Lien Term Loan 7.717% (1 Month SOFR USD + 2.5%), 10/01/2026 (a)
|
3,163,086
|
3,171,215
|
||||
CONSUMER DISCRETIONARY - 0.22%
|
||||||
Wand NewCo 3, Inc.
|
||||||
Senior Secured First Lien Term Loan 2.996% (1 Month LIBOR USD + 2.75%), 02/05/2026 (a)
|
301,648
|
299,617
|
||||
Senior Secured First Lien Term Loan 7.943% (1 Month LIBOR USD + 2.75%), 02/05/2026 (a)
|
3,104,823
|
3,083,912
|
||||
3,383,529
|
||||||
FINANCIALS: DIVERSIFIED - 0.20%
|
||||||
Castlelake Aviation One, LLC, Senior Secured First Lien Term Loan 8.302% (3 Month LIBOR USD + 2.75%, 0.50% Floor), 10/22/2026 (a)
|
3,092,401
|
3,083,077
|
||||
FINANCIALS: INSURANCE - 0.61%
|
||||||
Acrisure, LLC, Senior Secured First Lien Term Loan 10.823% (3 Month SOFR USD + 5.75%, 1.00% Floor), 02/15/2027 (a)
|
3,637,575
|
3,669,404
|
||||
Asurion, LLC, Senior Secured First Lien Term Loan 8.538% (3 Month LIBOR USD + 3.0%), 11/04/2024 (a)
|
3,549,050
|
3,549,902
|
||||
NFP Corp, Senior Secured First Lien Term Loan 8.467% (1 Month SOFR USD + 3.25%), 02/15/2027 (a)
|
2,371,082
|
2,327,892
|
||||
9,547,198
|
||||||
HEALTHCARE: EQUIPMENT & SUPPLIES - 0.15%
|
||||||
Navicure, Inc., Senior Secured First Lien Term Loan 9.217% (1 Month SOFR USD + 4.0%), 10/22/2026 (a)
|
2,391,638
|
2,388,648
|
||||
HEALTHCARE: FACILITIES - 0.45%
|
||||||
Select Medical Corp., Senior Secured First Lien Term Loan 7.753% (1 Month SOFR USD + 2.5%), 03/06/2025 (a)
|
665,000
|
664,418
|
||||
Surgery Center Holdings, Inc., Senior Secured First Lien Term Loan 8.896% (1 Month LIBOR USD + 3.75%, 0.75% Floor), 09/03/2026 (a)
|
6,405,258
|
6,404,522
|
||||
7,068,940
|
||||||
HEALTHCARE: MANAGED HEALTH CARE - 0.56%
|
||||||
Verscend Holding Corp., Senior Secured First Lien Term Loan 9.217% (1 Month SOFR USD + 4.0%), 08/27/2025 (a)
|
8,763,143
|
8,771,337
|
||||
INDUSTRIAL MACHINERY - 0.18%
|
||||||
TK Elevator Midco GMBH, Senior Secured First Lien Term Loan 8.602% (6 Month LIBOR USD + 3.5%, 0.50% Floor), 07/30/2027 (a)
|
2,880,000
|
2,861,294
|
||||
LEISURE: HOTELS - 0.02%
|
||||||
Sabre GLBL, Inc., Senior Secured First Lien Term Loan 10.202% (1 Month SOFR USD + 5.0%, 0.50% Floor), 06/30/2028 (a)
|
436,605
|
350,157
|
||||
LEISURE: RESTAURANTS - 0.34%
|
||||||
IRB Holding Corp., Senior Secured First Lien Term Loan 8.202% (1 Month SOFR USD + 3.0%, 0.75% Floor), 12/15/2027 (a)
|
5,347,920
|
5,317,838
|
||||
MEDIA: BROADCASTING - 0.20%
|
||||||
Univision Communications, Inc.
|
||||||
Senior Secured First Lien Term Loan 7.943% (1 Month LIBOR USD + 2.75%, 1.00% Floor), 03/15/2024 (a)
|
179,395
|
179,940
|
||||
Senior Secured First Lien Term Loan 8.443%, 03/13/2026 (a)(g)
|
3,006,488
|
2,985,548
|
||||
3,165,488
|
||||||
MEDIA: CABLE & SATELLITE - 0.04%
|
||||||
DIRECTV Financing, LLC, Senior Secured First Lien Term Loan 10.217% (1 Month SOFR USD + 5.0%, 0.75% Floor), 08/02/2027 (a)
|
658,261
|
645,004
|
||||
MEDIA: ENTERTAINMENT - 0.60%
|
||||||
UFC Holdings, LLC, Senior Secured First Lien Term Loan 8.05% (3 Month LIBOR USD + 2.75%, 0.75% Floor), 04/29/2026 (a)
|
2,360,777
|
2,360,930
|
||||
William Morris Endeavor Entertainment, LLC
|
||||||
Senior Secured First Lien Term Loan 7.91% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)
|
2,608,644
|
2,606,818
|
||||
Senior Secured First Lien Term Loan 7.95% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)
|
4,420,541
|
4,417,447
|
||||
9,385,195
|
||||||
TECHNOLOGY HARDWARE - 0.20%
|
||||||
Presidio Holdings, Inc.
|
||||||
Senior Secured First Lien Term Loan 8.645% (3 Month SOFR USD + 3.5%), 01/22/2027 (a)
|
2,956,328
|
2,946,719
|
||||
Senior Secured First Lien Term Loan 8.702% (1 Month SOFR USD + 3.5%), 01/22/2027 (a)
|
107,388
|
107,039
|
||||
3,053,758
|
||||||
TECHNOLOGY: SOFTWARE & SERVICES - 1.97%
|
||||||
Access CIG, LLC, Senior Secured First Lien Term Loan 8.939% (1 Month LIBOR USD + 3.75%), 02/27/2025 (a)
|
1,403,551
|
1,390,681
|
||||
Boxer Parent Co., Inc., Senior Secured First Lien Term Loan 8.967% (1 Month SOFR USD + 3.75%), 10/02/2025 (a)
|
9,102,880
|
9,041,163
|
||||
Open Text Corp., Senior Secured First Lien Term Loan 6.952% (1 Month SOFR USD + 1.75%), 05/30/2025 (a)
|
5,399,048
|
5,407,309
|
||||
Optiv Security, Inc., Senior Secured First Lien Term Loan 10.338% (6 Month SOFR USD + 5.25%), 08/17/2026 (a)
|
2,146,950
|
2,050,788
|
||||
Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan 9.20% (1 Month LIBOR USD + 4.0%), 04/26/2024 (a)
|
9,334,812
|
9,324,590
|
||||
UKG, Inc.
|
||||||
Senior Secured First Lien Term Loan 8.895% (3 Month SOFR USD + 3.75%), 05/04/2026 (a)
|
3,131,865
|
3,094,298
|
||||
Senior Secured First Lien Term Loan 9.877% (3 Month SOFR USD + 4.5%, 0.50% Floor), 05/04/2026 (a)
|
327,000
|
326,933
|
||||
30,635,762
|
||||||
TRANSPORTATION - 1.20%
|
||||||
AAdvantage Loyalty IP, Ltd., Senior Secured First Lien Term Loan 10.0% (3 Month LIBOR USD + 4.75%, 0.75% Floor), 04/20/2028 (a)
|
5,554,437
|
5,680,412
|
||||
Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan 9.477% (6 Month SOFR USD + 4.1783%, 0.75% Floor), 03/24/2026 (a)
|
985,877
|
985,438
|
||||
Mileage Plus Holdings, LLC, Senior Secured First Lien Term Loan 10.764% (3 Month LIBOR USD + 5.25%, 1.00% Floor), 06/21/2027 (a)
|
3,967,145
|
4,128,310
|
||||
PODS, LLC, Senior Secured First Lien Term Loan 8.217% (1 Month SOFR USD + 3.0%, 0.75% Floor), 03/31/2028 (a)
|
4,794,488
|
4,713,581
|
||||
SkyMiles IP, Ltd., Senior Secured First Lien Term Loan 8.798% (3 Month SOFR USD + 3.75%, 1.00% Floor), 10/20/2027 (a)
|
3,029,494
|
3,150,674
|
||||
18,658,415
|
||||||
TOTAL BANK LOANS (Cost $128,785,795)
|
129,861,113
|
|||||
Shares
|
||||||
MONEY MARKET FUND - 4.70%
|
||||||
First American Government Obligations Fund - Class X, 5.01% (d)
|
73,235,072
|
73,235,072
|
||||
TOTAL MONEY MARKET FUND (Cost $73,235,072)
|
73,235,072
|
|||||
Total Investments (Cost $1,599,041,758) - 100.57%
|
1,568,981,418
|
|||||
Liabilities in Excess of Other Assets - (0.57%)
|
(8,924,679)
|
|||||
TOTAL NET ASSETS - 100.0%
|
$ |
1,560,056,739
|
||||
|
||||||
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, 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 June 30, 2023, the value of these investments was $1,016,864,056 or 65.18% of total net assets.
|
|||||
(d)
|
Rate shown is the 7-day annualized yield as of June 30, 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 June 30, 2023.
|
||||
(i)
|
Zero-coupon security. Rate shown is the weighted average amortized yield as of June 30, 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.
|
Shenkman Capital Short Duration High Income Fund
|
|||||||||
Summary of Fair Value Disclosure at June 30, 2023 (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 June 30, 2023:
|
Shenkman Capital Short Duration High Income Fund
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Fixed Income
|
||||||||||||||||
Corporate Bonds
|
$
|
-
|
$
|
1,354,176,132
|
$
|
-
|
$
|
1,354,176,132
|
||||||||
Convertible Bonds |
-
|
11,709,101
|
-
|
11,709,101
|
||||||||||||
Bank Loans
|
-
|
129,861,113
|
-
|
129,861,113
|
||||||||||||
Total Fixed Income
|
-
|
1,495,746,346
|
-
|
1,495,746,346
|
||||||||||||
Money Market Fund
|
73,235,072
|
-
|
-
|
73,235,072
|
||||||||||||
Total Investments
|
$
|
73,235,072
|
$
|
1,495,746,346
|
$
|
-
|
$
|
1,568,981,418
|
||||||||
Refer to the Fund's schedule of investments for a detailed break-out of holdings by industry classification.
|