|
Shenkman Capital Short Duration High Income Fund
|
||||||||
|
Schedule of Investments
|
||||||||
|
June 30, 2024 (Unaudited)
|
||||||||
|
CORPORATE BONDS - 83.8% (f)
|
Principal
Amount
|
Fair Value
|
||||||
|
AEROSPACE & DEFENSE - 1.2%
|
||||||||
|
AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (a)
|
$
|
1,425,000
|
$
|
1,454,190
|
||||
|
Bombardier, Inc., 7.13%, 06/15/2026 (a)
|
2,565,000
|
2,604,139
|
||||||
|
Howmet Aerospace, Inc., 5.13%, 10/01/2024
|
1,014,000
|
1,014,000
|
||||||
|
TransDigm, Inc.
|
||||||||
|
5.50%, 11/15/2027
|
10,056,000
|
9,884,339
|
||||||
|
6.38%, 03/01/2029 (a)
|
8,041,000
|
8,091,580
|
||||||
|
Triumph Group, Inc., 9.00%, 03/15/2028 (a)
|
167,000
|
175,092
|
||||||
|
23,223,340
|
||||||||
|
AUTO RETAIL - 1.3%
|
||||||||
|
Global Auto Holdings Ltd./AAG FH UK Ltd., 8.38%, 01/15/2029 (a)
|
5,332,000
|
5,193,226
|
||||||
|
Lithia Motors, Inc., 4.63%, 12/15/2027 (a)
|
6,545,000
|
6,251,158
|
||||||
|
Penske Automotive Group, Inc., 3.50%, 09/01/2025
|
12,118,000
|
11,811,181
|
||||||
|
Velocity Vehicle Group LLC, 8.00%, 06/01/2029 (a)
|
1,555,000
|
1,598,874
|
||||||
|
24,854,439
|
||||||||
|
AUTOMOTIVE - 8.3%
|
||||||||
|
Adient Global Holdings Ltd.
|
||||||||
|
4.88%, 08/15/2026 (a)
|
6,692,000
|
6,512,883
|
||||||
|
7.00%, 04/15/2028 (a)
|
3,035,000
|
3,109,282
|
||||||
|
Allison Transmission, Inc., 4.75%, 10/01/2027 (a)
|
11,389,000
|
11,013,283
|
||||||
|
American Axle & Manufacturing, Inc.
|
||||||||
|
6.25%, 03/15/2026
|
2,039,000
|
2,041,575
|
||||||
|
6.50%, 04/01/2027
|
12,662,000
|
12,655,383
|
||||||
|
Clarios Global LP / Clarios US Finance Co.
|
||||||||
|
6.25%, 05/15/2026 (a)
|
19,377,000
|
19,371,743
|
||||||
|
8.50%, 05/15/2027 (a)
|
12,401,000
|
12,491,341
|
||||||
|
Dana Financing Luxembourg Sarl, 5.75%, 04/15/2025 (a)
|
7,131,000
|
7,120,436
|
||||||
|
Dana, Inc., 5.38%, 11/15/2027
|
8,296,000
|
8,117,462
|
||||||
|
Ford Motor Credit Co. LLC
|
||||||||
|
3.66%, 09/08/2024
|
1,855,000
|
1,846,333
|
||||||
|
5.13%, 06/16/2025
|
8,815,000
|
8,750,920
|
||||||
|
3.38%, 11/13/2025
|
8,955,000
|
8,669,820
|
||||||
|
8.32% (SOFR + 2.95%), 03/06/2026
|
3,675,000
|
3,806,717
|
||||||
|
6.95%, 06/10/2026
|
6,162,000
|
6,283,300
|
||||||
|
3.82%, 11/02/2027
|
1,005,000
|
943,396
|
||||||
|
Goodyear Tire & Rubber Co.
|
||||||||
|
9.50%, 05/31/2025
|
10,268,000
|
10,309,185
|
||||||
|
5.00%, 05/31/2026
|
7,622,000
|
7,498,543
|
||||||
|
IHO Verwaltungs GmbH, 4.75% (5.50% PIK), 09/15/2026 (a)
|
8,264,000
|
8,014,859
|
||||||
|
Jaguar Land Rover Automotive PLC, 7.75%, 10/15/2025 (a)
|
5,576,000
|
5,610,554
|
||||||
|
Patrick Industries, Inc., 7.50%, 10/15/2027 (a)
|
5,306,000
|
5,364,515
|
||||||
|
Phinia, Inc., 6.75%, 04/15/2029 (a)
|
3,212,000
|
3,263,729
|
||||||
|
ZF North America Capital, Inc.
|
||||||||
|
4.75%, 04/29/2025 (a)
|
3,790,000
|
3,744,821
|
||||||
|
6.88%, 04/14/2028 (a)
|
2,625,000
|
2,677,836
|
||||||
|
159,217,916
|
||||||||
|
BUILDING PRODUCTS - 1.4%
|
||||||||
|
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/2028 (a)
|
3,403,000
|
3,590,573
|
||||||
|
Eco Material Technologies, Inc., 7.88%, 01/31/2027 (a)
|
5,239,000
|
5,256,870
|
||||||
|
Herc Holdings, Inc.
|
||||||||
|
5.50%, 07/15/2027 (a)
|
10,479,000
|
10,325,402
|
||||||
|
6.63%, 06/15/2029 (a)
|
2,919,000
|
2,962,417
|
||||||
|
Standard Industries, Inc., 5.00%, 02/15/2027 (a)
|
4,010,000
|
3,902,784
|
||||||
|
26,038,046
|
||||||||
|
CHEMICALS - 1.9%
|
||||||||
|
Avient Corp., 5.75%, 05/15/2025 (a)
|
10,971,000
|
10,954,378
|
||||||
|
Consolidated Energy Finance SA, 6.50%, 05/15/2026 (a)
|
890,000
|
861,870
|
||||||
|
INEOS Finance PLC
|
||||||||
|
6.75%, 05/15/2028 (a)
|
3,202,000
|
3,212,054
|
||||||
|
7.50%, 04/15/2029 (a)
|
1,072,000
|
1,084,347
|
||||||
|
Methanex Corp., 4.25%, 12/01/2024
|
4,906,000
|
4,874,579
|
||||||
|
NOVA Chemicals Corp., 5.25%, 06/01/2027 (a)
|
1,988,000
|
1,903,296
|
||||||
|
Olympus Water US Holding Corp.
|
||||||||
|
7.13%, 10/01/2027 (a)
|
3,162,000
|
3,185,057
|
||||||
|
9.75%, 11/15/2028 (a)
|
2,635,000
|
2,796,549
|
||||||
|
SCIH Salt Holdings, Inc., 4.88%, 05/01/2028 (a)
|
2,869,000
|
2,673,580
|
||||||
|
SCIL IV LLC / SCIL USA Holdings LLC, 5.38%, 11/01/2026 (a)
|
2,910,000
|
2,816,822
|
||||||
|
SNF Group SACA, 3.13%, 03/15/2027 (a)
|
1,085,000
|
999,207
|
||||||
|
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.38%, 09/01/2025 (a)
|
1,018,000
|
842,925
|
||||||
|
WR Grace Holdings LLC, 4.88%, 06/15/2027 (a)
|
1,000,000
|
965,733
|
||||||
|
37,170,397
|
||||||||
|
COMMERCIAL SERVICES - 3.7%
|
||||||||
|
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.63%, 07/15/2026 (a)
|
165,000
|
164,647
|
||||||
|
Aramark Services, Inc.
|
||||||||
|
5.00%, 04/01/2025 (a)
|
12,445,000
|
12,370,771
|
||||||
|
5.00%, 02/01/2028 (a)
|
2,446,000
|
2,369,106
|
||||||
|
Brink's Co., 5.50%, 07/15/2025 (a)
|
5,365,000
|
5,363,477
|
||||||
|
Camelot Finance SA, 4.50%, 11/01/2026 (a)
|
7,266,000
|
7,035,442
|
||||||
|
Garda World Security Corp.
|
||||||||
|
4.63%, 02/15/2027 (a)
|
120,000
|
114,835
|
||||||
|
9.50%, 11/01/2027 (a)
|
3,564,000
|
3,583,976
|
||||||
|
7.75%, 02/15/2028 (a)
|
3,107,000
|
3,169,426
|
||||||
|
Iron Mountain, Inc.
|
||||||||
|
4.88%, 09/15/2027 (a)
|
11,363,000
|
11,020,619
|
||||||
|
5.00%, 07/15/2028 (a)
|
1,000,000
|
958,835
|
||||||
|
7.00%, 02/15/2029 (a)
|
1,504,000
|
1,532,081
|
||||||
|
OPENLANE, Inc., 5.13%, 06/01/2025 (a)
|
5,938,000
|
5,861,157
|
||||||
|
SS&C Technologies, Inc., 5.50%, 09/30/2027 (a)
|
11,347,000
|
11,181,356
|
||||||
|
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 5.75%, 06/01/2025 (a)
|
5,813,000
|
5,811,011
|
||||||
|
70,536,739
|
||||||||
|
CONSTRUCTION & ENGINEERING - 0.6%
|
||||||||
|
Pike Corp., 5.50%, 09/01/2028 (a)
|
200,000
|
191,971
|
||||||
|
Williams Scotsman, Inc.
|
||||||||
|
6.13%, 06/15/2025 (a)
|
8,333,000
|
8,328,750
|
||||||
|
6.63%, 06/15/2029 (a)
|
2,364,000
|
2,387,431
|
||||||
|
10,908,152
|
||||||||
|
ENVIRONMENTAL SERVICES - 1.2%
|
||||||||
|
Clean Harbors, Inc., 4.88%, 07/15/2027 (a)
|
2,495,000
|
2,417,906
|
||||||
|
GFL Environmental, Inc.
|
||||||||
|
3.75%, 08/01/2025 (a)
|
12,656,000
|
12,556,027
|
||||||
|
5.13%, 12/15/2026 (a)
|
7,045,000
|
6,971,967
|
||||||
|
4.00%, 08/01/2028 (a)
|
2,094,000
|
1,948,252
|
||||||
|
23,894,152
|
||||||||
|
FINANCIALS: CONSUMER FINANCE - 3.0%
|
||||||||
|
Ally Financial, Inc.
|
||||||||
|
5.75%, 11/20/2025
|
4,439,000
|
4,415,350
|
||||||
|
7.10%, 11/15/2027
|
10,054,000
|
10,482,922
|
||||||
|
6.99% (SOFR + 3.26%, 06/13/2029
|
1,456,000
|
1,512,076
|
||||||
|
goeasy Ltd.
|
||||||||
|
4.38%, 05/01/2026 (a)
|
4,760,000
|
4,621,200
|
||||||
|
9.25%, 12/01/2028 (a)
|
4,564,000
|
4,848,618
|
||||||
|
7.63%, 07/01/2029 (a)
|
2,156,000
|
2,201,153
|
||||||
|
Navient Corp.
|
||||||||
|
5.88%, 10/25/2024
|
1,000,000
|
999,196
|
||||||
|
6.75%, 06/25/2025
|
9,082,000
|
9,085,060
|
||||||
|
6.75%, 06/15/2026
|
1,617,000
|
1,628,411
|
||||||
|
5.00%, 03/15/2027
|
5,050,000
|
4,825,607
|
||||||
|
OneMain Finance Corp.
|
||||||||
|
7.13%, 03/15/2026
|
5,015,000
|
5,099,737
|
||||||
|
3.50%, 01/15/2027
|
1,381,000
|
1,295,386
|
||||||
|
7.88%, 03/15/2030
|
2,507,000
|
2,586,241
|
||||||
|
SLM Corp., 3.13%, 11/02/2026
|
4,285,000
|
3,996,724
|
||||||
|
57,597,681
|
||||||||
|
FINANCIALS: DIVERSIFIED - 1.7%
|
||||||||
|
Aircastle Ltd.
|
||||||||
|
5.25%, 08/11/2025 (a)
|
4,810,000
|
4,774,431
|
||||||
|
6.50%, 07/18/2028 (a)
|
4,575,000
|
4,664,797
|
||||||
|
Block, Inc., 2.75%, 06/01/2026
|
4,154,000
|
3,927,544
|
||||||
|
Castlelake Aviation Finance DAC, 5.00%, 04/15/2027 (a)
|
2,175,000
|
2,105,978
|
||||||
|
Credit Acceptance Corp., 9.25%, 12/15/2028 (a)
|
1,050,000
|
1,111,077
|
||||||
|
Macquarie Airfinance Holdings Ltd.
|
||||||||
|
8.38%, 05/01/2028 (a)
|
7,224,000
|
7,621,233
|
||||||
|
6.40%, 03/26/2029 (a)
|
1,090,000
|
1,109,488
|
||||||
|
8.13%, 03/30/2029 (a)
|
2,587,000
|
2,737,041
|
||||||
|
Starwood Property Trust, Inc.
|
||||||||
|
3.75%, 12/31/2024 (a)
|
1,383,000
|
1,365,994
|
||||||
|
3.63%, 07/15/2026 (a)
|
2,809,000
|
2,644,917
|
||||||
|
32,062,500
|
||||||||
|
FINANCIALS: INSURANCE - 0.5%
|
||||||||
|
Acrisure LLC / Acrisure Finance, Inc.
|
||||||||
|
8.25%, 02/01/2029 (a)
|
1,000,000
|
1,005,513
|
||||||
|
8.50%, 06/15/2029 (a)
|
1,636,000
|
1,655,869
|
||||||
|
AmWINS Group, Inc., 6.38%, 02/15/2029 (a)
|
3,980,000
|
3,993,504
|
||||||
|
AssuredPartners, Inc., 5.63%, 01/15/2029 (a)
|
1,123,000
|
1,051,567
|
||||||
|
GTCR AP Finance, Inc., 8.00%, 05/15/2027 (a)
|
1,884,000
|
1,889,908
|
||||||
|
9,596,361
|
||||||||
|
FINANCIALS: THRIFTS & MORTGAGES - 2.6%
|
||||||||
|
Nationstar Mortgage Holdings, Inc.
|
||||||||
|
5.00%, 02/01/2026 (a)
|
7,092,000
|
6,947,987
|
||||||
|
6.00%, 01/15/2027 (a)
|
7,406,000
|
7,332,681
|
||||||
|
PennyMac Financial Services, Inc.
|
||||||||
|
5.38%, 10/15/2025 (a)
|
9,158,000
|
9,082,698
|
||||||
|
7.88%, 12/15/2029 (a)
|
1,195,000
|
1,233,116
|
||||||
|
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/2026 (a)
|
13,972,000
|
13,058,993
|
||||||
|
United Wholesale Mortgage LLC
|
||||||||
|
5.50%, 11/15/2025 (a)
|
10,028,000
|
9,962,120
|
||||||
|
5.75%, 06/15/2027 (a)
|
1,920,000
|
1,876,134
|
||||||
|
49,493,729
|
||||||||
|
FOOD & BEVERAGE - 0.2%
|
||||||||
|
Darling Ingredients, Inc., 5.25%, 04/15/2027 (a)
|
2,500,000
|
2,451,805
|
||||||
|
Post Holdings, Inc., 5.63%, 01/15/2028 (a)
|
1,758,000
|
1,732,199
|
||||||
|
4,184,004
|
||||||||
|
HEALTHCARE: EQUIPMENT & SUPPLIES - 0.3%
|
||||||||
|
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 (a)
|
2,417,000
|
2,448,626
|
||||||
|
Owens & Minor, Inc., 4.38%, 12/15/2024
|
3,870,000
|
3,848,690
|
||||||
|
6,297,316
|
||||||||
|
HEALTHCARE: FACILITIES - 3.6%
|
||||||||
|
Acadia Healthcare Co., Inc., 5.50%, 07/01/2028 (a)
|
4,980,000
|
4,876,498
|
||||||
|
CHS/Community Health Systems, Inc., 5.63%, 03/15/2027 (a)
|
8,457,000
|
7,883,413
|
||||||
|
Encompass Health Corp., 5.75%, 09/15/2025
|
899,000
|
896,856
|
||||||
|
HCA, Inc.
|
||||||||
|
7.69%, 06/15/2025
|
658,000
|
669,079
|
||||||
|
7.58%, 09/15/2025
|
2,251,000
|
2,296,890
|
||||||
|
Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028 (a)
|
6,636,000
|
7,052,144
|
||||||
|
Legacy LifePoint Health LLC, 4.38%, 02/15/2027 (a)
|
2,576,000
|
2,464,237
|
||||||
|
ModivCare, Inc., 5.88%, 11/15/2025 (a)
|
2,260,000
|
2,293,199
|
||||||
|
Select Medical Corp., 6.25%, 08/15/2026 (a)
|
11,639,000
|
11,705,275
|
||||||
|
Tenet Healthcare Corp.
|
||||||||
|
6.25%, 02/01/2027
|
24,925,000
|
24,930,142
|
||||||
|
5.13%, 11/01/2027
|
4,812,000
|
4,713,465
|
||||||
|
69,781,198
|
||||||||
|
HEALTHCARE: LIFE SCIENCES - 1.3%
|
||||||||
|
Catalent Pharma Solutions, Inc., 5.00%, 07/15/2027 (a)
|
3,610,000
|
3,542,273
|
||||||
|
IQVIA, Inc.
|
||||||||
|
5.00%, 10/15/2026 (a)
|
20,675,000
|
20,305,271
|
||||||
|
5.00%, 05/15/2027 (a)
|
1,981,000
|
1,934,793
|
||||||
|
25,782,337
|
||||||||
|
HEALTHCARE: PHARMA & BIOTECH - 1.2%
|
||||||||
|
Bausch Health Cos., Inc.
|
||||||||
|
5.50%, 11/01/2025 (a)
|
3,694,000
|
3,450,473
|
||||||
|
9.00%, 12/15/2025 (a)
|
4,093,000
|
3,712,351
|
||||||
|
Teva Pharmaceutical Finance Netherlands III BV
|
||||||||
|
7.13%, 01/31/2025
|
3,721,000
|
3,733,625
|
||||||
|
3.15%, 10/01/2026
|
13,135,000
|
12,337,844
|
||||||
|
23,234,293
|
||||||||
|
HEALTHCARE: REITs - 0.8%
|
||||||||
|
MPT Operating Partnership LP / MPT Finance Corp.
|
||||||||
|
5.25%, 08/01/2026
|
10,305,000
|
9,373,404
|
||||||
|
5.00%, 10/15/2027
|
894,000
|
738,505
|
||||||
|
Sabra Health Care LP, 5.13%, 08/15/2026
|
5,090,000
|
5,011,147
|
||||||
|
15,123,056
|
||||||||
|
INDUSTRIAL MACHINERY - 1.6%
|
||||||||
|
Enpro, Inc., 5.75%, 10/15/2026
|
11,006,000
|
10,863,183
|
||||||
|
Esab Corp., 6.25%, 04/15/2029 (a)
|
1,813,000
|
1,826,334
|
||||||
|
Madison IAQ LLC, 4.13%, 06/30/2028 (a)
|
4,158,000
|
3,881,307
|
||||||
|
Regal Rexnord Corp., 6.05%, 02/15/2026
|
7,441,000
|
7,463,035
|
||||||
|
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (a)
|
4,157,000
|
4,033,655
|
||||||
|
WESCO Distribution, Inc., 6.38%, 03/15/2029 (a)
|
2,700,000
|
2,713,303
|
||||||
|
30,780,817
|
||||||||
|
LEISURE: CASINOS & GAMING - 6.8%
|
||||||||
|
Allwyn Entertainment Financing UK PLC, 7.88%, 04/30/2029 (a)
|
2,450,000
|
2,533,888
|
||||||
|
Boyd Gaming Corp., 4.75%, 12/01/2027
|
3,777,000
|
3,642,167
|
||||||
|
Caesars Entertainment, Inc., 8.13%, 07/01/2027 (a)
|
22,562,000
|
23,035,847
|
||||||
|
Churchill Downs, Inc.
|
||||||||
|
5.50%, 04/01/2027 (a)
|
14,372,000
|
14,146,479
|
||||||
|
4.75%, 01/15/2028 (a)
|
2,177,000
|
2,081,244
|
||||||
|
International Game Technology PLC
|
||||||||
|
6.50%, 02/15/2025 (a)
|
7,054,000
|
7,062,253
|
||||||
|
4.13%, 04/15/2026 (a)
|
15,642,000
|
15,232,585
|
||||||
|
6.25%, 01/15/2027 (a)
|
11,350,000
|
11,393,743
|
||||||
|
Light & Wonder International, Inc., 7.00%, 05/15/2028 (a)
|
12,166,000
|
12,240,979
|
||||||
|
MGM Resorts International
|
||||||||
|
5.75%, 06/15/2025
|
6,078,000
|
6,061,475
|
||||||
|
4.63%, 09/01/2026
|
427,000
|
417,061
|
||||||
|
5.50%, 04/15/2027
|
1,385,000
|
1,367,502
|
||||||
|
Penn Entertainment, Inc., 5.63%, 01/15/2027 (a)
|
7,521,000
|
7,265,995
|
||||||
|
Raptor Acquisition Corp. / Raptor Co.-Issuer LLC, 4.88%, 11/01/2026 (a)
|
4,033,000
|
3,908,655
|
||||||
|
Station Casinos LLC, 4.50%, 02/15/2028 (a)
|
4,766,000
|
4,488,917
|
||||||
|
VICI Properties LP / VICI Note Co., Inc.
|
||||||||
|
3.50%, 02/15/2025 (a)
|
1,865,000
|
1,841,542
|
||||||
|
4.63%, 06/15/2025 (a)
|
5,805,000
|
5,735,519
|
||||||
|
4.50%, 09/01/2026 (a)
|
2,405,000
|
2,344,109
|
||||||
|
4.25%, 12/01/2026 (a)
|
5,240,000
|
5,064,544
|
||||||
|
3.75%, 02/15/2027 (a)
|
1,255,000
|
1,193,285
|
||||||
|
131,057,789
|
||||||||
|
LEISURE: HOTELS - 7.8%
|
||||||||
|
Carnival Corp., 5.75%, 03/01/2027 (a)
|
2,766,000
|
2,734,422
|
||||||
|
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028 (a)
|
14,585,000
|
15,797,655
|
||||||
|
Carnival PLC, 7.88%, 06/01/2027
|
1,180,000
|
1,241,299
|
||||||
|
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.38%, 04/15/2027
|
2,855,000
|
2,832,047
|
||||||
|
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025 (a)
|
4,980,000
|
4,976,691
|
||||||
|
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028
|
1,654,000
|
1,561,208
|
||||||
|
NCL Corp. Ltd.
|
||||||||
|
3.63%, 12/15/2024 (a)
|
11,752,000
|
11,644,440
|
||||||
|
5.88%, 02/15/2027 (a)
|
3,270,000
|
3,234,445
|
||||||
|
8.38%, 02/01/2028 (a)
|
2,044,000
|
2,137,668
|
||||||
|
8.13%, 01/15/2029 (a)
|
880,000
|
923,770
|
||||||
|
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 5.88%, 10/01/2028 (a)
|
4,393,000
|
4,333,057
|
||||||
|
RHP Hotel Properties LP / RHP Finance Corp.
|
||||||||
|
4.75%, 10/15/2027
|
5,565,000
|
5,366,212
|
||||||
|
7.25%, 07/15/2028 (a)
|
2,904,000
|
3,005,535
|
||||||
|
RLJ Lodging Trust LP, 3.75%, 07/01/2026 (a)
|
13,668,000
|
13,005,945
|
||||||
|
Royal Caribbean Cruises Ltd.
|
||||||||
|
4.25%, 07/01/2026 (a)
|
2,642,000
|
2,558,757
|
||||||
|
5.50%, 08/31/2026 (a)
|
8,099,000
|
8,013,181
|
||||||
|
5.38%, 07/15/2027 (a)
|
7,328,000
|
7,221,575
|
||||||
|
8.25%, 01/15/2029 (a)
|
1,500,000
|
1,584,846
|
||||||
|
Sabre GLBL, Inc., 8.63%, 06/01/2027 (a)
|
5,502,000
|
5,067,576
|
||||||
|
Service Properties Trust
|
||||||||
|
5.25%, 02/15/2026
|
5,242,000
|
5,079,720
|
||||||
|
5.50%, 12/15/2027
|
1,421,000
|
1,319,448
|
||||||
|
Six Flags Entertainment Corp., 5.50%, 04/15/2027 (a)
|
3,600,000
|
3,566,317
|
||||||
|
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (a)
|
4,865,000
|
4,891,811
|
||||||
|
Travel + Leisure Co.
|
||||||||
|
6.60%, 10/01/2025 (e)
|
3,498,000
|
3,522,206
|
||||||
|
6.63%, 07/31/2026 (a)
|
9,610,000
|
9,687,985
|
||||||
|
6.00%, 04/01/2027 (e)
|
2,810,000
|
2,805,989
|
||||||
|
TripAdvisor, Inc., 7.00%, 07/15/2025 (a)
|
13,467,000
|
13,520,693
|
||||||
|
Viking Cruises Ltd., 5.88%, 09/15/2027 (a)
|
1,873,000
|
1,854,820
|
||||||
|
VOC Escrow Ltd., 5.00%, 02/15/2028 (a)
|
2,362,000
|
2,291,558
|
||||||
|
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028 (a)
|
4,091,000
|
3,816,102
|
||||||
|
149,596,978
|
||||||||
|
LEISURE: RESTAURANTS - 2.0%
|
||||||||
|
1011778 BC ULC / New Red Finance, Inc.
|
||||||||
|
5.75%, 04/15/2025 (a)
|
2,075,000
|
2,069,061
|
||||||
|
4.38%, 01/15/2028 (a)
|
3,506,000
|
3,309,745
|
||||||
|
CEC Entertainment LLC, 6.75%, 05/01/2026 (a)
|
8,257,000
|
8,196,931
|
||||||
|
Dave & Buster's, Inc., 7.63%, 11/01/2025 (a)
|
8,680,000
|
8,731,047
|
||||||
|
IRB Holding Corp., 7.00%, 06/15/2025 (a)
|
16,286,000
|
16,304,401
|
||||||
|
38,611,185
|
||||||||
|
MEDIA: BROADCASTING - 2.8%
|
||||||||
|
Graham Holdings Co., 5.75%, 06/01/2026 (a)
|
4,145,000
|
4,119,037
|
||||||
|
Nexstar Media, Inc., 5.63%, 07/15/2027 (a)
|
4,696,000
|
4,465,075
|
||||||
|
Sirius XM Radio, Inc.
|
||||||||
|
3.13%, 09/01/2026 (a)
|
12,260,000
|
11,546,017
|
||||||
|
5.00%, 08/01/2027 (a)
|
14,843,000
|
14,223,980
|
||||||
|
4.00%, 07/15/2028 (a)
|
1,900,000
|
1,718,035
|
||||||
|
TEGNA, Inc., 4.75%, 03/15/2026 (a)
|
3,590,000
|
3,513,387
|
||||||
|
Univision Communications, Inc., 6.63%, 06/01/2027 (a)
|
13,936,000
|
13,356,673
|
||||||
|
52,942,204
|
||||||||
|
MEDIA: CABLE & SATELLITE - 2.9%
|
||||||||
|
C&W Senior Finance Ltd., 6.88%, 09/15/2027 (a)
|
10,296,000
|
9,890,041
|
||||||
|
CCO Holdings LLC / CCO Holdings Capital Corp.
|
||||||||
|
5.50%, 05/01/2026 (a)
|
19,036,000
|
18,864,417
|
||||||
|
5.13%, 05/01/2027 (a)
|
4,760,000
|
4,574,195
|
||||||
|
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/01/2026 (a)
|
5,290,000
|
5,110,337
|
||||||
|
CSC Holdings LLC, 5.50%, 04/15/2027 (a)
|
1,831,000
|
1,487,086
|
||||||
|
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (a)
|
4,474,000
|
4,212,447
|
||||||
|
DISH DBS Corp., 5.88%, 11/15/2024
|
2,448,000
|
2,325,777
|
||||||
|
Sable International Finance Ltd., 5.75%, 09/07/2027 (a)
|
3,700,000
|
3,555,627
|
||||||
|
Viasat, Inc., 5.63%, 09/15/2025 (a)
|
5,100,000
|
4,951,761
|
||||||
|
54,971,688
|
||||||||
|
MEDIA: DIVERSIFIED - 1.1%
|
||||||||
|
Match Group Holdings II LLC
|
||||||||
|
5.00%, 12/15/2027 (a)
|
7,316,000
|
7,018,591
|
||||||
|
5.63%, 02/15/2029 (a)
|
1,014,000
|
975,680
|
||||||
|
McGraw-Hill Education, Inc., 5.75%, 08/01/2028 (a)
|
1,000,000
|
965,492
|
||||||
|
Neptune Bidco US, Inc., 9.29%, 04/15/2029 (a)
|
2,570,000
|
2,463,495
|
||||||
|
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 08/15/2027 (a)
|
9,221,000
|
8,931,257
|
||||||
|
20,354,515
|
||||||||
|
MEDIA: ENTERTAINMENT - 1.5%
|
||||||||
|
Live Nation Entertainment, Inc.
|
||||||||
|
4.88%, 11/01/2024 (a)
|
11,376,000
|
11,350,187
|
||||||
|
5.63%, 03/15/2026 (a)
|
9,423,000
|
9,297,878
|
||||||
|
6.50%, 05/15/2027 (a)
|
500,000
|
503,304
|
||||||
|
4.75%, 10/15/2027 (a)
|
6,479,000
|
6,213,577
|
||||||
|
Playtika Holding Corp., 4.25%, 03/15/2029 (a)
|
1,660,000
|
1,457,861
|
||||||
|
28,822,807
|
||||||||
|
METALS & MINING - 0.3%
|
||||||||
|
Alcoa Nederland Holding BV, 5.50%, 12/15/2027 (a)
|
3,363,000
|
3,314,934
|
||||||
|
Novelis Corp., 3.25%, 11/15/2026 (a)
|
2,000,000
|
1,883,713
|
||||||
|
5,198,647
|
||||||||
|
MIDSTREAM: STORAGE & TRANSPORT - 3.8%
|
||||||||
|
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/2029 (a)
|
2,400,000
|
2,445,799
|
||||||
|
Buckeye Partners LP
|
||||||||
|
4.35%, 10/15/2024
|
2,094,000
|
2,086,336
|
||||||
|
4.13%, 03/01/2025 (a)
|
8,367,000
|
8,271,762
|
||||||
|
3.95%, 12/01/2026
|
4,209,000
|
3,998,521
|
||||||
|
Energy Transfer LP, 5.63%, 05/01/2027 (a)
|
1,799,000
|
1,792,546
|
||||||
|
EQM Midstream Partners LP
|
||||||||
|
4.00%, 08/01/2024
|
6,079,000
|
6,064,175
|
||||||
|
6.00%, 07/01/2025 (a)
|
3,214,000
|
3,216,378
|
||||||
|
7.50%, 06/01/2027 (a)
|
6,501,000
|
6,643,138
|
||||||
|
6.38%, 04/01/2029 (a)
|
256,000
|
258,743
|
||||||
|
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 01/15/2027
|
1,568,000
|
1,604,508
|
||||||
|
Kinetik Holdings LP, 6.63%, 12/15/2028 (a)
|
400,000
|
406,564
|
||||||
|
Northriver Midstream Finance LP, 5.63%, 02/15/2026 (a)
|
2,111,000
|
2,113,278
|
||||||
|
NuStar Logistics LP, 5.75%, 10/01/2025
|
8,734,000
|
8,684,945
|
||||||
|
Sunoco LP, 7.00%, 05/01/2029 (a)
|
3,472,000
|
3,564,841
|
||||||
|
Sunoco LP / Sunoco Finance Corp.
|
||||||||
|
6.00%, 04/15/2027
|
2,341,000
|
2,339,432
|
||||||
|
7.00%, 09/15/2028 (a)
|
9,279,000
|
9,525,107
|
||||||
|
Venture Global LNG, Inc.
|
||||||||
|
8.13%, 06/01/2028 (a)
|
5,542,000
|
5,718,679
|
||||||
|
9.50%, 02/01/2029 (a)
|
4,896,000
|
5,369,221
|
||||||
|
74,103,973
|
||||||||
|
PACKAGING - 2.2%
|
||||||||
|
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.13%, 08/15/2026 (a)
|
3,313,000
|
2,879,334
|
||||||
|
Berry Global, Inc.
|
||||||||
|
4.50%, 02/15/2026 (a)
|
7,539,000
|
7,383,882
|
||||||
|
4.88%, 07/15/2026 (a)
|
10,054,000
|
9,881,388
|
||||||
|
5.63%, 07/15/2027 (a)
|
55,000
|
54,167
|
||||||
|
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 09/30/2026
|
943,000
|
909,568
|
||||||
|
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 02/01/2026
|
8,670,000
|
8,529,718
|
||||||
|
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026
|
2,293,000
|
2,372,134
|
||||||
|
LABL, Inc., 6.75%, 07/15/2026 (a)
|
6,916,000
|
6,835,503
|
||||||
|
Mauser Packaging Solutions Holding Co.
|
||||||||
|
7.88%, 04/15/2027 (a)
|
1,744,000
|
1,781,932
|
||||||
|
9.25%, 04/15/2027 (a)
|
1,647,000
|
1,650,032
|
||||||
|
Sealed Air Corp.
|
||||||||
|
5.50%, 09/15/2025 (a)
|
205,000
|
205,227
|
||||||
|
4.00%, 12/01/2027 (a)
|
810,000
|
762,451
|
||||||
|
43,245,336
|
||||||||
|
REAL ESTATE: HOMEBUILDING - 0.3%
|
||||||||
|
M/I Homes, Inc., 4.95%, 02/01/2028
|
1,409,000
|
1,360,234
|
||||||
|
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 02/15/2028
|
582,000
|
550,785
|
||||||
|
Taylor Morrison Communities, Inc.
|
||||||||
|
5.88%, 06/15/2027 (a)
|
1,189,000
|
1,184,780
|
||||||
|
5.75%, 01/15/2028 (a)
|
890,000
|
882,958
|
||||||
|
Tri Pointe Homes, Inc., 5.25%, 06/01/2027
|
2,794,000
|
2,728,610
|
||||||
|
6,707,367
|
||||||||
|
REAL ESTATE: MANAGEMENT - 0.1%
|
||||||||
|
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (a)
|
2,836,000
|
2,817,986
|
||||||
|
RETAIL: FOOD & DRUG - 1.6%
|
||||||||
|
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
|
||||||||
|
3.25%, 03/15/2026 (a)
|
3,565,000
|
3,426,885
|
||||||
|
7.50%, 03/15/2026 (a)
|
13,468,000
|
13,668,390
|
||||||
|
4.63%, 01/15/2027 (a)
|
2,325,000
|
2,247,747
|
||||||
|
6.50%, 02/15/2028 (a)
|
5,260,000
|
5,296,052
|
||||||
|
US Foods, Inc., 6.88%, 09/15/2028 (a)
|
3,278,000
|
3,355,690
|
||||||
|
Walgreens Boots Alliance, Inc.
|
||||||||
|
3.80%, 11/18/2024
|
2,500,000
|
2,472,355
|
||||||
|
3.45%, 06/01/2026
|
1,187,000
|
1,118,276
|
||||||
|
31,585,395
|
||||||||
|
RETAILING - 0.7%
|
||||||||
|
Bath & Body Works, Inc., 9.38%, 07/01/2025 (a)
|
6,442,000
|
6,669,003
|
||||||
|
PetSmart, Inc. / PetSmart Finance Corp.
|
||||||||
|
4.75%, 02/15/2028 (a)
|
4,716,000
|
4,386,126
|
||||||
|
7.75%, 02/15/2029 (a)
|
1,700,000
|
1,657,267
|
||||||
|
12,712,396
|
||||||||
|
TECHNOLOGY HARDWARE - 1.2%
|
||||||||
|
CDW LLC / CDW Finance Corp., 4.13%, 05/01/2025
|
5,065,000
|
4,985,630
|
||||||
|
Seagate HDD Cayman
|
||||||||
|
4.75%, 01/01/2025
|
3,428,000
|
3,404,761
|
||||||
|
8.25%, 12/15/2029
|
4,098,000
|
4,398,404
|
||||||
|
Western Digital Corp., 4.75%, 02/15/2026
|
9,962,000
|
9,760,361
|
||||||
|
22,549,156
|
||||||||
|
TECHNOLOGY: SOFTWARE & SERVICES - 4.5%
|
||||||||
|
Boxer Parent Co., Inc.
|
||||||||
|
7.13%, 10/02/2025 (a)
|
17,523,000
|
17,583,560
|
||||||
|
9.13%, 03/01/2026 (a)
|
3,282,000
|
3,295,328
|
||||||
|
Cloud Software Group, Inc., 6.50%, 03/31/2029 (a)
|
1,821,000
|
1,747,656
|
||||||
|
Consensus Cloud Solutions, Inc.
|
||||||||
|
6.00%, 10/15/2026 (a)
|
6,557,000
|
6,402,484
|
||||||
|
6.50%, 10/15/2028 (a)
|
2,765,000
|
2,585,482
|
||||||
|
Fair Isaac Corp., 4.00%, 06/15/2028 (a)
|
2,000,000
|
1,872,630
|
||||||
|
Gen Digital, Inc.
|
||||||||
|
5.00%, 04/15/2025 (a)
|
13,902,000
|
13,831,176
|
||||||
|
6.75%, 09/30/2027 (a)
|
10,994,000
|
11,143,661
|
||||||
|
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 5.25%, 12/01/2027 (a)
|
1,275,000
|
1,249,162
|
||||||
|
Open Text Corp., 6.90%, 12/01/2027 (a)
|
8,475,000
|
8,807,245
|
||||||
|
PTC, Inc., 3.63%, 02/15/2025 (a)
|
8,277,000
|
8,189,074
|
||||||
|
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026 (a)
|
9,749,000
|
9,453,522
|
||||||
|
86,160,980
|
||||||||
|
TELECOM SERVICES: DIVERSIFIED - 2.1%
|
||||||||
|
Altice France SA, 8.13%, 02/01/2027 (a)
|
2,070,000
|
1,554,169
|
||||||
|
Cogent Communications Group, Inc., 3.50%, 05/01/2026 (a)
|
6,857,000
|
6,572,007
|
||||||
|
Frontier Communications Holdings LLC
|
||||||||
|
5.88%, 10/15/2027 (a)
|
1,420,000
|
1,387,813
|
||||||
|
5.00%, 05/01/2028 (a)
|
1,654,000
|
1,559,604
|
||||||
|
Iliad Holding SASU
|
||||||||
|
6.50%, 10/15/2026 (a)
|
6,402,000
|
6,379,060
|
||||||
|
7.00%, 10/15/2028 (a)
|
2,384,000
|
2,365,957
|
||||||
|
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (a)
|
2,609,000
|
2,446,553
|
||||||
|
SBA Communications Corp., 3.88%, 02/15/2027
|
2,500,000
|
2,385,134
|
||||||
|
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 (a)
|
2,495,000
|
2,445,935
|
||||||
|
Videotron Ltd., 5.13%, 04/15/2027 (a)
|
11,684,000
|
11,511,542
|
||||||
|
Ziggo Bond Co. BV, 6.00%, 01/15/2027 (a)
|
2,710,000
|
2,660,356
|
||||||
|
41,268,130
|
||||||||
|
TELECOM SERVICES: WIRELESS - 0.1%
|
||||||||
|
Sprint Capital Corp., 6.88%, 11/15/2028
|
1,578,000
|
1,674,065
|
||||||
|
Sprint LLC, 7.63%, 03/01/2026
|
660,000
|
678,755
|
||||||
|
2,352,820
|
||||||||
|
TRANSPORTATION - 2.1%
|
||||||||
|
GXO Logistics, Inc., 6.25%, 05/06/2029
|
629,000
|
640,554
|
||||||
|
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (a)
|
4,252,200
|
4,263,357
|
||||||
|
RXO, Inc., 7.50%, 11/15/2027 (a)
|
2,247,000
|
2,297,973
|
||||||
|
Uber Technologies, Inc.
|
||||||||
|
8.00%, 11/01/2026 (a)
|
22,503,000
|
22,719,299
|
||||||
|
7.50%, 09/15/2027 (a)
|
4,220,000
|
4,306,185
|
||||||
|
XPO, Inc., 6.25%, 06/01/2028 (a)
|
6,124,000
|
6,166,415
|
||||||
|
40,393,783
|
||||||||
|
UTILITIES: POWER - 2.4%
|
||||||||
|
Calpine Corp., 5.25%, 06/01/2026 (a)
|
10,638,000
|
10,530,073
|
||||||
|
NextEra Energy Operating Partners LP
|
||||||||
|
4.25%, 07/15/2024 (a)
|
5,553,000
|
5,549,543
|
||||||
|
4.25%, 09/15/2024 (a)
|
72,000
|
71,550
|
||||||
|
NRG Energy, Inc., 6.63%, 01/15/2027
|
7,986,000
|
7,975,759
|
||||||
|
Vistra Operations Co. LLC
|
||||||||
|
3.55%, 07/15/2024 (a)
|
570,000
|
569,379
|
||||||
|
5.50%, 09/01/2026 (a)
|
6,639,000
|
6,551,034
|
||||||
|
5.63%, 02/15/2027 (a)
|
10,641,000
|
10,469,120
|
||||||
|
5.00%, 07/31/2027 (a)
|
5,520,000
|
5,343,621
|
||||||
|
47,060,079
|
||||||||
|
UTILITIES: PROPANE - 1.1%
|
||||||||
|
AmeriGas Partners LP / AmeriGas Finance Corp.
|
||||||||
|
5.50%, 05/20/2025
|
3,411,000
|
3,399,412
|
||||||
|
5.88%, 08/20/2026
|
7,030,000
|
6,817,077
|
||||||
|
5.75%, 05/20/2027
|
5,418,000
|
5,116,252
|
||||||
|
9.38%, 06/01/2028 (a)
|
3,531,000
|
3,627,830
|
||||||
|
Ferrellgas LP / Ferrellgas Finance Corp., 5.38%, 04/01/2026 (a)
|
574,000
|
561,930
|
||||||
|
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/2027
|
1,177,000
|
1,165,910
|
||||||
|
20,688,411
|
||||||||
|
TOTAL CORPORATE BONDS (Cost $1,611,168,550)
|
1,612,978,098
|
|||||||
|
BANK LOANS - 11.4% (g)
|
||||||||
|
AEROSPACE & DEFENSE - 0.3%
|
||||||||
|
TransDigm, Inc., Senior Secured First Lien, 8.08% (3 mo. SOFR US + 2.75%), 08/24/2028
|
4,931,334
|
4,945,832
|
||||||
|
AUTOMOTIVE - 0.2%
|
||||||||
|
First Brands Group LLC, Senior Secured First Lien
|
||||||||
|
10.59% (3 mo. SOFR US + 5.00%), 03/30/2027
|
2,227,237
|
2,216,457
|
||||||
|
10.59% (3 mo. SOFR US + 5.00%), 03/30/2027
|
1,680,062
|
1,672,711
|
||||||
|
3,889,168
|
||||||||
|
BUILDING PRODUCTS - 0.3%
|
||||||||
|
Standard Industries, Inc., Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 09/22/2028
|
5,925,824
|
5,946,476
|
||||||
|
COMMERCIAL SERVICES - 1.2%
|
||||||||
|
AlixPartners LLP, Senior Secured First Lien, 7.96% (1 mo. SOFR US + 2.50%), 02/04/2028
|
6,444,344
|
6,456,428
|
||||||
|
Deerfield Dakota Holding LLC, Senior Secured First Lien, 9.06% (3 mo. Term SOFR + 3.75%), 04/09/2027
|
1,994,805
|
1,996,281
|
||||||
|
Dun & Bradstreet Corp., Senior Secured First Lien, 8.10% (1 mo. SOFR US + 2.75%), 01/18/2029
|
7,779,909
|
7,794,496
|
||||||
|
Garda World Security Corp., Senior Secured First Lien, 9.59% (3 mo. SOFR US + 4.25%), 02/01/2029
|
6,244,112
|
6,290,943
|
||||||
|
22,538,148
|
||||||||
|
CONSTRUCTION & ENGINEERING - 0.1%
|
||||||||
|
APi Group DE, Inc., Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 01/03/2029
|
2,012,150
|
2,013,589
|
||||||
|
ENVIRONMENTAL SERVICES - 0.0%(b)
|
||||||||
|
GFL Environmental, Inc., Senior Secured First Lien, 7.83% (3 mo. SOFR US + 2.50%), 05/28/2027
|
28,788
|
28,881
|
||||||
|
FINANCIALS: DIVERSIFIED - 0.5%
|
||||||||
|
Ascensus Holdings, Inc., Senior Secured First Lien, 8.94% (1 mo. Term SOFR + 3.50%), 08/02/2028
|
2,212,761
|
2,217,187
|
||||||
|
Castlelake Aviation One DAC, Senior Secured First Lien, 7.84% (3 mo. SOFR US + 2.50%), 10/22/2026
|
4,851,719
|
4,865,691
|
||||||
|
Edelman Financial Engines Center LLC, Senior Secured Second Lien, 10.59% (1 mo. SOFR US + 5.25%), 10/31/2028
|
1,700,000
|
1,706,375
|
||||||
|
WMB Holdings, Inc., Senior Secured First Lien, 7.92% (1 mo. SOFR US + 2.50%), 11/03/2027
|
1,093,231
|
1,090,498
|
||||||
|
9,879,751
|
||||||||
|
FINANCIALS: INSURANCE - 0.8%
|
||||||||
|
Acrisure LLC, Senior Secured First Lien, 8.34% (3 mo. SOFR US + 3.00%), 02/16/2027
|
8,516,942
|
8,525,800
|
||||||
|
Asurion LLC, Senior Secured First Lien
|
||||||||
|
8.71% (1 mo. SOFR US + 3.25%), 12/23/2026
|
5,098,576
|
5,063,167
|
||||||
|
9.44% (1 mo. SOFR US + 4.00%), 08/21/2028
|
1,096,024
|
1,085,403
|
||||||
|
14,674,370
|
||||||||
|
FOOD & BEVERAGE - 0.2%
|
||||||||
|
Delivery Hero Finco LLC, Senior Secured First Lien, 10.33% (1 mo. Term SOFR + 5.00%), 12/12/2029
|
4,757,402
|
4,806,166
|
||||||
|
HEALTHCARE: EQUIPMENT & SUPPLIES - 0.6%
|
||||||||
|
AthenaHealth Group, Inc., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 02/15/2029
|
2,992,366
|
2,986,292
|
||||||
|
Insulet Corp., Senior Secured First Lien, 8.33% (1 mo. SOFR US + 3.00%), 05/04/2028
|
905,663
|
910,001
|
||||||
|
Medline Borrower LP, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 10/23/2028
|
5,624,766
|
5,642,343
|
||||||
|
Waystar Technologies, Inc., Senior Secured First Lien, 8.08% (1 mo. Term SOFR + 2.75%), 10/22/2029
|
2,911,261
|
2,918,539
|
||||||
|
12,457,175
|
||||||||
|
HEALTHCARE: FACILITIES - 0.8%
|
||||||||
|
Global Medical Response, Inc., Senior Secured First Lien, 10.09% (0.75% PIK) (1 mo. Term SOFR + 4.75%), 10/02/2028
|
2,233,778
|
2,167,882
|
||||||
|
Select Medical Corp., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 03/05/2027
|
10,078,654
|
10,095,435
|
||||||
|
Surgery Center Holdings, Inc., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 12/19/2030
|
2,388,000
|
2,397,110
|
||||||
|
14,660,427
|
||||||||
|
HEALTHCARE: LIFE SCIENCES - 0.3%
|
||||||||
|
Catalent Pharma Solutions, Inc., Senior Secured First Lien
|
||||||||
|
7.46% (1 mo. SOFR US + 2.00%), 02/22/2028
|
1,308,189
|
1,309,171
|
||||||
|
8.34% (1 mo. SOFR US + 3.00%), 02/22/2028
|
4,420,203
|
4,428,491
|
||||||
|
5,737,662
|
||||||||
|
HEALTHCARE: MANAGED HEALTH CARE - 0.2%
|
||||||||
|
Cotiviti, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 04/30/2031
|
3,415,000
|
3,406,462
|
||||||
|
HEALTHCARE: PHARMA & BIOTECH - 0.6%
|
||||||||
|
Jazz Financing Lux Sarl, Senior Secured First Lien, 7.58%, 05/05/2028 (c)
|
11,402,588
|
11,423,968
|
||||||
|
INDUSTRIAL MACHINERY - 0.2%
|
||||||||
|
Vertiv Group Corp., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 03/02/2027
|
3,712,182
|
3,727,123
|
||||||
|
LEISURE: HOTELS - 0.2%
|
||||||||
|
Carnival Corp., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 10/18/2028
|
1,796,992
|
1,804,010
|
||||||
|
Hilton Grand Vacations Borrower LLC, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 08/02/2028
|
2,789,657
|
2,792,893
|
||||||
|
4,596,903
|
||||||||
|
LEISURE: RESTAURANTS - 0.6%
|
||||||||
|
IRB Holding Corp., Senior Secured First Lien, 8.18% (1 mo. SOFR US + 2.75%), 12/15/2027
|
12,339,776
|
12,349,031
|
||||||
|
MEDIA: BROADCASTING - 0.3%
|
||||||||
|
Univision Communications, Inc., Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 03/24/2026
|
4,803,591
|
4,811,709
|
||||||
|
MEDIA: CABLE & SATELLITE - 0.3%
|
||||||||
|
Charter Communications Operating LLC, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 1.75%), 02/01/2027
|
4,960,938
|
4,960,466
|
||||||
|
MEDIA: DIVERSIFIED - 0.2%
|
||||||||
|
McGraw-Hill Education, Inc., Senior Secured First Lien, 10.20% (3 mo. SOFR US + 4.75%), 07/31/2028
|
4,682,559
|
4,696,537
|
||||||
|
MEDIA: ENTERTAINMENT - 0.8%
|
||||||||
|
Playtika Holding Corp., Senior Secured First Lien, 8.21% (1 mo. SOFR US + 2.75%), 03/13/2028
|
5,680,044
|
5,686,917
|
||||||
|
UFC Holdings LLC, Senior Secured First Lien, 8.34% (3 mo. SOFR US + 2.75%), 04/29/2026
|
3,752,273
|
3,765,068
|
||||||
|
William Morris Endeavor Entertainment LLC, Senior Secured First Lien
|
||||||||
|
8.21% (1 mo. SOFR US + 2.75%), 05/19/2025
|
4,231,804
|
4,243,886
|
||||||
|
8.21% (1 mo. SOFR US + 2.75%), 05/19/2025
|
2,055,860
|
2,061,730
|
||||||
|
8.21% (1 mo. SOFR US + 2.75%), 05/19/2025
|
386,314
|
387,416
|
||||||
|
8.21% (1 mo. SOFR US + 2.75%), 05/19/2025
|
187,677
|
188,213
|
||||||
|
16,333,230
|
||||||||
|
RETAILING - 0.6%
|
||||||||
|
Belron Finance US LLC, Senior Secured First Lien, 7.51% (3 mo. SOFR US + 1.93%), 04/28/2028
|
1,652,205
|
1,655,988
|
||||||
|
Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 05/04/2028
|
3,482,321
|
3,494,405
|
||||||
|
PetSmart LLC, Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 02/14/2028
|
5,594,085
|
5,584,742
|
||||||
|
10,735,135
|
||||||||
|
TECHNOLOGY HARDWARE - 0.4%
|
||||||||
|
Presidio Holdings, Inc., Senior Secured First Lien 8.92% (1 mo. Term SOFR + 3.50%), 01/22/2027
|
3,040,027
|
3,046,366
|
||||||
|
Synaptics, Inc., Senior Secured First Lien, 7.85% (3 mo. SOFR US + 2.25%), 12/04/2028
|
5,510,414
|
5,519,368
|
||||||
|
8,565,734
|
||||||||
|
TECHNOLOGY: SOFTWARE & SERVICES - 1.1%
|
||||||||
|
Boxer Parent Co., Inc., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 12/29/2028
|
6,008,330
|
6,028,158
|
||||||
|
Cloud Software Group, Inc., Senior Secured First Lien
|
||||||||
|
9.33% (3 mo. SOFR US + 4.00%), 03/29/2029
|
3,004,610
|
3,005,932
|
||||||
|
9.33% (3 mo. SOFR US + 4.00%), 03/29/2029
|
7,530
|
7,534
|
||||||
|
MH Sub I LLC, Senior Secured First Lien, 9.59% (1 mo. SOFR US + 4.25%), 05/03/2028
|
2,827,900
|
2,828,480
|
||||||
|
Polaris Newco LLC, Senior Secured First Lien, 9.59% (3 mo. SOFR US + 4.00%), 06/05/2028
|
2,868,354
|
2,870,634
|
||||||
|
Proofpoint, Inc., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 08/31/2028
|
2,150,359
|
2,154,800
|
||||||
|
SolarWinds Holdings, Inc., Senior Secured First Lien, 5.34% (1 mo. Term SOFR + 2.75%), 02/05/2030
|
4,963,953
|
4,976,363
|
||||||
|
21,871,901
|
||||||||
|
TRANSPORTATION - 0.5%
|
||||||||
|
AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 10.34% (3 mo. SOFR US + 4.75%), 04/20/2028
|
4,468,703
|
4,622,315
|
||||||
|
Mileage Plus Holdings LLC, Senior Secured First Lien, 10.74% (3 mo. SOFR US + 5.25%), 06/21/2027
|
3,824,805
|
3,907,382
|
||||||
|
SkyMiles IP Ltd., Senior Secured First Lien, 9.07% (3 mo. SOFR US + 3.75%), 10/20/2027
|
585,291
|
600,155
|
||||||
|
9,129,852
|
||||||||
|
UTILITIES: POWER - 0.1%
|
||||||||
|
Calpine Corp., Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 12/16/2027
|
2,245,000
|
2,250,208
|
||||||
|
TOTAL BANK LOANS (Cost $219,741,301)
|
220,435,904
|
|||||||
|
CONVERTIBLE BONDS - 1.0%
|
||||||||
|
LEISURE: HOTELS - 0.3%
|
||||||||
|
Expedia Group, Inc., 4.95%, 02/15/2026 (h)
|
900,000
|
830,700
|
||||||
|
Marriott Vacations Worldwide Corp., 6.30%, 01/15/2026 (h)
|
2,313,000
|
2,141,643
|
||||||
|
Sabre GLBL, Inc., 4.00%, 04/15/2025
|
1,029,000
|
979,608
|
||||||
|
TripAdvisor, Inc., 0.25%, 04/01/2026
|
1,527,000
|
1,394,686
|
||||||
|
5,346,637
|
||||||||
|
TECHNOLOGY: SOFTWARE & SERVICES - 0.7%
|
||||||||
|
DigitalOcean Holdings, Inc., 8.11%, 12/01/2026 (h)
|
9,522,000
|
8,069,895
|
||||||
|
Pegasystems, Inc., 0.75%, 03/01/2025
|
912,000
|
880,992
|
||||||
|
Perficient, Inc., 0.13%, 11/15/2026
|
4,213,000
|
4,092,646
|
||||||
|
13,043,533
|
||||||||
|
TOTAL CONVERTIBLE BONDS (Cost $18,102,773)
|
18,390,170
|
|||||||
|
SHORT-TERM INVESTMENT - 4.0%
|
||||||||
|
Money Market Fund - 4.0%
|
Shares
|
|||||||
|
First American Government Obligations Fund - Class X, 5.23% (d)
|
77,201,810
|
77,201,810
|
||||||
|
TOTAL SHORT-TERM INVESTMENT (Cost $77,201,810)
|
77,201,810
|
|||||||
|
TOTAL INVESTMENTS - 100.2% (Cost $1,926,214,434)
|
1,929,005,982
|
|||||||
|
Liabilities in Excess of Other Assets - (0.2)%
|
(4,413,994
|
)
|
||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
1,924,591,988
|
||||||
|
Percentages are stated as a percent of net assets.
|
||||||||
|
PIK - Payment in Kind
|
|
PLC - Public Limited Company
|
|
REIT - Real Estate Investment Trust
|
|
SA - Sociedad Anónima
|
|
SOFR - Secured Overnight Financing Rate
|
|
(a)
|
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
institutional investors. As of June 30, 2024, the value of these securities total $1,242,977,334 or 64.6% of the Fund’s net assets.
|
|
(b)
|
Represents less than 0.05% of net assets.
|
|
(c)
|
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their
description. The rate disclosed is as of June 30, 2024.
|
|
(d)
|
The rate shown represents the 7-day effective yield as of June 30, 2024.
|
|
(e)
|
Step-up bond; pays one interest rate for a certain period and a different rate thereafter.
|
|
(f)
|
All or a portion is posted as collateral for delayed settlement securities.
|
|
(g)
|
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.
|
|
(h)
|
Zero coupon bonds make no periodic interest payments but are issued at a discount from par value. Rate shown is the weighted average amortized yield as of June 30, 2024.
|
|
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 as of June 30, 2024 (Unaudited)
|
|
The FASB established a framework for measuring fair value in accordance with GAAP. Under FASB ASC Topic 820, Fair Value Measurement, various
inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs
of the fair value hierarchy are defined as follows:
|
|
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.
|
|
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value
measurement.
|
|
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example,
the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are
less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
|
|
The following is a summary of the inputs used to value the Fund's investments as of June 30, 2024:
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Investments:
|
||||||||||||||||
|
Corporate Bonds
|
$
|
–
|
$
|
1,612,978,098
|
$
|
–
|
$
|
1,612,978,098
|
||||||||
|
Bank Loans
|
–
|
220,435,904
|
–
|
220,435,904
|
||||||||||||
|
Convertible Bonds
|
–
|
18,390,170
|
–
|
18,390,170
|
||||||||||||
|
Money Market Fund
|
77,201,810
|
–
|
–
|
77,201,810
|
||||||||||||
|
Total Investments
|
$ |
77,201,810
|
$ |
1,851,804,172
|
$ |
–
|
$ |
1,929,005,982
|
||||||||
|
Refer to the Schedule of Investments for additional information.
|
||||||||||||||||