Shenkman Capital Floating Rate High Income Fund

Class A (SFHAX)

Class C (SFHCX)

Class F (SFHFX)

Institutional Class (SFHIX)

(the “Fund”)

Supplement dated May 29, 2025 to the

Summary Prospectus dated January 28, 2025

Effective June 2, 2025, the mailing address for the Fund has changed. Going forward, please send written requests to obtain Fund documentation, or to purchase, redeem, or exchange shares of the Fund to:

Regular Mail:

Shenkman Capital Funds

[Name of Fund]

c/o U.S. Bank Global Fund Services

PO Box 219252

Kansas City, MO 64121-9252

Overnight Delivery:

Shenkman Capital Funds

[Name of Fund]

c/o U.S. Bank Global Fund Services

801 Pennsylvania Ave, Suite 219252

Kansas City, MO 64105-1307

Please retain this supplement with your Summary Prospectus for reference.