Shenkman Capital Short Duration High Income Fund
           
Schedule of Investments
           
December 31, 2020 (Unaudited)
           
               
   
Principal
   
Fair
 
   
Amount
   
Value
 
CORPORATE BONDS - 93.46% (f)
           
               
AEROSPACE & DEFENSE - 1.55%
           
Howmet Aerospace, Inc.
           
5.125%, 10/01/2024
$
                   875,000
  $
                   964,320
 
6.875%, 05/01/2025
 
2,940,000
   
3,443,475
 
TransDigm, Inc.
           
6.50%, 07/15/2024
 
6,010,000
   
6,127,766
 
8.00%, 12/15/2025 (c)
 
3,620,000
   
4,004,806
 
           
14,540,367
 
AUTO RETAIL - 0.54%
           
Penske Automotive Group, Inc.
           
3.50%, 09/01/2025
 
2,150,000
   
2,187,625
 
5.50%, 05/15/2026
 
2,788,000
   
2,901,263
 
           
5,088,888
 
AUTOMOTIVE - 5.62%
           
Adient U.S., LLC 9.00%, 04/15/2025 (c)
 
2,870,000
   
3,203,637
 
Clarios Global, L.P. 6.75%, 05/15/2025 (b)(c)
 
609,000
   
657,154
 
Clarios Global, L.P. / Clarios U.S. Finance Co. 6.25%, 05/15/2026 (b)(c)
 
557,000
   
598,079
 
Dana Financing Luxembourg S.A.R.L. 5.75%, 04/15/2025 (b)(c)
 
605,000
   
629,578
 
Dana, Inc. 5.50%, 12/15/2024
 
2,890,000
   
2,953,219
 
Ford Motor Co.
           
8.50%, 04/21/2023
 
2,965,000
   
3,341,866
 
9.00%, 04/22/2025
 
1,869,000
   
2,293,815
 
Ford Motor Credit Co., LLC
           
5.75%, 02/01/2021
 
1,005,000
   
1,009,397
 
3.35%, 11/01/2022
 
1,475,000
   
1,502,818
 
1.456% (3 Month LIBOR USD + 1.235%), 02/15/2023 (a)
 
1,300,000
   
1,254,932
 
3.81%, 01/09/2024
 
750,000
   
769,687
 
3.664%, 09/08/2024
 
2,660,000
   
2,734,546
 
4.063%, 11/01/2024
 
1,750,000
   
1,840,685
 
5.125%, 06/16/2025
 
625,000
   
680,344
 
3.375%, 11/13/2025
 
8,955,000
   
9,211,203
 
Goodyear Tire & Rubber Co.
           
5.125%, 11/15/2023
 
4,654,000
   
4,665,635
 
9.50%, 05/31/2025
 
3,120,000
   
3,530,436
 
Meritor, Inc.
           
6.25%, 02/15/2024
 
1,053,000
   
1,077,240
 
6.25%, 06/01/2025 (c)
 
2,520,000
   
2,727,900
 
Navistar International Corp.
           
9.50%, 05/01/2025 (c)
 
2,475,000
   
2,782,828
 
6.625%, 11/01/2025 (c)
 
1,975,000
   
2,071,578
 
Tesla, Inc. 5.30%, 08/15/2025 (c)
 
3,100,000
   
3,235,625
 
           
52,772,202
 
BUILDING PRODUCTS - 1.02%
           
American Builders & Contractors Supply Co., Inc. 5.875%, 05/15/2026 (c)
 
380,000
   
394,488
 
Ashtead Capital, Inc. 5.25%, 08/01/2026 (c)
 
1,720,000
   
1,825,350
 
SRS Distribution, Inc. 8.25%, 07/01/2026 (c)
 
2,114,000
   
2,251,410
 
Summit Materials, LLC / Summit Materials Finance Corp. 5.125%, 06/01/2025 (c)
 
2,692,000
   
2,748,922
 
United Rentals North America, Inc. 5.875%, 09/15/2026
 
2,185,000
   
2,315,696
 
           
9,535,866
 
CHEMICALS - 1.91%
           
Avient Corp. 5.75%, 05/15/2025 (c)
 
2,651,000
   
2,820,001
 
Blue Cube Spinco, LLC
           
9.75%, 10/15/2023
 
2,590,000
   
2,662,520
 
10.00%, 10/15/2025
 
2,164,000
   
2,293,840
 
Methanex Corp. 4.25%, 12/01/2024 (b)
 
3,642,000
   
3,847,955
 
NOVA Chemicals Corp. 5.25%, 08/01/2023 (b)(c)
 
1,305,000
   
1,315,590
 
OCI N.V. 5.25%, 11/01/2024 (b)(c)
 
4,560,000
   
4,745,250
 
Olin Corp. 9.50%, 06/01/2025 (c)
 
167,000
   
208,884
 
           
17,894,040
 
COMMERCIAL SERVICES - 3.15%
           
Allied Universal Holdco, LLC / Allied Universal Finance Corp. 6.625%, 07/15/2026 (c)
 
4,355,000
   
4,649,180
 
Aramark Services, Inc. 6.375%, 05/01/2025 (c)
 
3,726,000
   
3,986,820
 
Brink's Co. 5.50%, 07/15/2025 (c)
 
2,045,000
   
2,186,872
 
KAR Auction Services, Inc. 5.125%, 06/01/2025 (c)
 
5,867,000
   
6,044,653
 
Tempo Acquisition, LLC / Tempo Acquisition Finance Corp.
           
5.75%, 06/01/2025 (c)
 
1,805,000
   
1,924,581
 
6.75%, 06/01/2025 (c)
 
10,425,000
   
10,787,790
 
           
29,579,896
 
CONSTRUCTION & ENGINEERING - 0.59%
           
AECOM 5.875%, 10/15/2024
 
615,000
   
687,435
 
Picasso Finance Sub, Inc. 6.125%, 06/15/2025 (c)
 
4,543,000
   
4,867,597
 
           
5,555,032
 
CONSUMER DISCRETIONARY - 1.96%
           
Hanesbrands, Inc. 5.375%, 05/15/2025 (c)
 
5,115,000
   
5,418,166
 
Levi Strauss & Co. 5.00%, 05/01/2025
 
5,577,000
   
5,723,396
 
Newell Brands, Inc. 4.875%, 06/01/2025
 
2,075,000
   
2,285,716
 
PVH Corp. 4.625%, 07/10/2025
 
4,385,000
   
4,945,769
 
           
18,373,047
 
CONSUMER NON-DISCRETIONARY - 1.61%
           
Prestige Brands, Inc. 6.375%, 03/01/2024 (c)
 
5,315,000
   
5,441,231
 
Spectrum Brands, Inc.
           
6.125%, 12/15/2024
 
1,452,000
   
1,487,392
 
5.75%, 07/15/2025
 
3,340,000
   
3,453,059
 
Valvoline, Inc. 4.375%, 08/15/2025
 
4,599,000
   
4,752,009
 
           
15,133,691
 
ENVIRONMENTAL SERVICES - 2.33%
           
Covanta Holding Corp. 5.875%, 07/01/2025
 
4,043,000
   
4,219,457
 
GFL Environmental, Inc.
           
4.25%, 06/01/2025 (b)(c)
 
4,178,000
   
4,342,509
 
3.75%, 08/01/2025 (b)(c)
 
5,850,000
   
6,007,219
 
Stericycle, Inc. 5.375%, 07/15/2024 (c)
 
7,029,000
   
7,343,196
 
           
21,912,381
 
FINANCIALS - BANKS - 0.62%
           
CIT Group, Inc.
           
5.00%, 08/01/2023
 
3,135,000
   
3,430,865
 
3.929% (SOFR + 3.827%), 06/19/2024 (a)
 
2,289,000
   
2,423,479
 
           
5,854,344
 
FINANCIALS - CONSUMER FINANCE - 2.64%
           
Ally Financial, Inc.
           
4.625%, 05/19/2022
 
1,467,000
   
1,546,815
 
5.75%, 11/20/2025
 
2,970,000
   
3,460,745
 
goeasy, Ltd. 5.375%, 12/01/2024 (b)(c)
 
1,830,000
   
1,906,823
 
Navient Corp.
           
6.625%, 07/26/2021
 
390,000
   
399,019
 
7.25%, 01/25/2022
 
3,171,000
   
3,319,640
 
6.50%, 06/15/2022
 
3,696,000
   
3,920,495
 
5.50%, 01/25/2023
 
1,840,000
   
1,928,550
 
7.25%, 09/25/2023
 
925,000
   
1,015,516
 
OneMain Finance Corp.
           
7.75%, 10/01/2021
 
1,321,000
   
1,392,004
 
6.125%, 05/15/2022
 
475,000
   
504,687
 
6.125%, 03/15/2024
 
4,000,000
   
4,375,000
 
8.875%, 06/01/2025
 
885,000
   
1,002,794
 
           
24,772,088
 
FINANCIALS - DIVERSIFIED - 1.31%
           
DAE Funding, LLC
           
5.75%, 11/15/2023 (c)
 
820,000
   
843,575
 
5.00%, 08/01/2024 (c)
 
799,000
   
820,473
 
Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp. 5.875%, 08/01/2021 (c)
 
540,000
   
540,675
 
Lithia Motors, Inc. 5.25%, 08/01/2025 (c)
 
1,500,000
   
1,561,718
 
Park Aerospace Holdings, Ltd. 5.25%, 08/15/2022 (b)(c)
 
78,000
   
81,892
 
Refinitiv U.S. Holdings, Inc.
           
6.25%, 05/15/2026 (c)
 
6,020,000
   
6,437,637
 
8.25%, 11/15/2026 (c)
 
1,850,000
   
2,021,125
 
           
12,307,095
 
FINANCIALS - INSURANCE - 0.49%
           
Acrisure, LLC / Acrisure Finance, Inc. 8.125%, 02/15/2024 (c)
 
4,374,000
   
4,640,639
 
FINANCIALS - THRIFTS & MORTGAGES - 0.62%
           
PennyMac Financial Services, Inc. 5.375%, 10/15/2025 (c)
 
3,395,000
   
3,594,457
 
United Shore Financial Services, LLC 5.50%, 11/15/2025 (c)
 
2,125,000
   
2,244,531
 
           
5,838,988
 
FOOD & BEVERAGE - 1.80%
           
B&G Foods, Inc. 5.25%, 04/01/2025
 
4,483,000
   
4,633,181
 
Post Holdings, Inc. 5.00%, 08/15/2026 (c)
 
5,444,000
   
5,630,375
 
Primo Water Holdings, Inc. 5.50%, 04/01/2025 (c)
 
4,305,000
   
4,450,294
 
TreeHouse Foods, Inc. 6.00%, 02/15/2024 (c)
 
2,136,000
   
2,181,614
 
           
16,895,464
 
HEALTHCARE - EQUIPMENT & SUPPLIES - 1.13%
           
Change Healthcare Holdings, LLC / Change Healthcare Finance, Inc. 5.75%, 03/01/2025 (c)
 
6,951,000
   
7,098,709
 
Hill-Rom Holdings, Inc. 5.00%, 02/15/2025 (c)
 
3,411,000
   
3,515,462
 
           
10,614,171
 
HEALTHCARE - FACILITIES - 3.35%
           
Acadia Healthcare Co., Inc.
           
5.625%, 02/15/2023
 
1,525,000
   
1,532,625
 
6.50%, 03/01/2024
 
3,856,000
   
3,951,995
 
HCA, Inc.
           
7.50%, 12/15/2023
 
2,505,000
   
2,880,750
 
8.36%, 04/15/2024
 
3,846,000
   
4,519,050
 
7.69%, 06/15/2025
 
658,000
   
791,998
 
7.58%, 09/15/2025
 
1,246,000
   
1,507,660
 
Legacy LifePoint Health, LLC. 6.75%, 04/15/2025 (c)
 
5,656,000
   
6,087,609
 
Tenet Healthcare Corp.
           
4.625%, 07/15/2024
 
1,610,000
   
1,651,892
 
4.625%, 09/01/2024 (c)
 
5,360,000
   
5,539,239
 
7.50%, 04/01/2025 (c)
 
2,765,000
   
3,024,675
 
           
31,487,493
 
HEALTHCARE - LIFE SCIENCES - 0.79%
           
IQVIA, Inc. 5.00%, 10/15/2026 (c)
 
1,049,000
   
1,098,172
 
Jaguar Holding Co. II / PPD Development, L.P. 4.625%, 06/15/2025 (c)
 
5,935,000
   
6,268,784
 
           
7,366,956
 
HEALTHCARE - MANAGED HEALTH CARE - 3.34%
           
Centene Corp.
           
4.75%, 01/15/2025
 
5,395,000
   
5,543,255
 
4.75%, 01/15/2025
 
6,174,000
   
6,343,661
 
5.375%, 06/01/2026 (c)
 
5,510,000
   
5,818,340
 
Molina Healthcare, Inc. 5.375%, 11/15/2022 (d)
 
10,028,000
   
10,635,947
 
Verscend Escrow Corp. 9.75%, 08/15/2026 (c)
 
2,760,000
   
2,996,325
 
           
31,337,528
 
HEALTHCARE - PHARMACEUTICALS & BIOTECHNOLOGY - 2.78%
           
Bausch Health Cos., Inc.
           
7.00%, 03/15/2024 (b)(c)
 
7,261,000
   
7,477,015
 
6.125%, 04/15/2025 (b)(c)
 
6,122,000
   
6,315,822
 
5.50%, 11/01/2025 (b)(c)
 
300,000
   
311,187
 
9.00%, 12/15/2025 (b)(c)
 
3,559,000
   
3,935,631
 
Elanco Animal Health, Inc. 4.912%, 08/27/2021 (d)
 
812,000
   
831,793
 
Teva Pharmaceutical Finance Netherlands III B.V.
           
2.20%, 07/21/2021 (b)
 
5,563,000
   
5,559,523
 
2.80%, 07/21/2023 (b)
 
1,690,000
   
1,676,379
 
           
26,107,350
 
HEALTHCARE - REITS - 0.76%
           
Diversified Healthcare Trust 9.75%, 06/15/2025
 
2,890,000
   
3,287,375
 
MPT Operating Partnership, L.P. / MPT Finance Corp. 5.25%, 08/01/2026
 
3,687,000
   
3,869,506
 
           
7,156,881
 
INDUSTRIAL MACHINERY - 1.80%
           
Colfax Corp.
           
6.00%, 02/15/2024 (c)
 
4,486,000
   
4,659,922
 
6.375%, 02/15/2026 (c)
 
4,350,000
   
4,650,433
 
EnPro Industries, Inc. 5.75%, 10/15/2026
 
2,120,000
   
2,260,047
 
Hillenbrand, Inc. 5.75%, 06/15/2025
 
650,000
   
703,219
 
WESCO Distribution, Inc.
           
5.375%, 06/15/2024
 
1,530,000
   
1,572,075
 
7.125%, 06/15/2025 (c)
 
2,775,000
   
3,055,705
 
           
16,901,401
 
LEISURE - CASINOS & GAMING - 4.62%
           
Caesars Entertainment, Inc. 6.25%, 07/01/2025 (c)
 
2,195,000
   
2,340,430
 
Caesars Resort Collection, LLC / CRC Finco, Inc. 5.75%, 07/01/2025 (c)
 
1,875,000
   
1,989,051
 
International Game Technology PLC 6.25%, 02/15/2022 (b)(c)
 
11,917,000
   
12,326,528
 
MGM Resorts International
           
7.75%, 03/15/2022
 
4,629,000
   
4,938,564
 
6.00%, 03/15/2023
 
2,595,000
   
2,789,625
 
6.75%, 05/01/2025
 
1,335,000
   
1,447,107
 
Stars Group Holdings B.V. / Stars Group U.S. Co-Borrower, LLC 7.00%, 07/15/2026 (b)(c)
 
14,858,000
   
15,665,904
 
VICI Properties, L.P. / VICI Note Co., Inc. 3.50%, 02/15/2025 (c)
 
1,865,000
   
1,910,972
 
           
43,408,181
 
LEISURE - HOTELS - 2.68%
           
ESH Hospitality, Inc. 5.25%, 05/01/2025 (c)
 
2,634,000
   
2,703,735
 
Expedia Group, Inc.
           
3.60%, 12/15/2023 (c)
 
1,705,000
   
1,818,268
 
7.00%, 05/01/2025 (c)
 
500,000
   
551,458
 
Hilton Domestic Operating Co., Inc. 5.375%, 05/01/2025 (c)
 
1,510,000
   
1,605,885
 
Hyatt Hotels Corp. 5.375%, 04/23/2025
 
1,090,000
   
1,233,239
 
Marriott International, Inc. 5.75%, 05/01/2025 (d)
 
4,135,000
   
4,839,494
 
Service Properties Trust 5.00%, 08/15/2022
 
3,425,000
   
3,493,500
 
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025 (c)
 
629,000
   
680,499
 
TripAdvisor, Inc. 7.00%, 07/15/2025 (c)
 
3,453,000
   
3,735,714
 
Vail Resorts, Inc. 6.25%, 05/15/2025 (c)
 
1,590,000
   
1,699,313
 
Wyndham Destinations, Inc.
           
5.625%, 03/01/2021
 
1,250,000
   
1,260,781
 
4.25%, 03/01/2022
 
1,060,000
   
1,086,500
 
5.40%, 04/01/2024 (d)
 
435,000
   
471,386
 
           
25,179,772
 
LEISURE - RESTAURANTS - 1.33%
           
1011778 B.C., ULC / New Red Finance, Inc.
           
4.25%, 05/15/2024 (b)(c)
 
1,976,000
   
2,017,496
 
5.75%, 04/15/2025 (b)(c)
 
2,800,000
   
3,000,396
 
Yum! Brands, Inc. 7.75%, 04/01/2025 (c)
 
6,747,000
   
7,480,736
 
           
12,498,628
 
MEDIA - BROADCASTING - 1.73%
           
AMC Networks, Inc.
           
4.75%, 12/15/2022
 
718,000
   
720,495
 
5.00%, 04/01/2024
 
8,245,000
   
8,389,288
 
Gray Television, Inc. 5.875%, 07/15/2026 (c)
 
2,000,000
   
2,101,250
 
TEGNA, Inc.
           
5.50%, 09/15/2024 (c)
 
1,812,000
   
1,844,281
 
4.75%, 03/15/2026 (c)
 
1,695,000
   
1,812,039
 
Univision Communications, Inc. 5.125%, 02/15/2025 (c)
 
1,343,000
   
1,355,591
 
           
16,222,944
 
MEDIA - CABLE & SATELLITE - 7.58%
           
CCO Holdings, LLC / CCO Holdings Capital Corp.
           
5.75%, 02/15/2026 (c)
 
5,400,000
   
5,578,740
 
5.50%, 05/01/2026 (c)
 
5,756,000
   
5,972,742
 
CSC Holdings, LLC
           
6.75%, 11/15/2021
 
800,000
   
837,500
 
5.875%, 09/15/2022
 
4,933,000
   
5,232,063
 
5.50%, 05/15/2026 (c)
 
8,870,000
   
9,235,888
 
DISH DBS Corp.
           
6.75%, 06/01/2021
 
8,070,000
   
8,241,165
 
5.875%, 07/15/2022
 
3,375,000
   
3,530,250
 
Hughes Satellite Systems Corp. 7.625%, 06/15/2021
 
8,441,000
   
8,662,576
 
Quebecor Media, Inc. 5.75%, 01/15/2023 (b)
 
7,165,000
   
7,756,112
 
SSL Robotics, LLC 9.75%, 12/31/2023 (c)
 
4,285,000
   
4,850,084
 
ViaSat, Inc. 5.625%, 09/15/2025 (c)
 
4,256,000
   
4,358,357
 
Virgin Media Secured Finance PLC 5.50%, 08/15/2026 (b)(c)
 
6,656,000
   
6,926,400
 
           
71,181,877
 
MEDIA - DIVERSIFIED - 1.80%
           
Lamar Media Corp. 5.75%, 02/01/2026
 
1,473,000
   
1,521,646
 
Nielsen Co. Luxembourg S.A.R.L.
           
5.50%, 10/01/2021 (b)(c)
 
1,336,000
   
1,343,101
 
5.00%, 02/01/2025 (b)(c)
 
7,610,000
   
7,824,031
 
Nielsen Finance, LLC / Nielsen Finance Co. 5.00%, 04/15/2022 (c)
 
5,017,000
   
5,035,212
 
Outfront Media Capital, LLC / Outfront Media Capital Corp. 6.25%, 06/15/2025 (c)
 
1,140,000
   
1,204,837
 
           
16,928,827
 
MEDIA - ENTERTAINMENT - 1.62%
           
Lions Gate Capital Holdings, LLC
           
6.375%, 02/01/2024 (c)
 
2,942,000
   
3,024,715
 
5.875%, 11/01/2024 (c)
 
270,000
   
275,034
 
Netflix, Inc.
           
5.375%, 02/01/2021
 
1,500,000
   
1,508,437
 
5.50%, 02/15/2022
 
455,000
   
476,897
 
Sirius XM Radio, Inc. 4.625%, 07/15/2024 (c)
 
9,568,000
   
9,926,800
 
           
15,211,883
 
METALS & MINING - 1.00%
           
FMG Resources August 2006 Pty, Ltd.
           
4.75%, 05/15/2022 (b)(c)
 
2,980,000
   
3,071,262
 
5.125%, 03/15/2023 (b)(c)
 
1,630,000
   
1,725,763
 
Grinding Media, Inc. / Moly-Cop AltaSteel, Ltd. 7.375%, 12/15/2023 (c)
 
4,530,000
   
4,609,275
 
           
9,406,300
 
MIDSTREAM - STORAGE & TRANSPORT - 3.51%
           
Buckeye Partners, L.P.
           
4.15%, 07/01/2023
 
377,000
   
388,546
 
4.35%, 10/15/2024
 
1,405,000
   
1,441,003
 
4.125%, 03/01/2025 (c)
 
3,625,000
   
3,674,844
 
Cheniere Corpus Christi Holdings, LLC 5.875%, 03/31/2025
 
1,050,000
   
1,223,010
 
Cheniere Energy Partners, L.P. 5.25%, 10/01/2025
 
5,165,000
   
5,305,746
 
Crestwood Midstream Partners, L.P. / Crestwood Midstream Finance Corp. 6.25%, 04/01/2023 (d)
 
2,375,000
   
2,385,391
 
DCP Midstream Operating, L.P.
           
4.95%, 04/01/2022
 
2,000,000
   
2,067,030
 
3.875%, 03/15/2023
 
850,000
   
877,625
 
EQM Midstream Partners, L.P.
           
4.75%, 07/15/2023
 
1,345,000
   
1,416,595
 
6.00%, 07/01/2025 (c)
 
1,945,000
   
2,132,206
 
NuStar Logistics, L.P.
           
6.75%, 02/01/2021
 
2,900,000
   
2,917,762
 
4.75%, 02/01/2022
 
1,840,000
   
1,872,200
 
5.75%, 10/01/2025
 
1,900,000
   
2,026,350
 
Sunoco, L.P. / Sunoco Finance Corp.
           
4.875%, 01/15/2023
 
1,650,000
   
1,676,804
 
5.50%, 02/15/2026
 
1,734,000
   
1,783,523
 
Tallgrass Energy Partners, L.P. / Tallgrass Energy Finance Corp. 7.50%, 10/01/2025 (c)
 
1,610,000
   
1,741,159
 
           
32,929,794
 
PACKAGING - 2.54%
           
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc.
           
6.00%, 02/15/2025 (b)(c)
 
969,000
   
1,005,095
 
5.25%, 04/30/2025 (b)(c)
 
5,630,000
   
5,947,223
 
Berry Global, Inc.
           
5.125%, 07/15/2023
 
3,083,000
   
3,125,391
 
4.875%, 07/15/2026 (c)
 
2,385,000
   
2,564,436
 
CANPACK SA / Eastern PA Land Investment Holding, LLC 3.125%, 11/01/2025 (b)(c)
 
1,410,000
   
1,418,812
 
Crown Americas, LLC / Crown Americas Capital Corp. IV 4.50%, 01/15/2023
 
2,525,000
   
2,670,516
 
Crown Americas, LLC / Crown Americas Capital Corp. VI 4.75%, 02/01/2026
 
4,650,000
   
4,840,929
 
Graphic Packaging International, LLC
           
4.75%, 04/15/2021
 
655,000
   
655,802
 
4.875%, 11/15/2022
 
469,000
   
492,926
 
Silgan Holdings, Inc. 4.75%, 03/15/2025
 
1,092,000
   
1,113,157
 
           
23,834,287
 
REAL ESTATE - HOMEBUILDING - 0.76%
           
Lennar Corp.
           
6.25%, 12/15/2021
 
602,000
   
618,630
 
4.75%, 11/15/2022 (a)
 
4,250,000
   
4,493,206
 
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. 5.875%, 06/15/2024
 
1,860,000
   
2,036,003
 
           
7,147,839
 
REAL ESTATE - MANAGEMENT - 0.56%
           
Kennedy-Wilson, Inc. 5.875%, 04/01/2024
 
3,315,000
   
3,368,869
 
Newmark Group, Inc. 6.125%, 11/15/2023 (a)
 
1,770,000
   
1,926,350
 
           
5,295,219
 
RETAIL - FOOD & DRUG - 2.18%
           
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, L.P. / Albertsons, LLC
           
3.50%, 02/15/2023 (c)
 
2,030,000
   
2,082,780
 
5.75%, 03/15/2025
 
4,168,000
   
4,308,233
 
3.25%, 03/15/2026 (c)
 
3,565,000
   
3,622,931
 
7.50%, 03/15/2026 (c)
 
4,117,000
   
4,614,848
 
Ingles Markets, Inc. 5.75%, 06/15/2023
 
1,083,000
   
1,097,203
 
U.S. Foods, Inc.
           
5.875%, 06/15/2024 (c)
 
2,025,000
   
2,056,641
 
6.25%, 04/15/2025 (c)
 
2,470,000
   
2,643,110
 
           
20,425,746
 
RETAILING - 1.36%
           
QVC, Inc.
           
4.375%, 03/15/2023
 
6,668,000
   
7,009,735
 
4.45%, 02/15/2025
 
5,366,000
   
5,743,230
 
           
12,752,965
 
TECHNOLOGY - SOFTWARE & SERVICES - 3.71%
           
Boxer Parent Co., Inc. 7.125%, 10/02/2025 (c)
 
5,079,000
   
5,520,302
 
BY Crown Parent, LLC / BY Bond Finance, Inc. 4.25%, 01/31/2026 (c)
 
1,395,000
   
1,431,619
 
CDK Global, Inc. 5.875%, 06/15/2026
 
2,570,000
   
2,700,980
 
NortonLifeLock, Inc.
           
3.95%, 06/15/2022
 
1,350,000
   
1,385,437
 
5.00%, 04/15/2025 (c)
 
8,505,000
   
8,696,363
 
Nuance Communications, Inc. 5.625%, 12/15/2026
 
2,230,000
   
2,363,789
 
Open Text Corp. 5.875%, 06/01/2026 (b)(c)
 
960,000
   
998,400
 
PTC, Inc. 3.625%, 02/15/2025 (c)
 
1,510,000
   
1,555,160
 
Solera, LLC / Solera Finance, Inc. 10.50%, 03/01/2024 (c)
 
6,980,000
   
7,241,750
 
VeriSign, Inc. 4.625%, 05/01/2023
 
2,935,000
   
2,966,184
 
           
34,859,984
 
TECHNOLOGY HARDWARE - 4.37%
           
Broadcom, Inc. 4.70%, 04/15/2025
 
175,000
   
200,622
 
CDW, LLC / CDW Finance Corp. 4.125%, 05/01/2025
 
2,110,000
   
2,211,396
 
Dell International, LLC / EMC Corp.
           
5.875%, 06/15/2021 (c)
 
4,500,000
   
4,513,725
 
7.125%, 06/15/2024 (c)
 
14,284,000
   
14,828,577
 
5.85%, 07/15/2025 (c)
 
1,475,000
   
1,772,623
 
Diebold Nixdorf, Inc. 9.375%, 07/15/2025 (c)
 
1,820,000
   
2,041,812
 
Microchip Technology, Inc. 4.25%, 09/01/2025 (c)
 
2,755,000
   
2,915,569
 
NCR Corp. 8.125%, 04/15/2025 (c)
 
5,099,000
   
5,684,824
 
Seagate HDD Cayman 4.75%, 06/01/2023 (b)
 
611,000
   
661,117
 
Sensata Technologies UK Financing Co. PLC 6.25%, 02/15/2026 (b)(c)
 
3,970,000
   
4,133,763
 
Western Digital Corp. 4.75%, 02/15/2026
 
1,875,000
   
2,074,219
 
           
41,038,247
 
TELECOMMUNICATION SERVICES - DIVERSIFIED - 4.18%
           
Altice France SA/France 7.375%, 05/01/2026 (b)(c)
 
11,315,000
   
11,923,181
 
CenturyLink, Inc.
           
5.80%, 03/15/2022
 
1,715,000
   
1,791,103
 
6.75%, 12/01/2023
 
3,310,000
   
3,692,719
 
5.625%, 04/01/2025
 
1,385,000
   
1,496,666
 
Cogent Communications Group, Inc. 5.375%, 03/01/2022 (c)
 
1,470,000
   
1,517,430
 
Level 3 Financing, Inc.
           
5.375%, 01/15/2024
 
805,000
   
814,213
 
5.375%, 05/01/2025
 
6,628,000
   
6,828,994
 
5.25%, 03/15/2026
 
763,000
   
789,362
 
SBA Communications Corp.
           
4.00%, 10/01/2022
 
3,445,000
   
3,485,909
 
4.875%, 09/01/2024
 
6,706,000
   
6,886,928
 
           
39,226,505
 
TELECOMMUNICATION SERVICES - WIRELESS - 2.60%
           
Sprint Corp.
           
7.25%, 09/15/2021
 
2,550,000
   
2,656,462
 
7.875%, 09/15/2023
 
5,420,000
   
6,282,051
 
7.125%, 06/15/2024
 
3,500,000
   
4,099,410
 
T-Mobile U.S.A., Inc.
           
6.00%, 03/01/2023
 
8,653,000
   
8,674,632
 
6.00%, 04/15/2024
 
774,000
   
784,457
 
6.50%, 01/15/2026
 
1,850,000
   
1,917,063
 
           
24,414,075
 
TRANSPORTATION - 2.47%
           
XPO Logistics, Inc.
           
6.50%, 06/15/2022 (c)
 
5,341,000
   
5,368,373
 
6.125%, 09/01/2023 (c)
 
1,850,000
   
1,885,844
 
6.75%, 08/15/2024 (c)
 
6,346,000
   
6,750,557
 
6.25%, 05/01/2025 (c)
 
8,540,000
   
9,206,248
 
           
23,211,022
 
UTILITIES - POWER - 0.79%
           
NextEra Energy Operating Partners, L.P.
           
4.25%, 07/15/2024 (c)
 
3,568,000
   
3,822,220
 
4.25%, 09/15/2024 (c)
 
72,000
   
77,130
 
NRG Energy, Inc. 7.25%, 05/15/2026
 
264,000
   
278,916
 
TerraForm Power Operating, LLC 4.25%, 01/31/2023 (c)
 
3,085,000
   
3,194,903
 
           
7,373,169
 
UTILITIES - PROPANE - 0.36%
           
AmeriGas Partners, L.P. / AmeriGas Finance Corp. 5.625%, 05/20/2024
 
1,406,000
   
1,518,480
 
Suburban Propane Partners, L.P./Suburban Energy Finance Corp. 5.50%, 06/01/2024
 
1,845,000
   
1,889,953
 
           
3,408,433
 
TOTAL CORPORATE BONDS (Cost $862,861,904)
       
877,621,505
 
             
             
             
BANK LOANS - 3.53%
           
               
AEROSPACE & DEFENSE - 0.19%
           
Transdigm, Inc., Senior Secured First Lien Term Loan 2.397% (1 Month LIBOR USD + 2.25%), 12/09/2025 (a)
 
1,773,864
   
1,742,733
 
COMMERCIAL SERVICES - 0.25%
           
IRI Holdings, Inc., Senior Secured First Lien Term Loan 4.397% (1 Month LIBOR USD + 4.25%), 12/01/2025 (a)
 
700,700
   
694,569
 
Tempo Acquisition, LLC, Senior Secured First Lien Term Loan 2.897% (1 Month LIBOR USD + 2.75%), 05/01/2024 (a)
 
1,640,502
   
1,632,299
 
           
2,326,868
 
CONSUMER DISCRETIONARY - 0.15%
           
Frontdoor, Inc., Senior Secured First Lien Term Loan 2.688% (1 Month LIBOR USD + 2.50%), 08/18/2025 (a)
 
1,427,150
   
1,423,582
 
FINANCIALS - DIVERSIFIED - 0.57%
           
Financial & Risk U.S. Holdings, Inc., Senior Secured First Lien Term Loan 3.397% (1 Month LIBOR USD + 3.25%), 10/01/2025 (a)
 
5,347,476
   
5,346,380
 
FINANCIALS - INSURANCE - 0.21%
           
Asurion, LLC
           
Senior Secured First Lien Term Loan 3.147% (1 Month LIBOR USD + 3.00%), 11/03/2023 (a)
 
122,776
   
121,727
 
Senior Secured First Lien Term Loan 3.147% (1 Month LIBOR USD + 3.00%), 11/04/2024 (a)
 
1,462,500
   
1,452,994
 
Senior Secured First Lien Term Loan 3.397% (1 Month LIBOR USD + 3.25%), 12/23/2026 (a)
 
425,703
   
421,978
 
           
1,996,699
 
HEALTHCARE - FACILITIES - 0.21%
           
RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan 3.897% (1 Month LIBOR USD + 3.75%), 11/14/2025 (a)
 
1,980,643
   
1,979,287
 
HEALTHCARE - LIFE SCIENCES - 0.12%
           
Jaguar Holding Co. II, Senior Secured First Lien Term Loan 3.50% (1 Month LIBOR USD + 2.50%, 1.000% Floor), 08/18/2022 (a)
 
1,161,271
   
1,162,217
 
HEALTHCARE - MANAGED HEALTH CARE - 0.03%
           
Verscend Holding Corp., Senior Secured First Lien Term Loan 4.647% (1 Month LIBOR USD + 4.50%), 08/27/2025 (a)
 
235,198
   
235,551
 
HEALTHCARE - PHARMACEUTICALS & BIOTECHNOLOGY - 0.21%
           
Bausch Health Cos., Inc., Senior Secured First Lien Term Loan 2.898% (1 Month LIBOR USD + 2.75%), 11/27/2025 (a)
 
1,968,750
   
1,953,630
 
LEISURE - CASINOS & GAMING - 0.42%
           
Playtika Holding Corp., Senior Secured First Lien Term Loan 7.00% (6 Month LIBOR USD + 6.00%, 1.000% Floor), 12/10/2024 (a)
 
3,903,439
   
3,934,724
 
MEDIA - BROADCASTING - 0.10%
           
Univision Communications, Inc., Senior Secured First Lien Term Loan 3.75% (1 Month LIBOR USD + 2.75%, 1.000% Floor), 03/15/2024 (a)
 
954,532
   
950,656
 
MEDIA - CABLE & SATELLITE - 0.10%
           
GCI Holdings, Inc., Senior Secured First Lien Term Loan 3.50% (1 Month LIBOR USD + 2.75%, 0.750% Floor), 10/15/2025 (a)
 
983,045
   
980,283
 
MEDIA - ENTERTAINMENT - 0.35%
           
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
   
1,614,566
 
William Morris Endeavor Entertainment, LLC, Senior Secured First Lien Term Loan 2.895% (1 Month LIBOR USD + 2.75%), 05/16/2025 (a)
 
1,780,945
   
1,651,078
 
           
3,265,644
 
TECHNOLOGY - SOFTWARE & SERVICES - 0.62%
           
TIBCO Software, Inc., Senior Secured First Lien Term Loan 3.90% (1 Month LIBOR USD + 3.75%), 06/30/2026 (a)
 
2,726,118
   
2,682,664
 
Ultimate Software Group, Senior Secured First Lien Term Loan 4.75% (3 Month LIBOR USD + 4.00%, 0.750% Floor), 05/04/2026 (a)
 
1,695,750
   
1,707,213
 
WEX, Inc., Senior Secured First Lien Term Loan 2.397% (1 Month LIBOR USD + 2.25%), 05/15/2026 (a)
 
1,466,637
   
1,460,331
 
           
5,850,208
 
TOTAL BANK LOANS (Cost $32,878,404)
       
33,148,462
 
             
   
Shares
       
MONEY MARKET FUND - 1.27%
           
First American Government Obligations Fund - Class X, 0.04% (e)
 
11,947,161
   
11,947,161
 
TOTAL MONEY MARKET FUND (Cost $11,947,161)
       
11,947,161
 
Total Investments (Cost $907,687,469) - 98.26%
       
922,717,128
 
Other Assets in Excess of  Liabilities - 1.74%
       
16,345,024
 
TOTAL NET ASSETS - 100.00%
      $
            939,062,152
 
 
               
 
Percentages are stated as a percent of net assets.
           
               
LIBOR
London Interbank Offered Rate
           
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, 2020.
           
(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, 2020, the value of these investments was $488,215,997 or 51.99% 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, 2020.
           
(e)
Rate shown is the 7-day annualized yield as of December 31, 2020.
           
(f)
All or a portion is posted as collateral for delayed settlement securities.
           
               
 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, 2020 (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, 2020:

Shenkman Capital Short Duration High Income Fund
             
                         
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Fixed Income
                       
  Corporate Bonds
 
$
-
   
$
877,621,505
   
$
-
   
$
877,621,505
 
  Bank Loans
   
-
     
33,148,462
     
-
     
33,148,462
 
Total Fixed Income
   
-
     
910,769,967
     
-
     
910,769,967
 
Money Market Fund
   
11,947,161
     
-
     
-
     
11,947,161
 
Total Investments
 
$
11,947,161
   
$
910,769,967
   
$
-
   
$
922,717,128
 
                                 
Refer to the Fund's schedule of investments for a detailed break-out of holdings by industry classification.