Shenkman Capital Short Duration High Income Fund
Schedule of Investments
December 31, 2025 (Unaudited)
CORPORATE BONDS - 86.0% (f)		Principal Value				Value
AEROSPACE & DEFENSE - 1.9%
AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (a)		$	2,978,000			$	3,083,287
Axon Enterprise, Inc., 6.13%, 03/15/2030 (a)			4,539,000				4,697,157
TransDigm, Inc.
6.75%, 08/15/2028 (a)			4,400,000				4,483,010
4.63%, 01/15/2029			4,346,000				4,320,969
6.38%, 03/01/2029 (a)			13,466,000				13,903,900
6.88%, 12/15/2030 (a)			7,730,000				8,093,516
							38,581,839
AUTO RETAIL - 2.9%
Asbury Automotive Group, Inc., 4.63%, 11/15/2029 (a)			5,488,000				5,399,186
Carvana Co.
9.00% (or 13.00% PIK), 06/01/2030 (a)			11,584,021				12,156,214
9.00% (or 14.00% PIK), 06/01/2031 (a)			3,662,875				4,135,785
Global Auto Holdings Ltd./AAG FH UK Ltd.
8.38%, 01/15/2029 (a)			1,887,000				1,859,780
11.50%, 08/15/2029 (a)			200,000				210,281
Group 1 Automotive, Inc., 4.00%, 08/15/2028 (a)			9,629,000				9,444,756
LCM Investments Holdings II LLC, 8.25%, 08/01/2031 (a)			6,121,000				6,477,845
Lithia Motors, Inc.
4.63%, 12/15/2027 (a)			7,022,000				7,039,371
3.88%, 06/01/2029 (a)			1,731,000				1,674,962
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029 (a)			9,595,000				9,507,439
							57,905,619
AUTOMOTIVE - 6.1%
Adient Global Holdings Ltd., 7.00%, 04/15/2028 (a)			5,544,000				5,718,122
Allison Transmission, Inc.
4.75%, 10/01/2027 (a)			14,391,000				14,380,264
5.88%, 06/01/2029 (a)			1,144,000				1,164,990
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029			5,611,000				5,408,791
Clarios Global LP / Clarios US Finance Co.
6.75%, 05/15/2028 (a)			2,274,000				2,333,056
6.75%, 02/15/2030 (a)			6,461,000				6,761,824
Dana, Inc.
5.38%, 11/15/2027			5,451,000				5,445,431
5.63%, 06/15/2028			1,163,000				1,161,909
4.25%, 09/01/2030			4,179,000				4,049,304
Ford Holdings LLC, 9.30%, 03/01/2030			4,316,000				4,896,387
Ford Motor Co., 9.63%, 04/22/2030			2,709,000				3,139,159
Ford Motor Credit Co. LLC
6.80% (SOFR + 2.95%), 03/06/2026			3,445,000				3,457,415
6.95%, 06/10/2026			3,901,000				3,935,664
4.13%, 08/17/2027			9,375,000				9,302,972
3.82%, 11/02/2027			1,005,000				990,165
Goodyear Tire & Rubber Co.
4.88%, 03/15/2027			1,550,000				1,558,514
5.00%, 07/15/2029			7,558,000				7,473,196
IHO Verwaltungs GmbH, 7.75% (or 8.50% PIK), 11/15/2030 (a)			1,984,000				2,086,293
Nissan Motor Acceptance Co. LLC
2.75%, 03/09/2028 (a)			3,467,000				3,296,777
5.63%, 09/29/2028 (a)			2,286,000				2,293,871
6.13%, 09/30/2030 (a)			3,663,000				3,666,204
Nissan Motor Co. Ltd.
4.35%, 09/17/2027 (a)			1,750,000				1,727,555
7.50%, 07/17/2030 (a)			4,256,000				4,469,803
Patrick Industries, Inc., 4.75%, 05/01/2029 (a)			1,591,000				1,581,325
Phinia, Inc., 6.75%, 04/15/2029 (a)			3,758,000				3,894,160
Tenneco, Inc., 8.00%, 11/17/2028 (a)			7,367,000				7,395,583
Thor Industries, Inc., 4.00%, 10/15/2029 (a)			5,667,000				5,465,262
ZF North America Capital, Inc.
6.88%, 04/14/2028 (a)			2,563,000				2,625,269
7.50%, 03/24/2031 (a)			1,979,000				2,001,683
							121,680,948
BUILDING PRODUCTS - 0.4%
James Hardie International Finance DAC, 5.00%, 01/15/2028 (a)			639,000				639,675
JH North America Holdings, Inc., 5.88%, 01/31/2031 (a)			2,129,000				2,175,998
Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/2029 (a)			3,081,000				3,008,904
Standard Industries, Inc./NY, 4.75%, 01/15/2028 (a)			2,397,000				2,393,395
							8,217,972
CHEMICALS - 1.6%
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (a)			721,000				725,728
INEOS Finance PLC, 6.75%, 05/15/2028 (a)			3,001,000				2,668,389
Methanex Corp., 5.13%, 10/15/2027			9,309,000				9,367,535
NOVA Chemicals Corp.
5.25%, 06/01/2027 (a)			3,446,000				3,478,572
9.00%, 02/15/2030 (a)			237,000				253,356
SCIH Salt Holdings, Inc., 4.88%, 05/01/2028 (a)			11,954,000				11,999,879
SNF Group SACA, 3.13%, 03/15/2027 (a)			2,885,000				2,836,970
WR Grace Holdings LLC, 4.88%, 06/15/2027 (a)			601,000				599,897
							31,930,326
COMMERCIAL SERVICES - 5.3%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/2028 (a)			301,000				297,061
Aramark Services, Inc., 5.00%, 02/01/2028 (a)			7,891,000				7,896,700
Brink's Co.
4.63%, 10/15/2027 (a)			3,622,000				3,624,257
6.50%, 06/15/2029 (a)			5,275,000				5,465,269
Camelot Finance SA, 4.50%, 11/01/2026 (a)			1,227,000				1,219,414
Clarivate Science Holdings Corp.
3.88%, 07/01/2028 (a)			7,272,000				7,064,775
4.88%, 07/01/2029 (a)			1,136,000				1,075,128
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (a)			2,083,988				1,934,748
ContourGlobal Power Holdings SA, 6.75%, 02/28/2030 (a)			4,539,000				4,685,882
CoreLogic, Inc., 4.50%, 05/01/2028 (a)			2,220,000				2,185,335
Garda World Security Corp.
7.75%, 02/15/2028 (a)			2,841,000				2,915,852
6.50%, 01/15/2031 (a)			2,416,000				2,473,673
GEO Group, Inc.
8.63%, 04/15/2029			5,134,000				5,403,448
10.25%, 04/15/2031			5,729,000				6,274,247
Herc Holdings, Inc.
6.63%, 06/15/2029 (a)			7,201,000				7,501,919
7.00%, 06/15/2030 (a)			10,521,000				11,078,859
5.75%, 03/15/2031 (a)			951,000				965,687
Iron Mountain, Inc.
4.88%, 09/15/2027 (a)			11,206,000				11,200,106
5.00%, 07/15/2028 (a)			2,441,000				2,443,076
7.00%, 02/15/2029 (a)			7,305,000				7,508,451
4.88%, 09/15/2029 (a)			1,274,000				1,257,767
SS&C Technologies, Inc., 5.50%, 09/30/2027 (a)			6,659,000				6,669,408
TKC Holdings, Inc., 6.88%, 05/15/2028 (a)			5,592,000				5,675,371
							106,816,433
CONSTRUCTION & ENGINEERING - 0.5%
Williams Scotsman, Inc.
6.63%, 06/15/2029 (a)			8,045,000				8,339,994
6.63%, 04/15/2030 (a)			1,125,000				1,166,742
							9,506,736
CONSUMER DISCRETIONARY - 1.5%
McGraw-Hill Education, Inc.
5.75%, 08/01/2028 (a)			6,332,000				6,368,871
8.00%, 08/01/2029 (a)			11,572,000				11,702,301
Newell Brands, Inc., 8.50%, 06/01/2028 (a)			6,604,000				6,933,196
Under Armour, Inc., 7.25%, 07/15/2030 (a)			1,597,000				1,602,543
William Carter Co., 7.38%, 02/15/2031 (a)			3,236,000				3,349,752
							29,956,663
ENVIRONMENTAL & FACILITIES SERVICES - 0.1%
GFL Environmental, Inc.
4.00%, 08/01/2028 (a)			1,914,000				1,888,973
6.75%, 01/15/2031 (a)			827,000				868,699
							2,757,672
FINANCIALS: CONSUMER FINANCE - 2.8%
Ally Financial, Inc.
7.10%, 11/15/2027			2,294,000				2,412,047
6.99% to 06/13/2028 then SOFR + 3.26%, 06/13/2029			1,328,000				1,403,293
8.00%, 11/01/2031			2,437,000				2,769,652
Credit Acceptance Corp., 9.25%, 12/15/2028 (a)			1,895,000				1,982,945
goeasy Ltd.
4.38%, 05/01/2026 (a)			2,224,000				2,209,603
9.25%, 12/01/2028 (a)			4,395,000				4,522,508
6.88%, 05/15/2030 (a)			1,969,000				1,881,342
Navient Corp.
6.75%, 06/15/2026			1,476,000				1,496,758
5.00%, 03/15/2027			4,722,000				4,735,359
4.88%, 03/15/2028			4,819,000				4,768,793
5.50%, 03/15/2029			4,296,000				4,267,801
11.50%, 03/15/2031			2,885,000				3,233,557
OneMain Finance Corp.
7.13%, 03/15/2026			2,385,000				2,409,907
3.50%, 01/15/2027			1,259,000				1,247,568
6.63%, 01/15/2028			3,804,000				3,916,560
6.63%, 05/15/2029			2,983,000				3,093,353
7.88%, 03/15/2030			3,635,000				3,845,746
SLM Corp., 3.13%, 11/02/2026			5,205,000				5,119,755
							55,316,547
FINANCIALS: DIVERSIFIED - 1.6%
Block, Inc., 2.75%, 06/01/2026			3,801,000				3,780,263
Boost Newco Borrower LLC, 7.50%, 01/15/2031 (a)			2,700,000				2,871,112
CI Financial Corp.
7.50%, 05/30/2029 (a)			7,592,000				8,079,440
3.20%, 12/17/2030			2,595,000				2,352,202
FTAI Aviation Investors LLC, 7.88%, 12/01/2030 (a)			10,032,000				10,705,689
Macquarie Airfinance Holdings Ltd., 5.15%, 03/17/2030 (a)			2,069,000				2,098,971
Starwood Property Trust, Inc., 3.63%, 07/15/2026 (a)			2,568,000				2,565,168
							32,452,845
FINANCIALS: INSURANCE - 3.4%
Acrisure LLC / Acrisure Finance, Inc.
8.25%, 02/01/2029 (a)			7,492,000				7,791,216
8.50%, 06/15/2029 (a)			7,242,000				7,583,453
7.50%, 11/06/2030 (a)			1,285,000				1,343,427
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
6.75%, 04/15/2028 (a)			6,296,000				6,432,185
6.50%, 10/01/2031 (a)			780,000				804,911
AmWINS Group, Inc., 6.38%, 02/15/2029 (a)			7,137,000				7,344,237
Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031 (a)			2,137,000				2,215,700
HUB International Ltd.
5.63%, 12/01/2029 (a)			6,434,000				6,437,713
7.25%, 06/15/2030 (a)			19,103,000				20,067,321
Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/2030 (a)			2,822,000				2,959,722
Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (a)			5,702,000				5,912,278
							68,892,163
FINANCIALS: THRIFTS & MORTGAGES - 2.6%
CrossCountry Intermediate HoldCo LLC, 6.50%, 10/01/2030 (a)			754,000				770,019
Freedom Mortgage Corp., 12.25%, 10/01/2030 (a)			536,000				594,846
Freedom Mortgage Holdings LLC, 9.25%, 02/01/2029 (a)			4,306,000				4,518,622
PennyMac Financial Services, Inc., 7.88%, 12/15/2029 (a)			6,189,000				6,589,321
Rfna LP, 7.88%, 02/15/2030 (a)			1,756,000				1,793,848
Rocket Cos., Inc.
6.50%, 08/01/2029 (a)			3,058,000				3,157,806
6.13%, 08/01/2030 (a)			9,820,000				10,156,376
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/2026 (a)			12,798,000				12,620,025
United Wholesale Mortgage LLC
5.75%, 06/15/2027 (a)			2,502,000				2,517,825
5.50%, 04/15/2029 (a)			2,609,000				2,593,577
UWM Holdings LLC
6.63%, 02/01/2030 (a)			2,736,000				2,772,249
6.25%, 03/15/2031 (a)			3,582,000				3,578,009
							51,662,523
FOOD & BEVERAGE - 1.1%
Chobani Holdco II LLC, 8.75% (or 9.50% PIK), 10/01/2029 (a)			6,012,862				6,433,139
Chobani LLC / Chobani Finance Corp., Inc., 7.63%, 07/01/2029 (a)			4,174,000				4,359,208
Darling Ingredients, Inc., 5.25%, 04/15/2027 (a)			5,219,000				5,233,019
Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.25%, 04/01/2029 (a)			6,677,000				6,734,148
							22,759,514
HEALTHCARE: EQUIPMENT & SUPPLIES - 1.3%
Medline Borrower LP
3.88%, 04/01/2029 (a)			3,240,000				3,165,493
5.25%, 10/01/2029 (a)			2,793,000				2,809,747
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 (a)			12,434,000				12,869,330
Teleflex, Inc.
4.63%, 11/15/2027			3,249,000				3,246,393
4.25%, 06/01/2028 (a)			4,134,000				4,089,649
							26,180,612
HEALTHCARE: FACILITIES - 5.4%
Acadia Healthcare Co., Inc.
5.50%, 07/01/2028 (a)			9,507,000				9,463,800
5.00%, 04/15/2029 (a)			2,157,000				2,079,340
AHP Health Partners, Inc., 5.75%, 07/15/2029 (a)			2,449,000				2,439,695
CHS/Community Health Systems, Inc., 6.00%, 01/15/2029 (a)			7,907,000				7,935,545
DaVita, Inc., 4.63%, 06/01/2030 (a)			10,841,000				10,548,998
Encompass Health Corp., 4.50%, 02/01/2028			9,270,000				9,260,642
Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028 (a)			2,670,000				2,802,918
LifePoint Health, Inc.
9.88%, 08/15/2030 (a)			1,002,000				1,080,099
11.00%, 10/15/2030 (a)			16,970,000				18,631,107
Option Care Health, Inc., 4.38%, 10/31/2029 (a)			6,942,000				6,812,602
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (a)			9,745,000				10,247,897
Team Health Holdings, Inc., 13.50% (or 4.50% PIK), 06/30/2028 (a)			10,772,037				11,411,788
Tenet Healthcare Corp.
5.13%, 11/01/2027			4,771,000				4,797,988
6.13%, 10/01/2028			9,366,000				9,413,598
							106,926,017
HEALTHCARE: LIFE SCIENCES - 1.9%
Avantor Funding, Inc., 4.63%, 07/15/2028 (a)			4,277,000				4,257,097
Charles River Laboratories International, Inc., 4.25%, 05/01/2028 (a)			3,171,000				3,144,758
Fortrea Holdings, Inc., 7.50%, 07/01/2030 (a)			1,261,000				1,290,452
IQVIA, Inc.
5.00%, 10/15/2026 (a)			16,900,000				16,899,432
5.00%, 05/15/2027 (a)			11,517,000				11,522,429
							37,114,168
HEALTHCARE: MANAGED HEALTH CARE - 0.9%
Molina Healthcare, Inc.
4.38%, 06/15/2028 (a)			3,223,000				3,171,965
3.88%, 11/15/2030 (a)			12,693,000				11,789,780
6.50%, 02/15/2031 (a)			2,064,000				2,122,370
							17,084,115
HEALTHCARE: PHARMA & BIOTECH - 0.8%
Endo Finance Holdings, Inc., 8.50%, 04/15/2031 (a)			3,690,000				3,904,725
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/2028 (a)			4,955,000				4,848,986
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026			8,038,000				7,963,215
							16,716,926
HEALTHCARE: REITs - 0.1%
CTR Partnership LP / CareTrust Capital Corp., 3.88%, 06/30/2028 (a)			1,715,000				1,690,314
INDUSTRIAL MACHINERY - 2.8%
Chart Industries, Inc.
7.50%, 01/01/2030 (a)			5,106,000				5,328,087
9.50%, 01/01/2031 (a)			6,608,000				7,018,614
Esab Corp., 6.25%, 04/15/2029 (a)			2,507,000				2,580,874
Hillenbrand, Inc., 6.25%, 02/15/2029			9,010,000				9,222,645
Madison IAQ LLC
4.13%, 06/30/2028 (a)			6,561,000				6,452,285
5.88%, 06/30/2029 (a)			4,582,000				4,557,829
Regal Rexnord Corp., 6.05%, 02/15/2026			6,813,000				6,826,483
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (a)			7,415,000				7,421,303
WESCO Distribution, Inc.
7.25%, 06/15/2028 (a)			3,047,000				3,092,946
6.38%, 03/15/2029 (a)			3,894,000				4,026,080
							56,527,146
LEISURE: CASINOS & GAMING - 5.5%
Allwyn Entertainment Financing UK PLC, 7.88%, 04/30/2029 (a)			12,001,000				12,497,570
Boyd Gaming Corp., 4.75%, 12/01/2027			4,914,000				4,910,514
Brightstar Lottery PLC, 5.25%, 01/15/2029 (a)			2,225,000				2,227,780
Caesars Entertainment, Inc.
4.63%, 10/15/2029 (a)			12,917,000				12,398,947
7.00%, 02/15/2030 (a)			3,814,000				3,951,788
Churchill Downs, Inc.
5.50%, 04/01/2027 (a)			14,168,000				14,219,987
4.75%, 01/15/2028 (a)			5,938,000				5,938,520
6.75%, 05/01/2031 (a)			6,080,000				6,312,116
Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/2029 (a)			5,584,000				5,644,444
Light & Wonder International, Inc., 7.25%, 11/15/2029 (a)			15,368,000				15,792,022
MGM Resorts International
5.50%, 04/15/2027			4,340,000				4,380,675
4.75%, 10/15/2028			4,048,000				4,046,230
6.13%, 09/15/2029			3,121,000				3,209,075
Penn Entertainment, Inc.
5.63%, 01/15/2027 (a)			6,886,000				6,903,584
4.13%, 07/01/2029 (a)			4,295,000				3,998,549
Station Casinos LLC, 4.50%, 02/15/2028 (a)			4,362,000				4,328,533
							110,760,334
LEISURE: HOTELS - 8.2%
Carnival Corp.
7.88%, 06/01/2027			1,077,000				1,132,740
5.13%, 05/01/2029 (a)			3,221,000				3,258,330
7.00%, 08/15/2029 (a)			9,427,000				9,899,340
Marriott Ownership Resorts, Inc.
4.75%, 01/15/2028			1,510,000				1,488,420
4.50%, 06/15/2029 (a)			3,688,000				3,526,329
NCL Corp. Ltd.
6.25%, 03/01/2030 (a)			2,717,000				2,760,741
5.88%, 01/15/2031 (a)			4,057,000				4,043,942
NCL Finance Ltd., 6.13%, 03/15/2028 (a)			2,648,000				2,731,851
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
5.88%, 10/01/2028 (a)			7,125,000				7,135,395
7.00%, 02/01/2030 (a)			6,679,000				6,879,771
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/2027			6,511,000				6,488,313
7.25%, 07/15/2028 (a)			4,503,000				4,646,470
RLJ Lodging Trust LP, 3.75%, 07/01/2026 (a)			12,110,000				12,079,967
Royal Caribbean Cruises Ltd.
5.50%, 08/31/2026 (a)			7,416,000				7,428,008
5.38%, 07/15/2027 (a)			6,710,000				6,762,784
Sabre Financial Borrower LLC, 11.13%, 06/15/2029 (a)			4,703,000				4,769,795
Sabre GLBL, Inc.
10.75%, 11/15/2029 (a)			110,000				93,616
10.75%, 03/15/2030 (a)			527,000				433,763
11.13%, 07/15/2030 (a)			4,636,000				3,849,364
Service Properties Trust
4.95%, 02/15/2027			7,162,000				7,198,331
5.50%, 12/15/2027			6,054,000				5,982,270
Six Flags Entertainment Corp., 5.50%, 04/15/2027 (a)			10,538,000				10,488,443
Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp.
5.38%, 04/15/2027			6,698,000				6,683,072
5.25%, 07/15/2029			7,215,000				6,733,102
Travel + Leisure Co.
6.63%, 07/31/2026 (a)			8,801,000				8,890,357
6.00%, 04/01/2027 (b)			1,310,000				1,330,678
Vail Resorts, Inc., 5.63%, 07/15/2030 (a)			2,285,000				2,330,140
Viking Cruises Ltd.
7.00%, 02/15/2029 (a)			8,260,000				8,337,396
9.13%, 07/15/2031 (a)			3,611,000				3,868,807
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029 (a)			4,321,000				4,342,570
VOC Escrow Ltd., 5.00%, 02/15/2028 (a)			4,427,000				4,428,913
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028 (a)			3,282,000				3,251,004
							163,274,022
LEISURE: RESTAURANTS - 0.2%
1011778 BC ULC / New Red Finance, Inc., 4.38%, 01/15/2028 (a)			3,411,000				3,401,841
MEDIA: BROADCASTING - 2.8%
Nexstar Media, Inc., 5.63%, 07/15/2027 (a)			8,916,000				8,969,996
Sirius XM Radio LLC
3.13%, 09/01/2026 (a)			12,121,000				12,052,007
5.00%, 08/01/2027 (a)			15,097,000				15,185,697
4.00%, 07/15/2028 (a)			1,735,000				1,698,263
TEGNA, Inc., 4.63%, 03/15/2028			9,004,000				8,917,699
Univision Communications, Inc., 8.00%, 08/15/2028 (a)			8,517,000				8,827,360
							55,651,022
MEDIA: CABLE & SATELLITE - 2.4%
CCO Holdings LLC / CCO Holdings Capital Corp.
5.50%, 05/01/2026 (a)			9,300,000				9,320,040
5.13%, 05/01/2027 (a)			17,423,000				17,409,155
5.00%, 02/01/2028 (a)			2,496,000				2,477,648
6.38%, 09/01/2029 (a)			12,615,000				12,794,774
4.75%, 03/01/2030 (a)			1,728,000				1,651,395
EchoStar Corp., 6.75%, 11/30/2030			4,104,058				4,209,609
							47,862,621
MEDIA: DIVERSIFIED - 2.1%
Clear Channel Outdoor Holdings, Inc., 7.13%, 02/15/2031 (a)			1,289,000				1,354,337
Match Group Holdings II LLC
5.00%, 12/15/2027 (a)			8,040,000				8,060,019
4.63%, 06/01/2028 (a)			5,752,000				5,727,831
5.63%, 02/15/2029 (a)			1,216,000				1,220,677
Neptune Bidco US, Inc.
9.29%, 04/15/2029 (a)			1,699,000				1,702,931
10.38%, 05/15/2031 (a)			2,662,000				2,730,975
Outfront Media Capital LLC / Outfront Media Capital Corp.
5.00%, 08/15/2027 (a)			15,143,000				15,233,562
4.25%, 01/15/2029 (a)			3,568,000				3,489,710
Ziff Davis, Inc., 4.63%, 10/15/2030 (a)			2,603,000				2,482,963
							42,003,005
MEDIA: ENTERTAINMENT - 0.9%
Discovery Communications LLC, 3.95%, 03/20/2028			1,000,000				983,000
Live Nation Entertainment, Inc.
6.50%, 05/15/2027 (a)			453,000				457,460
4.75%, 10/15/2027 (a)			9,181,000				9,205,807
Playtika Holding Corp., 4.25%, 03/15/2029 (a)			865,000				776,448
Warnermedia Holdings, Inc., 3.76%, 03/15/2027			5,996,000				5,966,631
							17,389,346
METALS & MINING - 0.3%
Novelis Corp., 6.88%, 01/30/2030 (a)			6,329,000				6,574,825
MIDSTREAM: STORAGE & TRANSPORT - 4.8%
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/2029 (a)			7,349,000				7,697,548
Buckeye Partners LP
3.95%, 12/01/2026			4,529,000				4,482,220
4.13%, 12/01/2027			4,292,000				4,242,610
6.75%, 02/01/2030 (a)			1,632,000				1,714,140
Energy Transfer LP, 7.38%, 02/01/2031 (a)			861,000				894,569
Genesis Energy LP / Genesis Energy Finance Corp.
7.75%, 02/01/2028			1,505,000				1,512,136
8.88%, 04/15/2030			1,342,000				1,418,294
Hess Midstream Operations LP
5.88%, 03/01/2028 (a)			3,130,000				3,200,046
6.50%, 06/01/2029 (a)			6,773,000				7,020,113
ITT Holdings LLC, 6.50%, 08/01/2029 (a)			2,917,000				2,801,097
Kinetik Holdings LP, 6.63%, 12/15/2028 (a)			8,860,000				9,128,387
Rockies Express Pipeline LLC, 4.95%, 07/15/2029 (a)			9,290,000				9,275,824
Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (a)			5,084,000				5,275,047
Sunoco LP
7.00%, 05/01/2029 (a)			3,176,000				3,314,318
5.63%, 03/15/2031 (a)			4,719,000				4,756,030
Sunoco LP / Sunoco Finance Corp.
6.00%, 04/15/2027			2,140,000				2,150,786
7.00%, 09/15/2028 (a)			10,948,000				11,334,245
TransMontaigne Partners LLC, 8.50%, 06/15/2030 (a)			1,532,000				1,547,881
Venture Global LNG, Inc.
8.13%, 06/01/2028 (a)			6,165,000				6,247,880
9.50%, 02/01/2029 (a)			7,196,000				7,462,986
Venture Global Plaquemines LNG LLC, 6.13%, 12/15/2030 (a)			985,000				1,003,641
							96,479,798
PACKAGING - 0.4%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.25%, 01/30/2031 (a)			1,328,000				1,359,062
Berry Global, Inc., 4.88%, 07/15/2026 (a)			4,576,000				4,576,989
Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (a)			1,384,000				1,419,805
							7,355,856
REAL ESTATE: HOMEBUILDING - 0.6%
LGI Homes, Inc., 8.75%, 12/15/2028 (a)			7,165,000				7,478,060
M/I Homes, Inc., 4.95%, 02/01/2028			1,285,000				1,287,711
Taylor Morrison Communities, Inc., 5.75%, 01/15/2028 (a)			811,000				826,140
Tri Pointe Homes, Inc., 5.25%, 06/01/2027			3,049,000				3,074,548
							12,666,459
REAL ESTATE: MANAGEMENT - 0.2%
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (a)			3,106,000				3,124,462
REITs - 0.1%
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/2027 (a)			2,414,000				2,352,429
RETAIL: FOOD & DRUG - 1.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
4.63%, 01/15/2027 (a)			2,124,000				2,123,919
6.50%, 02/15/2028 (a)			4,815,000				4,935,837
3.50%, 03/15/2029 (a)			1,950,000				1,875,291
5.50%, 03/31/2031 (a)			3,963,000				4,009,737
EG Global Finance PLC, 12.00%, 11/30/2028 (a)			10,183,000				11,079,124
US Foods, Inc., 6.88%, 09/15/2028 (a)			3,000,000				3,107,184
							27,131,092
RETAILING - 0.1%
Bath & Body Works, Inc., 7.50%, 06/15/2029			1,171,000				1,201,360
Wayfair LLC, 7.25%, 10/31/2029 (a)			1,153,000				1,204,545
							2,405,905
TECHNOLOGY HARDWARE - 2.6%
CommScope LLC, 4.75%, 09/01/2029 (a)			4,136,000				4,133,415
EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030 (a)			12,538,000				13,074,151
Entegris, Inc., 3.63%, 05/01/2029 (a)			3,649,000				3,519,293
Kioxia Holdings Corp., 6.25%, 07/24/2030 (a)			3,342,000				3,441,377
NCR Voyix Corp., 5.00%, 10/01/2028 (a)			8,891,000				8,865,155
Seagate Data Storage Technology Pte Ltd.
4.09%, 06/01/2029 (a)			5,910,000				5,797,253
8.25%, 12/15/2029 (a)			10,025,000				10,669,026
Western Digital Corp., 4.75%, 02/15/2026			2,794,000				2,805,483
							52,305,153
TECHNOLOGY: SOFTWARE & SERVICES - 4.1%
Cloud Software Group, Inc.
6.50%, 03/31/2029 (a)			9,790,000				9,924,592
9.00%, 09/30/2029 (a)			11,587,000				12,075,976
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 (a)			2,096,000				2,113,967
CoreWeave, Inc., 9.25%, 06/01/2030 (a)			1,015,000				944,770
Elastic NV, 4.13%, 07/15/2029 (a)			7,099,000				6,891,793
Ellucian Holdings, Inc., 6.50%, 12/01/2029 (a)			4,123,000				4,214,329
Fair Isaac Corp., 4.00%, 06/15/2028 (a)			2,520,000				2,494,765
Gen Digital, Inc.
6.75%, 09/30/2027 (a)			10,986,000				11,157,997
7.13%, 09/30/2030 (a)			553,000				572,170
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 5.25%, 12/01/2027 (a)			4,082,000				4,096,328
Open Text Corp.
6.90%, 12/01/2027 (a)			7,761,000				8,079,747
3.88%, 02/15/2028 (a)			1,779,000				1,746,948
3.88%, 12/01/2029 (a)			2,387,000				2,268,617
Open Text Holdings, Inc., 4.13%, 02/15/2030 (a)			5,845,000				5,590,662
Rocket Software, Inc., 9.00%, 11/28/2028 (a)			2,907,000				2,999,927
UKG, Inc., 6.88%, 02/01/2031 (a)			6,076,000				6,250,946
							81,423,534
TELECOM SERVICES: DIVERSIFIED - 1.6%
Frontier Communications Holdings LLC
5.88%, 10/15/2027 (a)			1,297,000				1,304,917
5.00%, 05/01/2028 (a)			7,918,000				7,939,297
8.75%, 05/15/2030 (a)			4,484,000				4,687,060
Iliad Holding SAS, 7.00%, 10/15/2028 (a)			6,303,000				6,386,824
Lumen Technologies, Inc.
4.13%, 04/15/2029 (a)			1,577,934				1,570,044
4.13%, 04/15/2030 (a)			511,041				509,983
SBA Communications Corp., 3.88%, 02/15/2027			6,478,000				6,434,021
Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (a)			3,281,000				3,447,378
							32,279,524
TRANSPORTATION - 0.5%
RXO, Inc., 7.50%, 11/15/2027 (a)			2,054,000				2,103,830
XPO, Inc., 6.25%, 06/01/2028 (a)			7,924,000				8,094,413
							10,198,243
UTILITIES: POWER - 1.8%
Calpine Corp., 4.50%, 02/15/2028 (a)			2,357,000				2,359,668
NRG Energy, Inc.
5.75%, 01/15/2028			6,520,000				6,548,271
5.25%, 06/15/2029 (a)			163,000				164,067
Talen Energy Supply LLC, 8.63%, 06/01/2030 (a)			2,837,000				3,005,019
Vistra Operations Co. LLC
5.63%, 02/15/2027 (a)			11,786,000				11,796,660
5.00%, 07/31/2027 (a)			8,301,000				8,349,567
WBI Operating LLC, 6.25%, 10/15/2030 (a)			3,105,000				3,125,835
							35,349,087
UTILITIES: PROPANE - 0.4%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.75%, 05/20/2027			4,162,000				4,188,192
9.50%, 06/01/2030 (a)			2,092,000				2,230,032
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/2027			1,074,000				1,075,586
							7,493,810
TOTAL CORPORATE BONDS (Cost $1,696,536,649)							1,718,159,466
BANK LOANS - 7.0%
AEROSPACE & DEFENSE - 0.2%
TransDigm, Inc., Senior Secured First Lien, 8.22% (1 mo. SOFR US + 2.25%), 03/22/2030, (0.00% Floor)			4,881,897				4,901,523
AUTO RETAIL - 0.2%
LS Group OpCo Acquistion LLC, Senior Secured First Lien
6.22% (1 mo. SOFR US + 2.50%), 04/23/2031, (0.00% Floor)			315,190				316,003
6.32% (3 mo. SOFR US + 2.50%), 04/23/2031, (0.00% Floor)			2,669,810				2,676,698
							2,992,701
BUILDING PRODUCTS - 0.1%
Standard Industries, Inc./NY, Senior Secured First Lien, 5.48% (1 mo. SOFR US + 1.75%), 09/22/2028, (0.50% Floor)			964,243				969,450
CHEMICALS - 0.0%(c)
SCIH Salt Holdings, Inc., Senior Secured First Lien, 6.52% (3 mo. SOFR US + 2.75%), 01/31/2029, (0.00% Floor)			893,001				895,841
COMMERCIAL SERVICES - 0.4%
Camelot US Acquisition LLC, Senior Secured First Lien, 6.47% (1 mo. SOFR US + 2.75%), 01/31/2031, (0.00% Floor)			2,485,000				2,456,683
CoreLogic, Inc., Senior Secured First Lien, 7.45% (1 mo. SOFR US + 3.50%), 06/02/2028, (0.50% Floor)			3,142,987				3,150,122
Garda World Security Corp., Senior Secured First Lien, 6.75% (1 mo. SOFR US + 3.00%), 02/01/2029, (0.00% Floor)			3,149,568				3,166,891
							8,773,696
ENVIRONMENTAL & FACILITIES SERVICES - 0.1%
Reworld Holding Corp., Senior Secured First Lien, 5.98% (1 mo. SOFR US + 2.25%), 11/30/2028, (0.50% Floor)			1,589,667				1,594,205
FINANCIALS: DIVERSIFIED - 0.1%
Edelman Financial Engines Center LLC, Senior Secured Second Lien, 8.97% (1 mo. SOFR US + 5.25%), 10/06/2028, (0.00% Floor)			1,700,000				1,700,714
FINANCIALS: INSURANCE - 0.6%
Acrisure LLC, Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 11/06/2030, (0.00% Floor)			6,623,196				6,626,309
Ardonagh Group Finco Pty Ltd., Senior Secured First Lien
6.42% (3 mo. SOFR US + 2.75%), 02/18/2031, (0.00% Floor)			63,986				63,973
6.95% (3 mo. SOFR US + 2.75%), 02/18/2031, (0.00% Floor)			711,434				711,288
6.95% (6 mo. SOFR US + 2.75%), 02/18/2031, (0.00% Floor)			534,962				534,853
Asurion LLC, Senior Secured First Lien
7.92% (1 mo. SOFR US + 4.00%), 08/21/2028, (0.00% Floor)			1,076,551				1,079,114
8.17% (1 mo. Term SOFR + 4.25%), 09/19/2030			2,941,691				2,944,220
							11,959,757
HEALTHCARE: EQUIPMENT & SUPPLIES - 0.1%
Medline Borrower LP, Senior Secured First Lien, 5.47% (1 mo. SOFR US + 1.75%), 10/23/2028, (0.50% Floor)			8,742				8,778
Waystar Technologies, Inc., Senior Secured First Lien, 5.72% (1 mo. SOFR US + 2.00%), 10/22/2029, (0.00% Floor)			2,597,735				2,617,218
							2,625,996
HEALTHCARE: FACILITIES - 0.7%
Grifols Worldwide Operations USA, Inc., Senior Secured First Lien, 6.02% (3 mo. SOFR US + 2.00%), 11/15/2027, (0.00% Floor)			7,375,000				7,382,670
Surgery Center Holdings, Inc., Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 12/19/2030, (0.00% Floor)			2,352,255				2,364,227
Team Health Holdings, Inc., Senior Secured First Lien, 8.34% (3 mo. SOFR US + 4.50%), 06/30/2028, (0.00% Floor)			3,199,920				3,214,672
							12,961,569
HEALTHCARE: MANAGED HEALTH CARE - 0.4%
Cotiviti, Inc., Senior Secured First Lien, 7.63%, 05/01/2031			9,145,909				8,883,010
HEALTHCARE: PHARMA & BIOTECH - 0.2%
Jazz Financing Lux Sarl, Senior Secured First Lien, 5.97% (1 mo. SOFR US + 2.25%), 05/05/2028, (0.50% Floor)			3,295,052				3,313,125
LEISURE: HOTELS - 0.3%
Hilton Grand Vacations Borrower LLC, Senior Secured First Lien, 5.92% (1 mo. Term SOFR + 2.00%), 08/02/2028			4,408,894				4,426,530
Sabre GLBL, Inc., Senior Secured First Lien
8.31% (1 mo. Term SOFR + 4.25%), 06/30/2028			741,364				732,097
9.06% (1 mo. Term SOFR + 5.00%), 06/30/2028			309,056				305,193
10.02% (1 mo. Term SOFR + 6.00%), 11/15/2029			634,548				564,747
							6,028,567
LEISURE: RESTAURANTS - 0.3%
IRB Holding Corp., Senior Secured First Lien, 6.22% (1 mo. SOFR US + 2.50%), 12/16/2030, (0.00% Floor)			4,987,500				5,004,757
MEDIA: ENTERTAINMENT - 0.7%
Cirque Du Soleil Holding USA Newco, Inc., Senior Secured First Lien, 7.42% (3 mo. SOFR US + 3.75%), 03/08/2030, (0.00% Floor)			8,177,306				7,592,629
Playtika Holding Corp., Senior Secured First Lien, 6.70% (1 mo. SOFR US + 2.75%), 03/13/2028, (0.00% Floor)			5,577,569				5,402,405
							12,995,034
RETAIL: FOOD & DRUG - 0.1%
C&S Wholesale Grocers, Inc., Senior Secured First Lien, 8.67% (3 mo. SOFR US + 5.00%), 09/23/2030, (0.00% Floor)			2,568,126				2,516,763
TECHNOLOGY HARDWARE - 0.3%
CommScope LLC, Senior Secured First Lien, 8.71% (1 mo. Term SOFR + 4.75%), 12/17/2029			6,441,313				6,461,797
TECHNOLOGY: SOFTWARE & SERVICES - 1.7%
Boxer Parent Co., Inc., Senior Secured First Lien, 6.82% (3 mo. SOFR US + 3.00%), 07/30/2031, (0.00% Floor)			2,982,040				2,977,790
Delivery Hero Finco LLC, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 5.00%), 12/12/2029, (0.50% Floor)			7,294,337				7,333,872
Ensono, Inc., Senior Secured First Lien, 7.95% (1 mo. SOFR US + 4.00%), 05/30/2028, (0.75% Floor)			2,231,869				2,234,057
McAfee Corp., Senior Secured First Lien, 6.72% (1 mo. SOFR US + 3.00%), 03/01/2029, (0.50% Floor)			3,607,912				3,341,414
Modena Buyer LLC, Senior Secured First Lien, 8.09% (3 mo. SOFR US + 4.25%), 07/01/2031, (0.00% Floor)			1,994,753				1,988,360
Polaris Newco LLC, Senior Secured First Lien, 7.97% (3 mo. SOFR US + 3.75%), 06/05/2028, (0.50% Floor)			7,939,488				7,674,548
Proofpoint, Inc., Senior Secured First Lien, 6.67% (3 mo. SOFR US + 3.00%), 08/31/2028, (0.50% Floor)			3,826,682				3,852,723
RealPage, Inc., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 3.00%), 04/24/2028, (0.50% Floor)			4,819,539				4,821,395
							34,224,159
TELECOM SERVICES: DIVERSIFIED - 0.3%
Frontier Communications Holdings LLC, Senior Secured First Lien, 6.23% (1 mo. SOFR US + 2.50%), 07/01/2031, (0.00% Floor)			1,464,080				1,467,060
Lumen Technologies, Inc., Senior Secured First Lien, 6.30% (1 mo. SOFR US + 2.35%), 04/16/2029, (2.00% Floor)			5,060,343				5,041,063
							6,508,123
TRANSPORTATION - 0.2%
AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 6.13% (3 mo. SOFR US + 2.25%), 04/20/2028, (0.00% Floor)			3,612,667				3,625,763
TOTAL BANK LOANS (Cost $139,799,886)							138,936,550
CONVERTIBLE BONDS - 1.0% (f)
LEISURE: HOTELS - 0.2%
Marriott Vacations Worldwide Corp., 3.25%, 12/15/2027			3,334,000				3,175,635
REAL ESTATE: MANAGEMENT - 0.2%
Redfin Corp., 0.50%, 04/01/2027			4,733,000				4,453,753
RETAILING - 0.2%
Etsy, Inc., 0.25%, 06/15/2028			5,155,000				4,617,591
TECHNOLOGY: SOFTWARE & SERVICES - 0.4%
DigitalOcean Holdings, Inc., 8.02%, 12/01/2026 (d)			8,227,000				7,952,630
TOTAL CONVERTIBLE BONDS (Cost $19,783,199)							20,199,609
SHORT-TERM INVESTMENTS (f)
MONEY MARKET FUNDS - 5.5%		Shares				Value
First American Government Obligations Fund - Class X, 3.67% (e)			109,987,913				109,987,913
TOTAL MONEY MARKET FUNDS (Cost $109,987,913)							109,987,913
TOTAL INVESTMENTS - 99.5% (Cost $1,966,107,647)							1,987,283,538
Other Assets in Excess of Liabilities - 0.5%							9,432,504
TOTAL NET ASSETS - 100.0%						$	1,996,716,042

Percentages are stated as a percent of net assets.   The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) 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.

PIK - Payment in Kind

REIT - Real Estate Investment Trust

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 December 31, 2025, the value of these securities total $1,426,309,205 or 71.4% of the Fund’s net assets.
(b)	Step coupon bond. The rate disclosed is as of December 31, 2025.
(c)	Represents less than 0.05% of net assets.
(d)	Zero coupon bonds make no periodic interest payments. Rate shown is the weighted average amortized yield as of December 31, 2025.
(e)	The rate shown represents the 7-day annualized yield as of December 31, 2025.
(f)	All or a portion is posted as collateral for delayed settlement securities.

		Level 1				Level 2				Level 3				Total
Investments:
Corporate Bonds		$	–			$	1,718,159,466			$	–			$	1,718,159,466
Bank Loans			–				138,936,550				–				138,936,550
Convertible Bonds			–				20,199,609				–				20,199,609
Money Market Funds			109,987,913				–				–				109,987,913
Total Investments		$	109,987,913			$	1,877,295,625			$	–			$	1,987,283,538