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.
|