N-CSRS 1 scf-ncsrs.htm SHENKMAN CAPITAL FUNDS SEMIANNUAL REPORT 3-31-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number 811-07959



Advisors Series Trust
(Exact name of registrant as specified in charter)



615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)



Jeffrey T. Rauman, President/Chief Executive Officer
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, WI 53202
(Name and address of agent for service)



(626) 914-7363
Registrant's telephone number, including area code



Date of fiscal year end: September 30, 2022



Date of reporting period:  March 31, 2022


Item 1. Reports to Stockholders.

(a)

 

    
Semi-Annual
Report
March 31, 2022
 
  
SHENKMAN CAPITAL FLOATING
RATE HIGH INCOME FUND
 
SHENKMAN CAPITAL SHORT
DURATION HIGH INCOME FUND

            
 
Each a series of Advisors Series Trust (the “Trust”)
 
 
        
 
SHENKMAN CAPITAL
  
Institutional
    
 
FLOATING RATE
Class F
Class
    
 
HIGH INCOME FUND
(SFHFX)
(SFHIX)
    
 
 
        
 
SHENKMAN CAPITAL
      
Institutional
 
SHORT DURATION
Class A
Class C
Class F
Class
 
HIGH INCOME FUND
(SCFAX)
(SCFCX)
(SCFFX)
(SCFIX)
 
 
        
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
c/o U.S. Bank Global Fund Services
            
P.O. Box 701
            
Milwaukee, Wisconsin 53201-0701
            
1-855-SHENKMAN (1-855-743-6562)
            
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SHAREHOLDER LETTER
March 31, 2022 (Unaudited)

Dear Shareholder,
 
Fund Overview and Performance
 
The Shenkman Capital Floating Rate High Income Fund (the “Fund”) seeks to generate high current income through active selection and management of investments, primarily in the leveraged loan universe, and looks to build a portfolio which seeks to maximize risk-adjusted returns. For the fiscal six months ended March 31, 2022 (the “Period”), the Fund’s institutional class shares (SFHIX) and F class shares (SFHFX) had net returns of +0.15% and +0.03%, respectively, while the S&P/LSTA Leveraged Loan Index (the “Index”) and S&P/LSTA B- and Above Leveraged Loan Index (the “B- and Above Index”) returned +0.64% and +0.75%, respectively, exhibiting positive returns in a benign credit environment and insulated from interest rate duration. This was offset by mark-to-market volatility caused by macroeconomic factors such as rising rates and higher inflation resulting from Covid-19 and the Russian/Ukraine conflict and their related impacts on global supply chains. The leveraged loan market was primarily buoyed by investors seeking floating rate instruments as a hedge against rising rates, leading to modestly positive returns for the asset class during the Period. For additional market context, during the Period, investment grade bonds, as measured by the ICE BofA U.S. Corporate Index (C0A0), returned -7.58% and the 10-year U.S. Treasury, as measured by the ICE BofA 10-year Current U.S. Treasury Index (GA10), returned -6.05%, both the sharpest six-month declines since 2008.
 
Index returns by rating category exhibited material differentiation during the Period, with CCC and below-rated, B-rated and BB-rated loans returning -1.26%, +0.88%, and +0.51%, respectively. The Fund captured a high percentage of the market’s upside on a loan-to-loan basis as we remained focused on selecting credits with what we believed to be better risk/reward profiles. The Fund had a significantly lower weight than the Index in riskier credit profiles, including CCC-rated/below loans. From a sector attribution standpoint, the Fund benefitted from positive selection in Leisure Goods/Activities/Movies due to the continued re-opening of the economy, and positive selection in Heath Care, while detractors included negative selection in All Telecom and Electronics/Electrical.
 
The Fund remains well-diversified, with investments in over 300 issuers across more than 30 industries. For liquidity purposes, we believe the Fund continues to maintain sufficient cash and other highly liquid investments, in addition to the credit line available to the Fund. As of March 31, 2022, approximately 86% of the Fund’s assets were invested in bank loans, 11% in high-yield bonds, and approximately 3% in cash.
 
Market Commentary
 
The institutional new issue loan market had issuance of $237bn of issuance during the Period, a modest slowdown from the approximately
1
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2022 (Unaudited)
 
$300bn pace of the previous semiannual period as general market volatility gave some issuers pause. Merger and acquisitions (“M&A”) and leveraged buyout (“LBO”)-related transactions were very active, which we expect to continue through much of 2022. From a demand perspective, CLO formation was robust as over $87bn of vehicles printed in the Period compared to $90bn of issuance during the last fiscal period. Retail fund inflows to the loan market remained strong due to the rising rate environment with approximately $34bn flowing into leveraged loan mutual funds during the Period. Overall, supply and demand were balanced as evidenced by the outperformance of the loan market versus fixed income peers. According to J.P. Morgan Research, the trailing twelve-month default rate at the end of March was 0.39%, down 32 basis points (“bps”) from September, and the group is forecasting a loan default rate of 0.75% in 2022 and 1.25% for 2023, well below the historical average of 3.1%.
 
Outlook
 
The last two years were largely centered on the global pandemic and subsequent reopening of global economies. However, 2022 has ushered in a new era of interest rate hikes, a Fed balance sheet winddown, rapidly rising inflation, soaring energy costs, and an armed conflict that is threatening to reverse decades of globalization as already strained supply chains become further ensnared. We view the overall market volatility as technical-driven and we continue to monitor developments on all fronts to assess the potential impacts across industries and the overall economy. Momentum should remain positive for the leveraged loan asset class as ratings upgrades continue to outpace downgrades 1.2:1, the default environment remains benign, inflows have been steady, and rates are trending upward. Corporate capital raising should provide continued support for most risk markets worldwide, and we believe the leveraged loan market offers compelling relative value, especially with the Fed poised to take more aggressive action in the coming months. We will remain vigilant and proactively manage the portfolio and trade exposures across our global platform with the goal of protecting the downside and seeking to maximize returns.
 
We remain constructive on the loan market overall; however, we believe credit selection will continue to drive performance differentiation this year. Recent bouts of volatility have led to increased dispersion between better quality and riskier credits after a period of significant compression. Therefore, we remain cautious as we constantly review the relative value of our positions. Our core philosophy remains the preservation of capital and to strive to deliver, or beat, market returns throughout the cycle with a lower risk profile. As always, as a conservative asset manager, we intend to remain defensively positioned in our portfolios and will seek to take advantage of market dislocations only in creditworthy, Shenkman-approved issuers in both the primary and secondary markets.
2
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2022 (Unaudited)
 
Thank you again for your continued support and trust in the Fund. We look forward to growing with you.
 
Sources
 
LCD Quarterly Review (LSTA website)
S&P LCD website (www.lcdcomps.com)
JPM Default Monitor
S&P LSTA Leveraged Loan Index Factsheet

Important Information
 
The Shenkman Group of Companies (the “Shenkman Group”) consists of Shenkman Capital Management, Inc., and its affiliates and subsidiaries, including, without limitation, Shenkman Capital Management Ltd, Romark Credit Advisors LP, and Romark CLO Advisors LLC.
 
Shenkman Capital Management, Inc. (“Shenkman” or “Shenkman Capital”) is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). Romark Credit Advisors LP is also registered as an investment adviser with the SEC and Romark CLO Advisors LLC is registered as a relying adviser of Romark Credit Advisors LP (together, “Romark”). Shenkman Capital Management Ltd is a wholly-owned subsidiary of Shenkman Capital Management, Inc. and is authorized and regulated by the U.K. Financial Conduct Authority. Such registrations do not imply any specific skill or training.
 
Unless otherwise stated, all information and characteristics presented herein are based on the Shenkman Group’s internal records and valuation. The information and opinions expressed herein are provided for informational purposes only. The information is not intended to be, and should not be construed as, impartial investment advice, an offering of investment advisory services or an offer to sell or a solicitation to buy any securities in any jurisdiction, including without limitation any interest of an investment fund or vehicle managed by the Shenkman Group. Any offer to sell or any solicitation to buy securities of an investment fund or vehicle managed by the Shenkman Group will be made only by means of the Prospectus or Offering Memorandum relating to that fund or vehicle. The information is expressly qualified in its entirety by reference to any such Prospectus or Offering Memorandum. The information provided herein is not intended to be, and should not be, considered as a substitute for reviewing such documents carefully. To the extent of any inconsistency or discrepancy between any such Prospectus or Offering Memorandum and this presentation, the Prospectus or Offering Memorandum shall control. All interests in securities of any fund or vehicle shall not be offered or sold in any jurisdiction in which such an offer, solicitation or sale would be unlawful or would require registration or disclosure until the requirements of the laws, rules and regulations of such jurisdiction have been satisfied. It is the responsibility of every person reading this material to satisfy oneself as to the full observance of any laws of any relevant jurisdiction applicable to such person, including obtaining any governmental or other consent which may be required or observing any other formality which needs to be observed in such jurisdiction.
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SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2022 (Unaudited)

These materials do not undertake to explain all of the risks associated with any investment strategy referred to herein. No person or entity should invest in any strategy referred to herein unless satisfied that it (or its investment representative) has asked for and received all information that would enable it (or them) to evaluate the merits and risks thereof. PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS.
 
The inclusion of any particular investment(s) or transaction(s) in this presentation is not intended to represent, and should not be interpreted to imply, a past or current specific recommendation to purchase or sell an investment, and is not necessarily a list of all the purchases or sales effected during the stated period. There is no assurance that any positions discussed herein will remain in any portfolio for any length of time. The price or value of any investment is current only as of the date reflected and is subject to change. It should not be assumed that any of the holdings or transactions discussed herein were or will prove to be profitable, or that the investment recommendations or decisions made in the future will be profitable or will equal the investment performance of the investments discussed herein.
 
Mutual fund investing involves risk. Principal loss is possible. There can be no assurance that the Fund will achieve its stated objective. In addition to the normal risks associated with investing, bonds and bank loans, and the funds that invest in them are subject to interest rate risk and can be expected to decline in value as interest rates rise. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund invests in foreign securities which involve political, economic and currency risks, greater volatility and differences in accounting methods. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Leverage may cause the effect of an increase or decrease in the value of the portfolio securities to be magnified and the fund to be more volatile than if leverage was not used.
 
Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. Please refer to the Schedule of Investments for a complete list of fund holdings.
 
Must be preceded or accompanied by a prospectus.
 
Third-party information contained in this presentation was obtained from sources that the Shenkman Group considers to be reliable; however, no representation is made as to, and no responsibility, warranty or liability is accepted for, the accuracy, adequacy completeness, timeliness or availability of such information, including ratings. The Shenkman Group is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THE SHENKMAN GROUP DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THE SHENKMAN GROUP SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF SUCH THIRD-PARTY CONTENT.
 
Any information in these materials from ICE Data Indices, LLC (“ICE BofA”) was used with permission. ICE BofA PERMITS USE OF THE ICE BofA INDICES AND RELATED
4
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2022 (Unaudited)
 
DATA ON AN “AS IS” BASIS, MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BofA INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THE USE OF THE FOREGOING, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND THE SHENKMAN GROUP, OR ANY OF ITS PRODUCTS OR SERVICES.
 
Copyright 2020, S&P Global Market Intelligence and its affiliates as applicable. Reproduction of any information, data or materials, including ratings (“Content”) in any form is prohibited except with the prior written permission of the relevant third party. Such party, its affiliates and suppliers (“Content Providers”) do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content. In no event shall Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of the Content. A reference to a particular investment or security, a rating or any observation concerning an investment that is part of the Content is not a recommendation to buy, sell or hold such investment or security, does not address the suitability of an investment or security and should not be relied on as investment advice. Credit ratings are statements of opinions and are not statements of fact.
 
Copyright 2020, S&P Global Market Intelligence and its affiliates as applicable. The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by Shenkman Capital Management, Inc. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
 
References to indices are for information purposes only. The Shenkman Group believes that any indices discussed herein are broad market indices and are indicative of the type of investments that the Shenkman Group may purchase, but may contain different securities than those held in the Shenkman Group portfolios managed pursuant to the strategies described herein. The indices have not been selected to represent an appropriate benchmark. The strategies referred to herein are not designed to mimic the investments on which any index is based. The indices are unmanaged and not available for direct investment and do not reflect deductions for fees or expenses.
 
The S&P/LSTA Leveraged Loan Index is a market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon weightings, spreads and interest payments.
 
The S&P/LSTA U.S. B- Rating & Above Loan Index tracks the current outstanding balance and spread over LIBOR for fully funded institutional term loans that are rated
5
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2022 (Unaudited)
 
B- or above and syndicated to U.S. loan investors. The S&P/LSTA U.S. B- Rating & Above Loan Index is unmanaged, not available for direct investment and does not reflect deductions for fees or expenses.
 
The ICE BofA U.S. Corporate Index (C0A0) has an inception date of December 31, 1972, and tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market.
 
The ICE BofA Current 10-Year U.S. Treasury Index (GA10) is a one security index comprised of the most recently issued 10-year U.S. Treasury Note.
 
You cannot invest directly in an index.
 
Basis points (bps) are equivalent to one-one hundredths of a percentage point.
 
Credit quality weights by rating are derived from the highest bond rating as determined by S&P, Moody’s or Fitch. Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as Standard & Poor’s or Moody’s and Fitch. These firms evaluate a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. In limited situations when none of the three rating agencies have issued a formal rating, the Advisor will classify the security as nonrated.
 
Diversification does not assure a profit, nor does it protect against a loss in a declining market.
 
Beta is a measure of the volatility of a security or portfolio in relation to the overall market.
 
Spread is the percentage point difference between yields of various classes of bonds compared to treasury bonds.
 
Yield refers to the earnings generated and realized on an investment over a particular period of time. It is expressed as a percentage based on the invested amount, current market value, or face value of the security. It includes the interest earned or dividends received from holding a particular security. Depending on the valuation (fixed vs. fluctuating) of the security, yields may be classified as known or anticipated.
 
Shenkman Capital does not provide tax or legal advice. This material is not intended to replace the advice of a qualified tax advisor, accountant, or attorney. All decisions regarding the tax or legal implications of any investment should be made in consultation with your independent tax or legal advisor.
 
The data, information, and opinions contained herein are current and/or accurate as of the date stated or the date of this presentation, whichever is later; Shenkman Capital is under no obligation to update any data, information, or opinions contained herein.
 
These materials are confidential and not for distribution without the Shenkman Group’s prior consent. SHENKMAN®, SHENKMAN CAPITAL®, and other Shenkman trademarks and logos used herein are registered trademarks of Shenkman Capital Management, Inc. ROMARK®, ROMARK CLO ADVISORS®, and other Romark trademarks and logos used herein are registered trademarks of Romark Credit Advisors LP and/or Romark CLO Advisors LLC. All rights reserved.
 
The Shenkman Capital Floating Rate High Income Fund is distributed by Quasar Distributors, LLC, which is not affiliated with Shenkman Capital Management, Inc.
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SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SHAREHOLDER LETTER
March 31, 2022 (Unaudited)

Dear Shareholder,
 
During the fiscal six months ended March 31, 2022 (the “Period”), the Shenkman Capital Short Duration High Income Fund (the “Fund”) continued to seek a high level of current income by focusing on investments within the non-investment grade universe believed to be high-quality yet short duration. The Fund’s Institutional Class shares (SCFIX) returned -0.57% for the Period and ended the Period with a duration-to-worst of 1.62 years and average final maturity of 3.35 years. The Fund’s Class A shares returned -0.72% (without sales load) and -3.68% (with maximum sales load imposed on purchases of 3.00%), and the Class F shares returned -0.71%. Additionally, the Class C shares returned -1.09% (without sales load) and -2.07% (with maximum deferred sales load of 1.00%). The Fund’s benchmark, the ICE BofA 0-2 Year Duration BB-B U.S. HY Constrained Index (H42C), returned -0.46% for the Period, while the ICE BofA 0-3 Year U.S. Treasury Index (G1QA) returned -2.07%.
 
In looking at the Fund’s performance relative to the benchmark, negative security selection in double-B rated credits and final maturities below 3 years were detractors to relative performance, while allocation to bonds with maturities above 5 years and triple-C rated credits were contributors to relative performance. On a sector basis, lack of Oil & Gas exposure and negative selection in Consumer Staples Discretionary were the largest detractors from relative performance while positive selection in Healthcare and Industrials were the largest contributors to relative performance. The Fund’s sector positioning is largely a function of its focus on bottom-up, individual security selection and fundamental analysis, as opposed to top-down, industry-driven allocations. At period end, Healthcare was the Fund’s largest exposure at 14.51% of the portfolio, followed by the Leisure, Gaming, Travel and Industrials sectors occupying the second and third largest holdings at 13.87% and 12.82%, respectively. We believe the Healthcare sector is among the more stable and defensive sectors given its stable/recurring revenues, lower economic sensitivity, solid free cash flow generation, and strong asset coverage. The Leisure, Gaming, Travel sector captures a wide range of sub-industries including casinos, gaming technology services and products, cruise lines, hotels/resorts, REITs, theme parks, online travel research, and fast food and casual restaurants and franchisors. While many of these sectors have been more sensitive to the pandemic, they also could benefit from a return to prior activity levels. The Industrials sector exposure also captures a wide range of sub-industries and holdings that are broadly diversified and include service companies with attractive business models and competitive positions. Additionally, we have intentionally avoided the Oil & Gas sector given the unfavorable risk/reward for shorter maturities in the space and the asymmetric downside volatility associated with the violent and uncontrollable swings in commodity prices. The Fund’s exposure to bank loans was a modest contributor to relative performance as bank loans outperformed benchmark returns as well as the
7
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2022 (Unaudited)
 
Fund’s bond performance. During the Period, the Fund’s bank loan weighting increased modestly from 3.01% to 3.60%. As of March 31, 2022, the Fund’s average price was $101.60, with a current yield of 5.99%, yield-to-maturity of 5.65%, and a yield-to-worst of 4.73%. The SEC 30-Day Subsidized and Unsubsidized Yields for the Institutional share class were 4.22% and 4.21%, respectively. As we believe diversification remains a key factor in helping to mitigate risk, the portfolio was well-diversified, with investments in 188 issuers across 15 sectors as of March 31, 2022.
 
Market Commentary
 
The broader high yield market, as measured by the ICE BofA U.S. High Yield Index (H0A0), fell 3.89% during the Period while investment grade corporates, as measured by ICE BofA U.S. Corporate Index (C0A0), fell 7.58%, as both witnessed a dramatic series of events that propelled most fixed income markets lower.  Major headlines impacting the markets came in November with the Fed’s sharp pivot to more hawkish rhetoric and new concerns over the Omicron variant causing widespread shutdowns. More significant changes in the market began to occur in January and accelerated in March as soaring inflation continued to rise and government interest rates in the U.S. and Europe shifted significantly. The invasion of Ukraine in late February increased volatility and led to further spikes in inflation, most prominently in commodities. The biggest impact on markets was an 85 basis points (“bps”) increase in the 10-year U.S. Treasury over the six-month period March 31, 2022, ending at 2.34%. The U.S. Treasury market not only faced liquidity constraints, but suffered the largest quarterly decline since 1980 to start 2022. Concurrently, oil prices surged above $100 per barrel as the S&P Goldman Sachs Commodity Index (S&P GSCI) leaped 29%, the highest quarterly gain since 1990. Higher-rated credits were pressured by rising rates throughout the period, evidenced by underperformance of BB-rated bonds which declined 4.69% in the period. By duration, all duration tiers posted negative returns. However, the shortest duration tiers outperformed longer duration tiers. New issue supply remained heavy in October ($30.2B) and November ($32.4B), but materially slowed in December ($11.5B) and leading into the first quarter of 2022.  High yield bonds new issuance in the first quarter was the lowest since 4Q-18 as issuers assessed recent rate volatility and geopolitical instability. Just $46.5 billion in new high yield bonds came to market compared to $158.8 billion during the same period last year, according to J.P. Morgan Research. Counterbalancing these negative factors has been an environment in which company balance sheets appear strong, the percentage of debt maturities through 2023 is low, credit rating upgrades have outpaced downgrades, and default activity has remained limited. Therefore, despite the negative pressures from rates and concerns over the impact of the Ukraine situation, credit risk has appeared to only be minimally affected and default activity remained a non-factor.
8
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2022 (Unaudited)
 
According to JP Morgan Research, the 12-month trailing, par-weighted U.S. high-yield default rate decreased 1bp in March to 0.23%, the lowest default rate on record and down 457bp from 4.80% at the end of March 2021. We believe the high yield bond market has shown great resilience compared to the investment grade asset class.
 
Market Outlook
 
Looking forward, the coming months appear likely to continue to be influenced by rising rates and inflation concerns. Structurally, the higher coupon and shorter duration of high yield bonds relative to various other asset classes has allowed the high yield bond market to fare well compared to many other fixed income asset classes. In addition, credit concerns for now are still relatively low for leveraged debt given the low level of defaults and upcoming debt maturities and high level of credit rating upgrades. However, the market is still likely to see increased volatility as rising prices and costs may pressure margins and overall demand, which may cause greater differentiation in the performance of individual securities. We believe the higher-quality short duration segment of the high yield market remains well positioned as a lower volatility solution with the ability to capture attractive risk-adjusted returns.
 
Thank you again for your continued support and trust in the Fund. We look forward to growing with you.
 

 
Important Information
 
The Shenkman Group of Companies (the “Shenkman Group”) consists of Shenkman Capital Management, Inc., and its affiliates and subsidiaries, including, without limitation, Shenkman Capital Management Ltd, Romark Credit Advisors LP, and Romark CLO Advisors LLC.
 
Shenkman Capital Management, Inc. (“Shenkman” or “Shenkman Capital”) is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). Romark Credit Advisors LP is also registered as an investment adviser with the SEC and Romark CLO Advisors LLC is registered as a relying adviser of Romark Credit Advisors LP (together, “Romark”). Shenkman Capital Management Ltd is a wholly-owned subsidiary of Shenkman Capital Management, Inc. and is authorized and regulated by the U.K. Financial Conduct Authority. Such registrations do not imply any specific skill or training.
 
Unless otherwise stated, all information and characteristics presented herein are based on the Shenkman Group’s internal records and valuation. The information and opinions expressed herein are provided for informational purposes only. The information is not intended to be, and should not be construed as, impartial investment advice, an offering of investment advisory services or an offer to sell or a solicitation to buy any securities in any jurisdiction, including without limitation any
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SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2022 (Unaudited)
 
interest of an investment fund or vehicle managed by the Shenkman Group. Any offer to sell or any solicitation to buy securities of an investment fund or vehicle managed by the Shenkman Group will be made only by means of the Prospectus or Offering Memorandum relating to that fund or vehicle. The information is expressly qualified in its entirety by reference to any such Prospectus or Offering Memorandum. The information provided herein is not intended to be, and should not be, considered as a substitute for reviewing such documents carefully. To the extent of any inconsistency or discrepancy between any such Prospectus or Offering Memorandum and this presentation, the Prospectus or Offering Memorandum shall control. All interests in securities of any fund or vehicle shall not be offered or sold in any jurisdiction in which such an offer, solicitation or sale would be unlawful or would require registration or disclosure until the requirements of the laws, rules and regulations of such jurisdiction have been satisfied. It is the responsibility of every person reading this material to satisfy oneself as to the full observance of any laws of any relevant jurisdiction applicable to such person, including obtaining any governmental or other consent which may be required or observing any other formality which needs to be observed in such jurisdiction.
 
These materials do not undertake to explain all of the risks associated with any investment strategy referred to herein. No person or entity should invest in any strategy referred to herein unless satisfied that it (or its investment representative) has asked for and received all information that would enable it (or them) to evaluate the merits and risks thereof. PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS.
 
Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
 
Mutual fund investing involves risk. Principal loss is possible. There can be no assurance that the Fund will achieve its stated objective. In addition to the normal risks associated with investing, bonds and bank loans, and the funds that invest in them are subject to interest rate risk and can be expected to decline in value as interest rates rise. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund invests in foreign securities which involve political, economic and currency risks, greater volatility and differences in accounting methods. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Leverage may cause the effect of an increase or decrease in the value of the portfolio securities to be magnified and the fund to be more volatile than if leverage was not used.
 
Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. Please refer to the Schedule of Investments for a complete list of fund holdings.
 
Must be preceded or accompanied by a prospectus.
 
Any information in these materials from ICE Data Indices, LLC (“ICE BofA”) was used with permission. ICE BofA PERMITS USE OF THE ICE BofA INDICES AND RELATED DATA ON AN “AS IS” BASIS, MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BofA INDICES OR ANY DATA INCLUDED IN, RELATED
10
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2022 (Unaudited)
 
TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THE USE OF THE FOREGOING, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND THE SHENKMAN GROUP, OR ANY OF ITS PRODUCTS OR SERVICES.
 
References to indices are for information purposes only. The Shenkman Group believes that any indices discussed herein are broad market indices and are indicative of the type of investments that the Shenkman Group may purchase, but may contain different securities than those held in the Shenkman Group portfolios managed pursuant to the strategies described herein. The indices have not been selected to represent an appropriate benchmark. The strategies referred to herein are not designed to mimic the investments on which any index is based. The indices are unmanaged and not available for direct investment and do not reflect deductions for fees or expenses.
 
The ICE BofA 0-2 Year Duration BB-B U.S. High Yield Constrained Index (H42C) contains all securities in The ICE BofA U.S. High Yield Index rated BB1 through B3 and with a duration-to-worst less than two years, but caps issuer exposure at 2%.
 
The ICE BofA U.S. High Yield Index (H0A0) tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market.
 
The ICE BofA U.S. Treasuries 0-3 year Index (G1QA) is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of less than three years.
 
The ICE BofA U.S. Corporate Index (C0A0) has an inception date of December 31, 1972, and tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market.
 
You cannot invest directly in an index.
 
Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years.
 
Duration-to-worst is the duration of a bond computed using either the final maturity date, or a call date within the bond’s call schedule, whichever would result in the lowest yield to the investor.
 
Current Yield is the annual income (interest or dividends) divided by the current price of the security. This measure looks at the current price of a bond instead of its face value and represents the return an investor would expect if he or she purchased the bond and held it for a year. This measure is not an accurate reflection of the actual return that an investor will receive in all cases because bond and stock prices are constantly changing due to market factors.
 
Yield-to-Maturity (YTM) is the rate of return anticipated on a bond if held until the end of its lifetime. YTM is considered a long-term bond yield expressed as an annual rate. The YTM calculation takes into account the bond’s current market price, par value, coupon interest rate and time to maturity. It is also assumed that all coupon payments are reinvested at the same rate as the bond’s current yield. YTM is a complex but accurate calculation of a bond’s return that helps investors compare bonds with different maturities and coupons.
 
Yield-to-worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting.
11
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2022 (Unaudited)

30-Day SEC Yield (Subsidized/Unsubsidized): Represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund’s share price at the end of the 30-day period.
 
Diversification does not assure a profit, nor does it protect against a loss in a declining market.
 
Credit quality weights by rating are derived from the highest bond rating as determined by S&P, Moody’s or Fitch. Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as Standard & Poor’s or Moody’s and Fitch. These firms evaluate a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. In limited situations when none of the three rating agencies have issued a formal rating, the Advisor will classify the security as nonrated.
 
Free cash flow represents the cash a company generates after accounting for cash outflow to support operations and maintain its capital assets.
 
Spread is the percentage point difference between yields of various classes of bonds compared to treasury bonds.
 
Basis points (bps) are equivalent to one-one hundredths of a percentage point.
 
Beta measures the sensitivity of rates of return on a fund to general market moments.
 
Shenkman Capital does not provide tax or legal advice. This material is not intended to replace the advice of a qualified tax advisor, accountant, or attorney. All decisions regarding the tax or legal implications of any investment should be made in consultation with your independent tax or legal advisor.
 
The data, information, and opinions contained herein are current and/or accurate as of the date stated or the date of this presentation, whichever is later; Shenkman Capital is under no obligation to update any data, information, or opinions contained herein.
 
These materials are confidential and not for distribution without the Shenkman Group’s prior consent. SHENKMAN®, SHENKMAN CAPITAL®, and other Shenkman trademarks and logos used herein are registered trademarks of Shenkman Capital Management, Inc. ROMARK®, ROMARK CLO ADVISORS®, and other Romark trademarks and logos used herein are registered trademarks of Romark Credit Advisors LP and/or Romark CLO Advisors LLC. All rights reserved.
 
The Shenkman Capital Short Duration High Income Fund is distributed by Quasar Distributors, LLC., which is not affiliated with Shenkman Capital Management, Inc.
12
SHENKMAN CAPITAL FUNDS

EXPENSE EXAMPLE
March 31, 2022 (Unaudited)

As a shareholder of a fund, you incur two types of costs: (1) transaction costs including sales charges (loads), if applicable; redemption fees, if applicable; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1 fees); and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period indicated and held for the entire period from October 1, 2021 to March 31, 2022.
 
Actual Expenses
 
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.  There are some account fees that are charged to certain types of accounts, such as Individual Retirement Accounts (generally, a $15 fee is charged to the account annually) that would increase the amount of expenses paid on your account.  The example below does not include portfolio trading commissions and related expenses, and other extraordinary expenses as determined under generally accepted accounting principles.
 
Hypothetical Example for Comparison Purposes
 
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.  As noted above, there are some account fees that are charged to certain types of accounts that would increase the amount of expense paid on your account.
 
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only and will not help you determine the
13
SHENKMAN CAPITAL FUNDS

EXPENSE EXAMPLE – Continued
March 31, 2022 (Unaudited)
 
relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
Beginning
Ending
Expenses Paid
 
Account Value
Account Value
During Period(1)
Shenkman Capital Floating Rate High Income Fund
      
Actual
      
Class F
$1,000.00
$1,000.30
$2.79
Institutional Class
$1,000.00
$1,001.50
$2.69
       
Hypothetical (5% return
      
  before expenses)
      
Class F
$1,000.00
$1,022.14
$2.82
Institutional Class
$1,000.00
$1,022.24
$2.72

(1)
Shenkman Capital Floating Rate High Income Fund – Class F and Institutional Class expenses are equal to the Fund shares’ annualized expense ratio of 0.56% and 0.54%, respectively, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the six-month period of operation). The Fund’s ending account values in the table are based on its six-month total return of 0.03% for Class F and 0.15% for the Institutional Class as of March 31, 2022.

 
Beginning
Ending
Expenses Paid
 
Account Value
Account Value
During Period(2)
Shenkman Capital Short Duration High Income Fund
      
Actual
      
Class A
$1,000.00
$   992.80
$4.77
Class C
$1,000.00
$   989.10
$8.43
Class F
$1,000.00
$   992.90
$3.68
Institutional Class
$1,000.00
$   994.30
$3.23
Hypothetical (5% return
      
  before expenses)
      
Class A
$1,000.00
$1,020.14
$4.84
Class C
$1,000.00
$1,016.45
$8.55
Class F
$1,000.00
$1,021.24
$3.73
Institutional Class
$1,000.00
$1,021.69
$3.28

(2)
Shenkman Capital Short Duration High Income Fund – Class A, Class C, Class F, and Institutional Class expenses are equal to the Fund shares’ annualized expense ratio of 0.96%, 1.70%, 0.74% and 0.65%, respectively, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the six-month period of operation). The Fund’s ending account values in the table are based on its six-month total return of -0.72% for Class A, -1.09% for Class C, -0.71% for Class F, and -0.57% for the Institutional Class as of March 31, 2022.
14
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

PORTFOLIO ALLOCATION
March 31, 2022 (Unaudited)


 
% Net
TOP TEN HOLDINGS
Assets
Stars Group Holdings B.V., Senior Secured First Lien Term Loan
  
  3.256% (3 Month LIBOR USD + 2.25%), 07/21/2026
1.15%
Lumen Technologies, Inc., Senior Secured First Lien Term Loan
  
  2.707% (1 Month LIBOR USD + 2.25%), 03/15/2027
1.10%
Asurion, LLC, Senior Secured First Lien Term Loan
  
  3.707% (1 Month LIBOR USD + 3.25%), 12/23/2026
1.04%
Almonde, Inc., Senior Secured First Lien Term Loan
  
  4.50% (6 Month LIBOR USD + 3.50%, 1.000% Floor), 06/13/2024
0.93%
Connect U.S. Finco, LLC, Senior Secured First Lien Term Loan
  
  4.50% (1 Month LIBOR USD + 3.50%, 1.000% Floor), 12/11/2026
0.83%
ABG Intermediate Holdings 2, LLC, Senior Secured First Lien Term Loan
  
  4.00% (3 Month LIBOR USD + 3.25%, 0.750% Floor), 09/27/2024
0.79%
Hyland Software, Inc., Senior Secured First Lien Term Loan
  
  4.25% (1 Month LIBOR USD + 3.50%, 0.750% Floor), 07/01/2024
0.76%
TIBCO Software, Inc., Senior Secured First Lien Term Loan
  
  4.21% (1 Month LIBOR USD + 3.75%), 06/30/2026
0.75%
Playtika Holding Corp., Senior Secured First Lien Term Loan
  
  3.207% (1 Month LIBOR USD + 2.75%), 03/13/2028
0.75%
William Morris Endeavor Entertainment, LLC, Senior Secured First
  
  Lien Term Loan, 2.96% (1 Month LIBOR USD + 2.75%), 05/16/2025
0.74%

The portfolio’s holdings and allocations are subject to change.  The top ten holdings presented exclude the money market fund. The percentages are of total net assets as of March 31, 2022.
15
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57%
            
             
Aerospace & Defense – 0.90%
            
Peraton Corp.,
            
  Senior Secured First Lien Term Loan
            
    4.50% (1 Month LIBOR USD + 3.75%,
            
    0.750% Floor), 02/01/2028 (a)
  
$
2,355,363
    
$
2,343,586
  
Transdigm, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.707% (1 Month LIBOR USD + 2.25%),
                
    08/22/2024 (a)
    
527,760
      
521,232
  
             
2,864,818
  
                 
Auto Retail – 0.56%
                
CWGS Group, LLC, Senior Secured
                
  First Lien Term Loan 3.25%
                
    (1 Month LIBOR USD + 2.50%,
                
    0.750% Floor), 06/05/2028 (a)
    
748,719
      
722,049
  
Mavis Tire Express Services Topco Corp.,
                
  Senior Secured First Lien Term Loan
                
    4.75% (3 Month LIBOR USD + 4.00%,
                
    0.750% Floor), 05/04/2028 (a)
    
1,075,885
      
1,071,700
  
             
1,793,749
  
                 
Automotive – 0.92%
                
Adient U.S., LLC,
                
  Senior Secured First Lien Term Loan
                
    3.459% (1 Month LIBOR USD + 3.25%),
                
    04/10/2028 (a)
    
710,630
      
700,859
  
Clarios Global, L.P.,
                
  Senior Secured First Lien Term Loan
                
    3.707% (1 Month LIBOR USD + 3.25%),
                
    04/30/2026 (a)
    
642,510
      
635,443
  
LS Group Opco Acquisition, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.00% (6 Month LIBOR USD + 3.25%,
                
    0.750% Floor), 11/02/2027 (a)
    
1,007,250
      
1,000,955
  
                 
The accompanying notes are an integral part of these financial statements.
16
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Automotive – 0.92% – Continued
            
LTI Holdings, Inc.,
            
  Senior Secured First Lien Term Loan
            
    3.957% (1 Month LIBOR USD + 3.50%),
            
    09/08/2025 (a)
  
$
607,950
    
$
595,283
  
             
2,932,540
  
                 
Building Products – 2.30%
                
Core & Main Holding, L.P.,
                
  Senior Secured First Lien Term Loan
                
    2.947% (1 Month LIBOR USD + 2.50%),
                
    07/27/2028 (a)
    
710,291
      
705,852
  
Cornerstone Building Brands, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 04/12/2028 (a)
    
758,058
      
735,631
  
CPG International, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.25% (12 Month LIBOR USD + 2.50%,
                
    0.750% Floor), 05/06/2024 (a)
    
1,111,519
      
1,104,155
  
Griffon Corp., Senior Secured
                
  First Lien Term Loan 3.267%
                
    (3 Month SOFR USD + 2.75%,
                
    0.500% Floor), 01/24/2029 (a)
    
1,276,000
      
1,264,835
  
QUIKRETE Holdings, Inc.
                
  Senior Secured First Lien Term Loan
                
    2.709% (1 Month LIBOR USD + 2.50%),
                
    02/01/2027 (a)
    
1,395,247
      
1,364,586
  
  Senior Secured First Lien Term Loan
                
    3.468% (1 Month LIBOR USD + 3.00%),
                
    06/11/2028 (a)
    
1,145,000
      
1,126,474
  
TAMKO Building Products, LLC
                
  Senior Secured First Lien Term Loan
                
    3.299% (3 Month LIBOR USD + 3.00%),
                
    05/29/2026 (a)
    
195,810
      
192,342
  
  Senior Secured First Lien Term Loan
                
    3.508% (3 Month LIBOR USD + 3.00%),
                
    05/29/2026 (a)
    
96,285
      
94,580
  

The accompanying notes are an integral part of these financial statements.
17
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Building Products – 2.30% – Continued
            
TAMKO Building Products, LLC – Continued
            
  Senior Secured First Lien Term Loan
            
    4.006% (3 Month LIBOR USD + 3.00%),
            
    05/29/2026 (a)
  
$
92,968
    
$
91,322
  
VC GB Holdings I Corp.,
                
  Senior Secured First Lien Term Loan
                
    4.506% (3 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 07/21/2028 (a)
    
661,343
      
641,029
  
             
7,320,806
  
                 
Chemicals – 3.72%
                
Alpha 3 B.V.,
                
  Senior Secured First Lien Term Loan
                
    3.00% (1 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 03/17/2028 (a)
    
645,125
      
638,754
  
Colouroz Midco
                
  Senior Secured First Lien Term Loan
                
    5.25% (1 Month LIBOR USD + 4.25%,
                
    1.000% Floor), 09/21/2023 (a)
    
96,814
      
92,458
  
  Senior Secured First Lien Term Loan
                
    5.25% (3 Month LIBOR USD + 4.25%,
                
    1.000% Floor), 09/21/2023 (a)
    
1,525
      
1,456
  
  Senior Secured First Lien Term Loan
                
    5.25% (1 Month LIBOR USD + 4.25%,
                
    1.000% Floor), 09/21/2023 (a)
    
585,646
      
559,292
  
  Senior Secured First Lien Term Loan
                
    5.25% (3 Month LIBOR USD + 4.25%,
                
    1.000% Floor), 09/21/2023 (a)
    
9,224
      
8,809
  
HB Fuller Co.,
                
  Senior Secured First Lien Term Loan
                
    2.449% (1 Month LIBOR USD + 2.00%),
                
    10/21/2024 (a)
    
190,359
      
189,987
  
Ineos U.S. Finance, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.00% (1 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 11/06/2028 (a)
    
720,000
      
706,950
  

The accompanying notes are an integral part of these financial statements.
18
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Chemicals – 3.72% – Continued
            
LSF11 A5 Holdco, LLC,
            
  Senior Secured First Lien Term Loan
            
    4.00% (1 Month SOFR USD + 3.50%,
            
    0.500% Floor), 10/16/2028 (a)
  
$
460,004
    
$
454,311
  
LSF11 Skyscraper Holdco S.A.R.L.,
                
  Senior Secured First Lien Term Loan
                
    4.25% (3 Month LIBOR USD + 3.50%,
                
    0.750% Floor), 09/29/2027 (a)
    
1,520,971
      
1,517,177
  
Lummus Technology Holdings V, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.957% (1 Month LIBOR USD + 3.50%),
                
    06/30/2027 (a)
    
984,370
      
953,613
  
Olympus Water U.S. Holding Corp.,
                
  Senior Secured First Lien Term Loan
                
    4.25% (1 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 11/09/2028 (a)
    
673,551
      
657,346
  
Orion Engineered Carbons GmbH,
                
  Senior Secured First Lien Term Loan
                
    3.256% (3 Month LIBOR USD + 2.25%,
                
    0.500% Floor), 09/22/2028 (a)
    
286,560
      
282,680
  
PMHC II, Inc.
                
  Senior Secured First Lien Term Loan
                
    4.50% (1 Month LIBOR USD + 3.50%,
                
    1.000% Floor), 03/31/2025 (a)
    
139,443
      
138,687
  
  Senior Secured First Lien Term Loan
                
    4.50% (3 Month LIBOR USD + 3.50%,
                
    1.000% Floor), 03/31/2025 (a)
    
321,357
      
319,615
  
  Senior Secured First Lien Term Loan
                
    4.491%, 03/31/2029 (a)(g)
    
1,828,881
      
1,749,627
  
Polar U.S. Borrower, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.874% (3 Month LIBOR USD + 4.75%),
                
    10/15/2025 (a)
    
1,059,474
      
1,030,339
  
PQ Corp.
                
  Senior Secured First Lien Term Loan
                
    3.00% (1 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 06/09/2028 (a)
    
258,131
      
255,549
  

The accompanying notes are an integral part of these financial statements.
19
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Chemicals – 3.72% – Continued
            
PQ Corp. – Continued
            
  Senior Secured First Lien Term Loan
            
    3.00% (3 Month LIBOR USD + 2.50%,
            
    0.500% Floor), 06/09/2028 (a)
  
$
98,177
    
$
97,195
  
PQ Performance Chemicals,
                
  Senior Secured First Lien Term Loan
                
    4.25% (3 Month LIBOR USD + 3.50%,
                
    0.750% Floor), 08/02/2028 (a)
    
527,678
      
522,401
  
Spectrum Holdings III Corp.,
                
  Senior Secured First Lien Term Loan
                
    4.256% (3 Month LIBOR USD + 3.25%,
                
    1.000% Floor), 01/31/2025 (a)
    
711,984
      
686,872
  
Tronox Finance, LLC
                
  Senior Secured First Lien Term Loan
                
    2.474% (3 Month LIBOR USD + 2.25%),
                
    03/10/2028 (a)
    
346,154
      
341,829
  
  Senior Secured First Lien Term Loan
                
    2.707% (1 Month LIBOR USD + 2.25%),
                
    03/10/2028 (a)
    
70,154
      
69,277
  
W.R. Grace Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.813% (3 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 09/22/2028 (a)
    
567,578
      
564,473
  
             
11,838,697
  
Commercial Services – 6.34%
                
AlixPartners, LLP,
                
  Senior Secured First Lien Term Loan
                
    3.25% (1 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 02/04/2028 (a)
    
1,427,792
      
1,408,602
  
Allied Universal Holdco, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.25% (1 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 05/12/2028 (a)
    
2,032,508
      
2,004,012
  
Apex Group Treasury, LLC
                
  Senior Secured First Lien Term Loan
                
    4.25%, 07/27/2028 (a)(g)
    
548,000
      
544,235
  

The accompanying notes are an integral part of these financial statements.
20
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Commercial Services – 6.34% – Continued
            
Apex Group Treasury, LLC – Continued
            
  Senior Secured First Lien Term Loan
            
    4.756% (3 Month LIBOR USD + 3.75%,
            
    0.500% Floor), 07/27/2028 (a)
  
$
710,430
    
$
705,549
  
Camelot U.S. Acquisition 1 Co.
                
  Senior Secured First Lien Term Loan
                
    3.457% (1 Month LIBOR USD + 3.00%),
                
    10/30/2026 (a)
    
787,603
      
780,550
  
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.00%,
                
    1.000% Floor), 10/30/2026 (a)
    
2,200,626
      
2,185,046
  
Corelogic, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 06/02/2028 (a)
    
1,036,790
      
1,027,075
  
Deerfield Dakota Holding, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.75% (1 Month LIBOR USD + 3.75%,
                
    1.000% Floor), 04/09/2027 (a)
    
1,345,459
      
1,340,554
  
Dun & Bradstreet Corp.,
                
  Senior Secured First Lien Term Loan
                
    3.697% (1 Month LIBOR USD + 3.25%),
                
    02/06/2026 (a)
    
1,844,388
      
1,830,389
  
EAB Global, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 08/16/2028 (a)
    
855,855
      
848,580
  
Garda World Security Corp.
                
  Senior Secured First Lien Term Loan
                
    4.71% (1 Month LIBOR USD + 4.25%),
                
    10/30/2026 (a)
    
575,876
      
570,325
  
  Senior Secured First Lien Term Loan
                
    4.567% (1 Month SOFR USD + 4.25%),
                
    02/01/2029 (a)
    
500,000
      
496,250
  

The accompanying notes are an integral part of these financial statements.
21
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Commercial Services – 6.34% – Continued
            
GI Consilio Parent, LLC,
            
  Senior Secured First Lien Term Loan
            
    4.50% (1 Month LIBOR USD + 4.00%,
            
    0.500% Floor), 05/12/2028 (a)
  
$
297,730
    
$
294,799
  
Indy U.S. BIDCO, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.207% (1 Month LIBOR USD + 3.75%),
                
    03/06/2028 (a)
    
843,501
      
836,226
  
INEOS U.S. Petrochem, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.25% (1 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 01/29/2026 (a)
    
496,250
      
488,372
  
IRI Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.707% (1 Month LIBOR USD + 4.25%),
                
    12/01/2025 (a)
    
1,761,174
      
1,757,132
  
KAR Auction Services, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.75% (1 Month LIBOR USD + 2.25%),
                
    09/21/2026 (a)
    
656,332
      
652,230
  
Pre-Paid Legal Services, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.25% (3 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 12/15/2028 (a)
    
713,000
      
705,350
  
Tempo Acquisition, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.207% (1 Month LIBOR USD + 2.75%),
                
    05/01/2024 (a)
    
199,132
      
198,286
  
Trans Union, LLC,
                
  Senior Secured First Lien Term Loan
                
    2.75% (1 Month LIBOR USD + 2.25%,
                
    0.500% Floor), 12/01/2028 (a)
    
1,530,594
      
1,521,663
  
             
20,195,225
  

The accompanying notes are an integral part of these financial statements.
22
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Construction & Engineering – 1.41%
            
Amentum Government Services Holdings, LLC
            
  Senior Secured First Lien Term Loan
            
    3.957% (1 Month LIBOR USD + 3.50%),
            
    02/01/2027 (a)
  
$
940,253
    
$
931,629
  
  Senior Secured First Lien Term Loan
                
    4.50% (3 Month SOFR USD + 4.00%,
                
    0.500% Floor), 02/15/2029 (a)
    
322,246
      
320,232
  
  Senior Secured First Lien Term Loan
                
    4.777% (6 Month SOFR USD + 4.00%,
                
    0.500% Floor), 02/15/2029 (a)
    
362,754
      
360,487
  
American Residential Services, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.506% (3 Month LIBOR USD + 3.50%,
                
    0.750% Floor), 10/15/2027 (a)
    
670,513
      
662,969
  
Api Group, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.957% (1 Month LIBOR USD + 2.50%),
                
    10/01/2026 (a)
    
556,066
      
550,623
  
Brand Industrial Services, Inc.
                
  Senior Secured First Lien Term Loan
                
    5.25% (3 Month LIBOR USD + 4.25%,
                
    1.000% Floor), 06/21/2024 (a)
    
429,318
      
411,162
  
  Senior Secured First Lien Term Loan
                
    5.256% (3 Month LIBOR USD + 4.25%,
                
    1.000% Floor), 06/21/2024 (a)
    
3,407
      
3,263
  
Centuri Group, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.008% (3 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 08/28/2028 (a)
    
675,002
      
665,637
  
Tiger Acquisition, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.75% (3 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 06/01/2028 (a)
    
592,025
      
569,703
  
             
4,475,705
  

The accompanying notes are an integral part of these financial statements.
23
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Consumer Discretionary – 0.87%
            
Champ Acquisition Corp.,
            
  Senior Secured First Lien Term Loan
            
    5.724% (3 Month LIBOR USD + 5.50%),
            
    12/19/2025 (a)
  
$
171,454
    
$
170,554
  
Learning Care Group (U.S.) No. 2, Inc.
                
  Senior Secured First Lien Term Loan
                
    4.25% (3 Month LIBOR USD + 3.25%,
                
    1.000% Floor), 03/13/2025 (a)
    
86,386
      
85,243
  
  Senior Secured First Lien Term Loan
                
    4.25% (6 Month LIBOR USD + 3.25%,
                
    1.000% Floor), 03/13/2025 (a)
    
345,545
      
340,973
  
  Senior Secured First Lien Term Loan
                
    4.256% (3 Month LIBOR USD + 3.25%,
                
    1.000% Floor), 03/13/2025 (a)
    
24,188
      
23,868
  
Prometric Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.00%,
                
    1.000% Floor), 01/29/2025 (a)
    
961,213
      
945,835
  
Tory Burch, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.50% (1 Month LIBOR USD + 3.00%,
                
    0.500% Floor), 04/14/2028 (a)
    
372,188
      
362,650
  
Wand NewCo 3, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.457% (1 Month LIBOR USD + 3.00%),
                
    02/05/2026 (a)
    
633,735
      
616,111
  
WW International, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 04/13/2028 (a)
    
233,415
      
213,770
  
             
2,759,004
  
Consumer Non-Discretionary – 0.23%
                
Kronos Acquisition Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.25% (3 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 12/22/2026 (a)
    
775,188
      
727,386
  

The accompanying notes are an integral part of these financial statements.
24
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Environmental Services – 1.34%
            
Belfor Holdings, Inc.,
            
  Senior Secured First Lien Term Loan
            
    4.207% (1 Month LIBOR USD + 3.75%),
            
    04/06/2026 (a)
  
$
501,617
    
$
499,736
  
Brightview Landscapes, LLC,
                
  Senior Secured First Lien Term Loan
                
    2.957% (1 Month LIBOR USD + 2.50%),
                
    08/15/2025 (a)
    
853,995
      
848,658
  
Covanta Holding Corp.
                
  Senior Secured First Lien Term Loan
                
    3.00% (1 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 11/30/2028 (a)
    
617,728
      
615,798
  
  Senior Secured First Lien Term Loan
                
    3.00% (1 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 11/30/2028 (a)
    
46,272
      
46,127
  
Strategic Materials Holdings Corp.,
                
  Senior Secured First Lien Term Loan
                
    4.75% (3 Month LIBOR USD + 3.75%,
                
    1.000% Floor), 11/01/2024 (a)
    
909,625
      
827,531
  
WIN Waste Innovations Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.756% (3 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 03/24/2028 (a)
    
1,444,088
      
1,434,838
  
             
4,272,688
  
                 
Financials – Consumer Finance – 0.28%
                
American Auto Auction Group, LLC,
                
  Senior Secured First Lien Term Loan
                
    5.801% (3 Month SOFR USD + 5.00%,
                
    0.750% Floor), 12/30/2027 (a)
    
890,768
      
878,519
  
                 
Financials – Diversified – 1.13%
                
Blackstone Mortgage Trust, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.707% (1 Month LIBOR USD + 2.25%),
                
    04/23/2026 (a)
    
570,375
      
566,097
  

The accompanying notes are an integral part of these financial statements.
25
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Financials – Diversified – 1.13% – Continued
            
Focus Financial Partners, LLC,
            
  Senior Secured First Lien Term Loan
            
    2.457% (1 Month LIBOR USD + 2.00%),
            
    07/03/2024 (a)
  
$
609,157
    
$
601,798
  
Starwood Property Mortgage, LLC,
                
  Senior Secured First Lien Term Loan
                
    2.709% (1 Month LIBOR USD + 2.50%),
                
    07/27/2026 (a)
    
463,125
      
461,388
  
Tecta America Corp.,
                
  Senior Secured First Lien Term Loan
                
    5.00% (1 Month LIBOR USD + 4.25%,
                
    0.750% Floor), 04/06/2028 (a)
    
919,494
      
912,598
  
VFH Parent, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.50% (1 Month SOFR USD + 3.00%,
                
    0.500% Floor), 01/12/2029 (a)
    
1,075,000
      
1,066,492
  
             
3,608,373
  
                 
Financials – Insurance – 3.15%
                
Acrisure, LLC
                
  Senior Secured First Lien Term Loan
                
    3.724% (3 Month LIBOR USD + 3.50%),
                
    02/16/2027 (a)
    
641,295
      
633,549
  
  Senior Secured First Lien Term Loan
                
    4.75% (3 Month LIBOR USD + 4.25%,
                
    0.500% Floor), 02/16/2027 (a)
    
264,338
      
263,678
  
AmWINS Group, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.00% (1 Month LIBOR USD + 2.25%,
                
    0.750% Floor), 02/22/2028 (a)
    
752,290
      
741,005
  
AssuredPartners, Inc.
                
  Senior Secured First Lien Term Loan
                
    3.957% (1 Month LIBOR USD + 3.50%),
                
    02/12/2027 (a)
    
641,841
      
634,941
  
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 02/12/2027 (a)
    
362,642
      
359,018
  

The accompanying notes are an integral part of these financial statements.
26
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Financials – Insurance – 3.15% – Continued
            
Asurion, LLC
            
  Senior Secured First Lien Term Loan
            
    3.707% (1 Month LIBOR USD + 3.25%),
            
    12/23/2026 (a)
  
$
3,391,063
    
$
3,322,530
  
  Senior Secured First Lien Term Loan
                
    3.459% (1 Month LIBOR USD + 3.25%),
                
    07/30/2027 (a)
    
1,551,248
      
1,522,162
  
  Senior Secured Second Lien Term Loan
                
    5.707% (1 Month LIBOR USD + 5.25%),
                
    01/31/2028 (a)
    
340,000
      
333,880
  
  Senior Secured Second Lien Term Loan
                
    5.707% (1 Month LIBOR USD + 5.25%),
                
    01/19/2029 (a)
    
820,000
      
802,833
  
HUB International, Ltd.,
                
  Senior Secured First Lien Term Loan
                
    4.00% (3 Month LIBOR USD + 3.25%,
                
    0.750% Floor), 04/25/2025 (a)
    
1,428,028
      
1,420,888
  
             
10,034,484
  
                 
Food & Beverage – 1.13%
                
Froneri U.S., Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.707% (1 Month LIBOR USD + 2.25%),
                
    01/29/2027 (a)
    
638,625
      
628,362
  
H-Food Holdings, LLC
                
  Senior Secured First Lien Term Loan
                
    4.145% (1 Month LIBOR USD + 3.6875%),
                
    05/23/2025 (a)
    
875,875
      
846,249
  
  Senior Secured First Lien Term Loan
                
    4.457% (1 Month LIBOR USD + 4.00%),
                
    05/23/2025 (a)
    
120,938
      
117,385
  
Sunshine Investments B.V.,
                
  Senior Secured First Lien Term Loan
                
    3.219% (3 Month LIBOR USD + 2.75%),
                
    03/28/2025 (a)
    
232,800
      
231,345
  

The accompanying notes are an integral part of these financial statements.
27
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Food & Beverage – 1.13% – Continued
            
Triton Water Holdings, Inc.,
            
  Senior Secured First Lien Term Loan
            
    4.506% (3 Month LIBOR USD + 3.50%,
            
    0.500% Floor), 03/31/2028 (a)
  
$
1,828,460
    
$
1,786,990
  
             
3,610,331
  
                 
Healthcare – Equipment & Supplies – 3.91%
                
athenahealth, Inc.
                
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month SOFR USD + 3.50%,
                
    0.500% Floor), 02/15/2029 (a)
    
1,623,783
      
1,609,575
  
  Senior Secured First Lien Delayed-Draw
                
    Term Loan 4.50%, 02/15/2029 (a)(g)(h)
    
275,217
      
272,809
  
Aveanna Healthcare, LLC
                
  Senior Secured First Lien Delayed-Draw
                
    Term Loan 4.50%, 06/30/2028 (a)(g)
    
188,491
      
183,849
  
  Senior Secured First Lien Term Loan
                
    4.25% (3 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 07/17/2028 (a)
    
806,457
      
786,598
  
Change Healthcare Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.50% (1 Month LIBOR USD + 2.50%,
                
    1.000% Floor), 03/01/2024 (a)
    
1,559,600
      
1,553,166
  
CHG Healthcare Services, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.506% (3 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 09/29/2028 (a)
    
1,028,830
      
1,021,114
  
Embecta Corp.,
                
  Senior Secured First Lien Term Loan
                
    3.651% (3 Month SOFR USD + 3.00%,
                
    0.500% Floor), 03/30/2029 (a)
    
411,391
      
406,580
  
Greatbatch, Ltd.,
                
  Senior Secured First Lien Term Loan
                
    3.00% (1 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 09/02/2028 (a)
    
746,250
      
744,384
  

The accompanying notes are an integral part of these financial statements.
28
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Healthcare – Equipment & Supplies – 3.91% – Continued
            
Greenway Health, LLC,
            
  Senior Secured First Lien Term Loan
            
    4.75% (6 Month LIBOR USD + 3.75%,
            
    1.000% Floor), 02/16/2024 (a)
  
$
619,125
    
$
581,012
  
Insulet Corp.,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 05/04/2028 (a)
    
774,150
      
770,279
  
Medline Borrower, L.P.,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 10/23/2028 (a)
    
1,765,000
      
1,749,442
  
Milano Acquisition Corp.,
                
  Senior Secured First Lien Term Loan
                
    5.006% (3 Month LIBOR USD + 4.00%,
                
    0.750% Floor), 10/01/2027 (a)
    
934,561
      
934,561
  
MPH Acquisition Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.758% (3 Month LIBOR USD + 4.25%,
                
    0.500% Floor), 09/01/2028 (a)
    
857,690
      
835,339
  
Navicure, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.457% (1 Month LIBOR USD + 4.00%),
                
    10/22/2026 (a)
    
991,553
      
990,313
  
             
12,439,021
  
                 
Healthcare – Facilities – 3.25%
                
ADMI Corp.
                
  Senior Secured First Lien Term Loan
                
    3.875% (1 Month LIBOR USD + 3.375%,
                
    0.500% Floor), 12/23/2027 (a)
    
646,583
      
636,532
  
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 12/23/2027 (a)
    
646,750
      
640,622
  
AHP Health Partners, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 08/24/2028 (a)
    
793,015
      
787,067
  

The accompanying notes are an integral part of these financial statements.
29
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Healthcare – Facilities – 3.25% – Continued
            
Electron Bidco, Inc.,
            
  Senior Secured First Lien Term Loan
            
    3.75% (6 Month LIBOR USD + 3.25%,
            
    0.500% Floor), 11/01/2028 (a)
  
$
1,407,000
    
$
1,393,592
  
Global Medical Response, Inc.
                
  Senior Secured First Lien Term Loan
                
    5.25% (6 Month LIBOR USD + 4.25%,
                
    1.000% Floor), 03/14/2025 (a)
    
528,828
      
526,466
  
  Senior Secured First Lien Term Loan
                
    5.25% (6 Month LIBOR USD + 4.25%,
                
    1.000% Floor), 10/02/2025 (a)
    
324,308
      
322,636
  
Heartland Dental, LLC
                
  Senior Secured First Lien Term Loan
                
    3.957% (1 Month LIBOR USD + 3.50%),
                
    04/30/2025 (a)
    
809,170
      
801,078
  
  Senior Secured First Lien Term Loan
                
    4.447% (1 Month LIBOR USD + 4.00%),
                
    04/30/2025 (a)
    
1,116,563
      
1,108,786
  
Option Care Health, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.25% (1 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 10/27/2028 (a)
    
774,060
      
768,580
  
Pluto Acquisition I, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.508% (3 Month LIBOR USD + 4.00%),
                
    06/22/2026 (a)
    
1,059,756
      
1,046,509
  
Premier Dental Services, Inc.,
                
  Senior Secured First Lien Term Loan
                
    5.281% (3 Month LIBOR USD + 4.50%,
                
    0.750% Floor), 08/18/2028 (a)
    
310,463
      
309,521
  
Sotera Health Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.25% (1 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 12/11/2026 (a)
    
866,000
      
856,976
  

The accompanying notes are an integral part of these financial statements.
30
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Healthcare – Facilities – 3.25% – Continued
            
U.S. Radiology Specialists, Inc.,
            
  Senior Secured First Lien Term Loan
            
    6.313% (3 Month LIBOR USD + 5.25%,
            
    0.500% Floor), 12/15/2027 (a)
  
$
726,180
    
$
724,895
  
U.S. Renal Care, Inc.,
                
  Senior Secured First Lien Term Loan
                
    5.209% (1 Month LIBOR USD + 5.00%),
                
    06/26/2026 (a)
    
427,812
      
394,656
  
Western Dental Services, Inc.
                
  Senior Secured First Lien Delayed-Draw
                
    Term Loan 5.25% (1 Month LIBOR
                
    USD + 4.50%, 0.750% Floor),
                
    08/18/2028 (a)(h)
    
7,809
      
7,785
  
  Senior Secured First Lien Delayed-Draw
                
    Term Loan 5.25% (2 Month LIBOR
                
    USD + 4.50%, 0.750% Floor),
                
    08/18/2028 (a)(h)
    
8,287
      
8,262
  
  Senior Secured First Lien Delayed-Draw
                
    Term Loan 5.25% (3 Month LIBOR
                
    USD + 4.50%, 0.750% Floor),
                
    08/18/2028 (a)(h)
    
15,618
      
15,570
  
             
10,349,533
  
                 
Healthcare – Life Sciences – 1.75%
                
Avantor Funding, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.75% (3 Month LIBOR USD + 2.25%,
                
    0.500% Floor), 11/08/2027 (a)
    
782,226
      
777,337
  
Cambrex Corp.,
                
  Senior Secured First Lien Term Loan
                
    4.25% (1 Month LIBOR USD + 3.50%,
                
    0.750% Floor), 12/04/2026 (a)
    
1,501,860
      
1,491,302
  
Curia Global, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.50% (3 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 08/31/2026 (a)
    
1,659,636
      
1,647,928
  

The accompanying notes are an integral part of these financial statements.
31
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Healthcare – Life Sciences – 1.75% – Continued
            
ICON Luxembourg S.A.R.L.,
            
  Senior Secured First Lien Term Loan
            
    3.313% (3 Month LIBOR USD + 2.25%,
            
    0.500% Floor), 07/03/2028 (a)
  
$
653,755
    
$
651,509
  
Phoenix Newco, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 11/15/2028 (a)
    
832,000
      
826,950
  
PRA Health Sciences, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.75% (3 Month LIBOR USD + 2.25%,
                
    0.500% Floor), 07/03/2028 (a)
    
162,883
      
162,324
  
             
5,557,350
  
Healthcare – Managed Health Care – 0.54%
                
Bella Holding Co., LLC,
                
  Senior Secured First Lien Term Loan
                
    4.50% (1 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 05/10/2028 (a)
    
458,695
      
455,828
  
Verscend Holding Corp.,
                
  Senior Secured First Lien Term Loan
                
    4.457% (1 Month LIBOR USD + 4.00%),
                
    08/27/2025 (a)
    
1,265,890
      
1,264,307
  
             
1,720,135
  
Healthcare – Pharmaceuticals & Biotechnology – 0.56%
                
Bausch Health Cos., Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.457% (1 Month LIBOR USD + 3.00%),
                
    06/02/2025 (a)
    
488,207
      
485,156
  
Jazz Pharmaceuticals, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 05/05/2028 (a)
    
674,900
      
673,257
  

The accompanying notes are an integral part of these financial statements.
32
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Healthcare – Pharmaceuticals & Biotechnology – 0.56% – Continued
            
Organon & Co.,
            
  Senior Secured First Lien Term Loan
            
    3.563% (6 Month LIBOR USD + 3.00%,
            
    0.500% Floor), 06/02/2028 (a)
  
$
619,959
    
$
617,634
  
             
1,776,047
  
                 
Industrial Machinery – 3.91%
                
AI Aqua Merger Sub, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.25% (1 Month SOFR USD + 3.75%,
                
    0.500% Floor), 07/31/2028 (a)
    
910,000
      
902,752
  
Ali Group North America Corp.,
                
  Senior Secured First Lien Term Loan
                
    2.131%, 11/30/2028 (a)(g)
    
695,000
      
686,024
  
ASP Blade Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.50% (1 Month LIBOR USD + 4.00%,
                
    0.500% Floor), 10/13/2028 (a)
    
1,002,635
      
991,481
  
Brookfield WEC Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.25% (1 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 08/01/2025 (a)
    
1,709,485
      
1,681,979
  
Clark Equipment Co.,
                
  Senior Secured First Lien Term Loan
                
    3.256% (3 Month LIBOR USD + 2.25%),
                
    05/17/2024 (a)
    
1,391,940
      
1,389,978
  
Columbus McKinnon Corp.,
                
  Senior Secured First Lien Term Loan
                
    3.813% (3 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 05/15/2028 (a)
    
431,829
      
426,073
  
Conair Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.756% (3 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 05/17/2028 (a)
    
980,075
      
966,109
  
CPM Holdings, Inc.
                
  Senior Secured First Lien Term Loan
                
    3.731% (1 Month LIBOR USD + 3.50%),
                
    11/17/2025 (a)
    
427,793
      
421,911
  
                 
The accompanying notes are an integral part of these financial statements.
33
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Industrial Machinery – 3.91% – Continued
            
CPM Holdings, Inc. – Continued
            
  Senior Secured Second Lien Term Loan
            
    8.481% (1 Month LIBOR USD + 8.25%),
            
    11/16/2026 (a)
  
$
219,444
    
$
218,347
  
Filtration Group Corp.,
                
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 10/20/2028 (a)
    
1,437,775
      
1,425,943
  
Madison IAQ, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.524% (6 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 06/21/2028 (a)
    
606,418
      
598,586
  
Penn Engineering & Manufacturing Corp.,
                
  Senior Secured First Lien Term Loan
                
    3.506% (3 Month LIBOR USD + 2.50%,
                
    1.000% Floor), 06/27/2024 (a)
    
588,842
      
584,670
  
Pro Mach Group, Inc.
                
  Senior Secured First Lien Term Loan
                
    5.00% (3 Month LIBOR USD + 4.00%,
                
    1.000% Floor), 08/31/2028 (a)
    
921,280
      
918,401
  
  Senior Secured First Lien Delayed-Draw
                
    Term Loan 5.00%, 08/31/2028 (a)(g)(h)
    
63,411
      
63,212
  
Vertical Midco GMBH
                
  Senior Secured First Lien Term Loan
                
    4.019% (3 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 07/30/2027 (a)
    
482,439
      
478,822
  
  Senior Secured First Lien Term Loan
                
    4.019% (6 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 07/30/2027 (a)
    
135,979
      
134,960
  
Vertiv Group Corp.,
                
  Senior Secured First Lien Term Loan
                
    2.991% (1 Month LIBOR USD + 2.75%),
                
    03/02/2027 (a)
    
580,370
      
567,071
  
             
12,456,319
  

The accompanying notes are an integral part of these financial statements.
34
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Leisure – Casinos & Gaming – 3.46%
            
Aristocrat Technologies, Inc.,
            
  Senior Secured First Lien Term Loan
            
    2.004% (3 Month LIBOR USD + 1.75%),
            
    10/21/2024 (a)
  
$
1,078,928
    
$
1,069,827
  
Bally’s Corp.,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 10/02/2028 (a)
    
1,573,058
      
1,566,545
  
Entain Holdings (Gibraltar), Ltd.,
                
  Senior Secured First Lien Term Loan
                
    3.743% (3 Month LIBOR USD + 2.25%,
                
    0.500% Floor), 03/29/2027 (a)
    
741,398
      
735,374
  
Everi Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.008% (3 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 08/03/2028 (a)
    
462,675
      
460,362
  
Fertitta Entertainment, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.50% (1 Month SOFR USD + 4.00%,
                
    0.500% Floor), 01/29/2029 (a)
    
1,062,857
      
1,058,940
  
Golden Entertainment, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.00%,
                
    0.750% Floor), 10/21/2024 (a)
    
479,092
      
474,900
  
Penn National Gaming, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.00% (1 Month LIBOR USD + 2.25%,
                
    0.750% Floor), 10/15/2025 (a)
    
1,403,783
      
1,397,790
  
Scientific Games International, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.207% (1 Month LIBOR USD + 2.75%),
                
    08/14/2024 (a)
    
595,288
      
593,802
  
Stars Group Holdings B.V.,
                
  Senior Secured First Lien Term Loan
                
    3.256% (3 Month LIBOR USD + 2.25%),
                
    07/21/2026 (a)
    
3,678,319
      
3,653,030
  
             
11,010,570
  

The accompanying notes are an integral part of these financial statements.
35
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Leisure – Hotels – 1.77%
            
Alterra Mountain Co.,
            
  Senior Secured First Lien Term Loan
            
    4.00% (1 Month LIBOR USD + 3.50%,
            
    0.500% Floor), 08/17/2028 (a)
  
$
1,823,215
    
$
1,811,820
  
Carnival Corp.,
                
  Senior Secured First Lien Term Loan
                
    4.00% (6 Month LIBOR USD + 3.25%,
                
    0.750% Floor), 10/18/2028 (a)
    
489,773
      
479,977
  
Herschend Entertainment Co., LLC,
                
  Senior Secured First Lien Term Loan
                
    4.25% (1 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 08/28/2028 (a)
    
1,197,736
      
1,194,742
  
Hilton Grand Vacations Borrower, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.50% (1 Month LIBOR USD + 3.00%,
                
    0.500% Floor), 08/02/2028 (a)
    
441,780
      
439,737
  
Lakeland Tours, LLC
                
  Senior Secured First Lien Term Loan
                
    13.25% (3 Month LIBOR USD + 12.00%,
                
    1.250% Floor), 09/25/2023 (a)
    
108,043
      
108,516
  
  Senior Secured First Lien Term Loan
                
    2.75% (1 Month LIBOR USD + 1.50%,
                
    1.250% Floor), 09/25/2025 (a)
    
231,942
      
210,180
  
  Senior Secured First Lien Term Loan
                
    8.75% (3 Month LIBOR USD + 7.50%,
                
    1.250% Floor), 09/25/2025 (a)
    
184,763
      
183,377
  
  Senior Unsecured First Lien Term Loan
                
    13.25%, 09/27/2027
    
274,409
      
194,830
  
United PF Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.224% (3 Month LIBOR USD + 4.00%),
                
    12/30/2026 (a)
    
1,047,001
      
1,008,523
  
             
5,631,702
  

The accompanying notes are an integral part of these financial statements.
36
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Leisure – Restaurants – 1.20%
            
IRB Holding Corp.
            
  Senior Secured First Lien Term Loan
            
    3.75% (6 Month LIBOR USD + 2.75%,
            
    1.000% Floor), 02/05/2025 (a)
  
$
740,454
    
$
735,712
  
  Senior Secured First Lien Term Loan
                
    3.75% (3 Month SOFR USD + 3.00%,
                
    0.750% Floor), 12/15/2027 (a)
    
1,301,759
      
1,296,063
  
Tacala, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.25% (1 Month LIBOR USD + 3.50%,
                
    0.750% Floor), 02/05/2027 (a)
    
902,487
      
891,883
  
Whatabrands, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 08/03/2028 (a)
    
908,723
      
898,976
  
             
3,822,634
  
                 
Media – Broadcasting – 2.68%
                
Diamond Sports Group, LLC,
                
  Senior Secured Second Lien Term Loan
                
    3.445% (3 Month SOFR USD + 3.25%),
                
    08/24/2026 (a)
    
671,941
      
232,871
  
EW Scripps Co.
                
  Senior Secured First Lien Term Loan
                
    3.313% (1 Month LIBOR USD + 2.5625%,
                
    0.750% Floor), 05/01/2026 (a)
    
871,610
      
863,517
  
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.00%,
                
    0.750% Floor), 01/07/2028 (a)
    
1,038,930
      
1,033,896
  
Gray Television, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.231% (1 Month LIBOR USD + 3.00%),
                
    12/01/2028 (a)
    
1,740,638
      
1,733,954
  
Hubbard Radio, LLC,
                
  Senior Secured First Lien Term Loan
                
    5.25% (1 Month LIBOR USD + 4.25%,
                
    1.000% Floor), 03/28/2025 (a)
    
561,459
      
559,531
  

The accompanying notes are an integral part of these financial statements.
37
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Media – Broadcasting – 2.68% – Continued
            
iHeartCommunications, Inc.,
            
  Senior Secured First Lien Term Loan
            
    3.457% (1 Month LIBOR USD + 3.00%),
            
    05/01/2026 (a)
  
$
772,662
    
$
769,138
  
Learfield Communications, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.25% (1 Month LIBOR USD + 3.25%,
                
    1.000% Floor), 12/01/2023 (a)
    
737,341
      
703,966
  
Nexstar Broadcasting, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.731% (1 Month LIBOR USD + 2.50%),
                
    09/18/2026 (a)
    
1,187,071
      
1,183,997
  
Sinclair Television Group, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.96% (1 Month LIBOR USD + 2.50%),
                
    09/30/2026 (a)
    
921,375
      
895,650
  
Univision Communications, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 2.75%,
                
    1.000% Floor), 03/15/2024 (a)
    
563,223
      
563,082
  
             
8,539,602
  
                 
Media – Cable & Satellite – 4.75%
                
Connect U.S. Finco, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.50% (1 Month LIBOR USD + 3.50%,
                
    1.000% Floor), 12/11/2026 (a)
    
2,668,149
      
2,650,138
  
Coral-U.S. Co-Borrower, LLC,
                
  Senior Secured First Lien Term Loan
                
    2.647% (1 Month LIBOR USD + 2.25%),
                
    01/31/2028 (a)
    
585,000
      
573,575
  
DIRECTV Financing, LLC,
                
  Senior Secured First Lien Term Loan
                
    5.75% (1 Month LIBOR USD + 5.00%,
                
    0.750% Floor), 08/02/2027 (a)
    
1,529,603
      
1,529,902
  

The accompanying notes are an integral part of these financial statements.
38
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Media – Cable & Satellite – 4.75% – Continued
            
Iridium Satellite, LLC,
            
  Senior Secured First Lien Term Loan
            
    3.25% (1 Month LIBOR USD + 2.50%,
            
    0.750% Floor), 11/04/2026 (a)
  
$
590,691
    
$
586,769
  
Maxar Technologies, Ltd.,
                
  Senior Secured First Lien Term Loan
                
    3.21% (1 Month LIBOR USD + 2.75%),
                
    10/04/2024 (a)
    
1,619,908
      
1,598,063
  
Radiate Holdco, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.25%,
                
    0.750% Floor), 09/25/2026 (a)
    
1,143,135
      
1,135,064
  
Telenet Financing USD, LLC,
                
  Senior Secured First Lien Term Loan
                
    2.397% (1 Month LIBOR USD + 2.00%),
                
    04/28/2028 (a)
    
2,230,000
      
2,183,806
  
Telesat Canada,
                
  Senior Secured First Lien Term Loan
                
    3.21% (1 Month LIBOR USD + 2.75%),
                
    12/07/2026 (a)
    
1,292,907
      
970,217
  
UPC Financing Partnership
                
  Senior Secured First Lien Term Loan
                
    2.647% (1 Month LIBOR USD + 2.25%),
                
    04/28/2028 (a)
    
765,000
      
749,291
  
  Senior Secured First Lien Term Loan
                
    3.397% (1 Month LIBOR USD + 3.00%),
                
    01/31/2029 (a)
    
125,000
      
123,620
  
Virgin Media Bristol, LLC,
                
  Senior Secured First Lien Term Loan
                
    2.897% (1 Month LIBOR USD + 2.50%),
                
    01/31/2028 (a)
    
1,035,000
      
1,024,003
  
WideOpenWest Finance, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.50% (3 Month LIBOR USD + 3.00%,
                
    0.500% Floor), 12/20/2028 (a)
    
743,138
      
739,964
  

The accompanying notes are an integral part of these financial statements.
39
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Media – Cable & Satellite – 4.75% – Continued
            
Xplornet Communications, Inc.,
            
  Senior Secured First Lien Term Loan
            
    4.50% (1 Month LIBOR USD + 4.00%,
            
    0.500% Floor), 10/02/2028 (a)
  
$
1,273,600
    
$
1,253,038
  
             
15,117,450
  
                 
Media – Diversified – 2.55%
                
ABG Intermediate Holdings 2, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.00% (3 Month LIBOR USD + 3.25%,
                
    0.750% Floor), 09/27/2024 (a)
    
2,520,379
      
2,504,098
  
Arches Buyer, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 12/06/2027 (a)
    
2,273,257
      
2,239,760
  
Buzz Finco, LLC
                
  Senior Secured First Lien Term Loan
                
    3.207% (1 Month LIBOR USD + 2.75%),
                
    01/29/2027 (a)
    
617,400
      
613,541
  
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 01/29/2027 (a)
    
93,705
      
93,236
  
Dotdash Meredith, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.50% (1 Month SOFR USD + 4.00%,
                
    0.500% Floor), 12/01/2028 (a)
    
748,125
      
748,125
  
Getty Images, Inc.,
                
  Senior Secured First Lien Term Loan
                
    5.063% (3 Month LIBOR USD + 4.50%),
                
    02/19/2026 (a)
    
841,295
      
837,791
  
Red Ventures, LLC,
                
  Senior Secured First Lien Term Loan
                
    2.957% (1 Month LIBOR USD + 2.50%),
                
    11/08/2024 (a)
    
661,824
      
655,090
  

The accompanying notes are an integral part of these financial statements.
40
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Media – Diversified – 2.55% – Continued
            
Vericast Corp.,
            
  Senior Secured First Lien Term Loan
            
    8.756% (3 Month LIBOR USD + 7.75%,
            
    1.000% Floor), 06/16/2026 (a)
  
$
515,286
    
$
431,294
  
             
8,122,935
  
Media – Entertainment – 3.55%
                
CDS U.S. Intermediate Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.00% (3 Month LIBOR USD + 6.00%,
                
    1.000% Floor), 11/24/2025 (a)
    
642,873
      
643,217
  
Cirque Du Soleil Holding,
                
  Senior Secured Second Lien Term Loan
                
    2.00% (3 Month LIBOR USD + 1.00%,
                
    1.000% Floor), 11/24/2027 (a)
    
379,023
      
377,321
  
Creative Artists Agency, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.207% (1 Month LIBOR USD + 3.75%),
                
    11/26/2026 (a)
    
1,228,905
      
1,228,525
  
Crown Finance U.S., Inc.
                
  Senior Secured First Lien Term Loan
                
    7.00%, 05/23/2024
    
327,250
      
387,384
  
  Senior Secured First Lien Term Loan
                
    3.75%, 09/30/2026 (a)(g)
    
1,493,164
      
1,134,342
  
Lions Gate Capital Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    2.707% (1 Month LIBOR USD + 2.25%),
                
    03/24/2025 (a)
    
434,306
      
429,151
  
Nascar Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    2.957% (1 Month LIBOR USD + 2.50%),
                
    10/19/2026 (a)
    
506,810
      
503,358
  
Playtika Holding Corp.,
                
  Senior Secured First Lien Term Loan
                
    3.207% (1 Month LIBOR USD + 2.75%),
                
    03/13/2028 (a)
    
2,403,446
      
2,372,309
  

The accompanying notes are an integral part of these financial statements.
41
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Media – Entertainment – 3.55% – Continued
            
UFC Holdings, LLC,
            
  Senior Secured First Lien Term Loan
            
    3.50% (6 Month LIBOR USD + 2.75%,
            
    0.750% Floor), 04/29/2026 (a)
  
$
1,380,028
    
$
1,368,325
  
William Morris Endeavor Entertainment, LLC
                
  Senior Secured First Lien Term Loan
                
    2.96% (1 Month LIBOR USD + 2.75%),
                
    05/16/2025 (a)
    
1,290,348
      
1,270,729
  
  Senior Secured First Lien Term Loan
                
    3.21% (1 Month LIBOR USD + 2.75%),
                
    05/16/2025 (a)
    
1,099,820
      
1,083,098
  
WMG Acquisition Corp.,
                
  Senior Secured First Lien Term Loan
                
    2.582% (1 Month LIBOR USD + 2.125%),
                
    01/20/2028 (a)
    
498,077
      
494,341
  
             
11,292,100
  
                 
Metals & Mining – 0.45%
                
Atkore International, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.508% (3 Month LIBOR USD + 2.00%,
                
    0.500% Floor), 05/26/2028 (a)
    
386,988
      
383,263
  
GrafTech Finance, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.50% (1 Month LIBOR USD + 3.00%,
                
    0.500% Floor), 02/12/2025 (a)
    
224,703
      
222,736
  
Grinding Media, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.796% (3 Month LIBOR USD + 4.00%,
                
    0.750% Floor), 10/12/2028 (a)
    
831,820
      
826,101
  
             
1,432,100
  
                 
Midstream – Storage & Transport – 1.77%
                
Buckeye Partners, L.P.,
                
  Senior Secured First Lien Term Loan
                
    2.707% (1 Month LIBOR USD + 2.25%),
                
    11/02/2026 (a)
    
681,165
      
677,122
  

The accompanying notes are an integral part of these financial statements.
42
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Midstream – Storage & Transport – 1.77% – Continued
            
DT Midstream, Inc.
            
  Senior Secured First Lien Term Loan
            
    2.50% (3 Month LIBOR USD + 2.00%,
            
    0.500% Floor), 06/26/2028 (a)
  
$
54,625
    
$
54,618
  
  Senior Secured First Lien Term Loan
                
    2.50% (6 Month LIBOR USD + 2.00%,
                
    0.500% Floor), 06/26/2028 (a)
    
516,063
      
515,990
  
ITT Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.25% (1 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 07/10/2028 (a)
    
577,100
      
570,247
  
Lucid Energy Group II Borrower, LLC,
                
  Senior Secured First Lien Term Loan
                
    5.00% (1 Month LIBOR USD + 4.25%,
                
    0.750% Floor), 11/22/2028 (a)
    
783,000
      
777,539
  
Northriver Midstream Finance, L.P.,
                
  Senior Secured First Lien Term Loan
                
    3.464% (3 Month LIBOR USD + 3.25%),
                
    10/01/2025 (a)
    
728,575
      
723,570
  
Oryx Midstream Services Permian Basin, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 10/05/2028 (a)
    
1,286,761
      
1,278,017
  
TransMontaigne Operating Co., L.P.
                
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 11/17/2028 (a)
    
517,204
      
514,726
  
  Senior Secured First Lien Term Loan
                
    4.00% (6 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 11/17/2028 (a)
    
517,204
      
514,727
  
             
5,626,556
  
                 
Oil & Gas – Equipment & Services – 0.12%
                
U.S. Silica Co.,
                
  Senior Secured First Lien Term Loan
                
    5.00% (1 Month LIBOR USD + 4.00%,
                
    1.000% Floor), 05/01/2025 (a)
    
403,062
      
397,268
  

The accompanying notes are an integral part of these financial statements.
43
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Oil & Gas Exploration & Production – 0.19%
            
Southwestern Energy Co.,
            
  Senior Secured First Lien Term Loan
            
    3.301% (3 Month SOFR USD + 2.50%,
            
    0.500% Floor), 06/22/2027 (a)
  
$
597,503
    
$
597,129
  
                 
Packaging – 2.01%
                
Clydesdale Acquisition Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.783% (1 Month SOFR USD + 4.25%,
                
    0.500% Floor), 06/30/2029 (a)
    
626,000
      
616,610
  
LABL, Inc.,
                
  Senior Secured First Lien Term Loan
                
    5.50% (3 Month LIBOR USD + 5.00%,
                
    0.500% Floor), 10/30/2028 (a)
    
835,905
      
827,174
  
Mauser Packaging Solutions Holding Co.,
                
  Senior Secured First Lien Term Loan
                
    3.481% (1 Month LIBOR USD + 3.25%),
                
    04/03/2024 (a)
    
1,399,984
      
1,383,212
  
Plastipak Packaging, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.00% (1 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 12/01/2028 (a)
    
511,718
      
503,085
  
Pregis Topco, LLC
                
  Senior Secured First Lien Term Loan
                
    4.457% (1 Month LIBOR USD + 4.00%),
                
    07/31/2026 (a)
    
532,738
      
522,682
  
  Senior Secured First Lien Term Loan
                
    4.50% (1 Month LIBOR USD + 4.00%,
                
    0.500% Floor), 07/31/2026 (a)
    
547,250
      
536,989
  
RLG Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    5.00% (3 Month LIBOR USD + 4.25%,
                
    0.750% Floor), 07/07/2028 (a)
    
586,530
      
582,864
  
Sabert Corp.,
                
  Senior Secured First Lien Term Loan
                
    5.50% (1 Month LIBOR USD + 4.50%,
                
    1.000% Floor), 12/10/2026 (a)
    
532,635
      
513,327
  

The accompanying notes are an integral part of these financial statements.
44
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Packaging – 2.01% – Continued
            
Trident TPI Holdings, Inc.
            
  Senior Secured First Lien Delayed-Draw
            
    Term Loan 4.50% (1 Month LIBOR
            
    USD + 4.00%, 0.500% Floor),
            
    09/15/2028 (a)(h)
  
$
115,354
    
$
114,105
  
  Senior Secured First Lien Term Loan
                
    4.50% (3 Month LIBOR USD + 4.00%,
                
    0.500% Floor), 09/15/2028 (a)
    
811,271
      
802,485
  
             
6,402,533
  
                 
Retail – Food & Drug – 0.46%
                
BJ’s Wholesale Club, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.124% (1 Month LIBOR USD + 2.00%),
                
    02/02/2024 (a)
    
1,007,386
      
1,007,325
  
JP Intermediate B, LLC,
                
  Senior Secured First Lien Term Loan
                
    6.50% (3 Month LIBOR USD + 5.50%,
                
    1.000% Floor), 11/20/2025 (a)
    
544,176
      
467,992
  
             
1,475,317
  
                 
Retailing – 2.02%
                
Autokiniton U.S. Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    5.00% (1 Month LIBOR USD + 4.50%,
                
    0.500% Floor), 04/06/2028 (a)
    
669,635
      
661,767
  
Belron Finance U.S., LLC,
                
  Senior Secured First Lien Term Loan
                
    3.25% (3 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 04/13/2028 (a)
    
1,213,074
      
1,206,857
  
Great Outdoors Group, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.50% (3 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 03/06/2028 (a)
    
1,158,381
      
1,155,665
  

The accompanying notes are an integral part of these financial statements.
45
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Retailing – 2.02% – Continued
            
Harbor Freight Tools U.S.A., Inc.,
            
  Senior Secured First Lien Term Loan
            
    3.25% (1 Month LIBOR USD + 2.75%,
            
    0.500% Floor), 10/19/2027 (a)
  
$
720,875
    
$
707,135
  
Hoya Midco, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.75% (6 Month SOFR USD + 3.25%,
                
    0.500% Floor), 01/26/2029 (a)
    
565,908
      
561,313
  
Michaels Cos., Inc.,
                
  Senior Secured First Lien Term Loan
                
    5.256% (3 Month LIBOR USD + 4.25%,
                
    0.750% Floor), 04/14/2028 (a)
    
587,560
      
552,633
  
Pug, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.957% (1 Month LIBOR USD + 3.50%),
                
    02/12/2027 (a)
    
918,850
      
903,537
  
Restoration Hardware, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.00% (1 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 10/20/2028 (a)
    
601,975
      
592,192
  
Sally Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    2.46% (1 Month LIBOR USD + 2.25%),
                
    07/05/2024 (a)
    
94,583
      
93,873
  
             
6,434,972
  
                 
Technology – Software & Services – 13.85%
                
Access CIG, LLC
                
  Senior Secured First Lien Term Loan
                
    3.959% (1 Month LIBOR USD + 3.75%),
                
    02/27/2025 (a)
    
1,916,878
      
1,891,461
  
  Senior Secured Second Lien Term Loan
                
    8.207% (1 Month LIBOR USD + 7.75%),
                
    02/27/2026 (a)
    
616,742
      
613,273
  

The accompanying notes are an integral part of these financial statements.

46
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Technology – Software & Services – 13.85% – Continued
            
Almonde, Inc.,
            
  Senior Secured First Lien Term Loan
            
    4.50% (6 Month LIBOR USD + 3.50%,
            
    1.000% Floor), 06/13/2024 (a)
  
$
3,005,684
    
$
2,972,215
  
Avast Software B.V.,
                
  Senior Secured First Lien Term Loan
                
    2.756% (3 Month LIBOR USD + 1.75%),
                
    03/22/2028 (a)
    
319,200
      
317,470
  
Barracuda Networks, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.733% (3 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 02/12/2025 (a)
    
2,004,424
      
1,998,912
  
Boxer Parent Co., Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.756% (3 Month LIBOR USD + 3.75%),
                
    10/02/2025 (a)
    
797,116
      
793,465
  
CCC Information Services, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.256% (3 Month LIBOR USD + 2.25%,
                
    0.500% Floor), 09/21/2028 (a)
    
624,435
      
619,830
  
CommerceHub, Inc.,
                
  Senior Secured First Lien Term Loan
                
    5.006% (3 Month LIBOR USD + 4.00%,
                
    0.750% Floor), 12/29/2027 (a)
    
668,538
      
650,153
  
Connectwise, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.00% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 09/29/2028 (a)
    
918,698
      
913,874
  
Dawn Acquisition, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.974% (3 Month LIBOR USD + 3.75%),
                
    12/31/2025 (a)
    
487,527
      
414,871
  
DCert Buyer, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.457% (1 Month LIBOR USD + 4.00%),
                
    10/16/2026 (a)
    
1,050,192
      
1,044,138
  

The accompanying notes are an integral part of these financial statements.
47
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Technology – Software & Services – 13.85% – Continued
            
Dynatrace, LLC,
            
  Senior Secured First Lien Term Loan
            
    2.707% (1 Month LIBOR USD + 2.25%),
            
    08/22/2025 (a)
  
$
334,979
    
$
331,107
  
E2Open, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.00% (3 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 02/04/2028 (a)
    
819,277
      
811,084
  
EagleView Technology Corp.,
                
  Senior Secured First Lien Term Loan
                
    4.506% (3 Month LIBOR USD + 3.50%),
                
    08/14/2025 (a)
    
861,075
      
839,910
  
Ensono, L.P.,
                
  Senior Secured First Lien Term Loan
                
    4.75% (1 Month LIBOR USD + 4.00%,
                
    0.750% Floor), 05/19/2028 (a)
    
778,731
      
766,727
  
Hyland Software, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.25% (1 Month LIBOR USD + 3.50%,
                
    0.750% Floor), 07/01/2024 (a)
    
2,423,847
      
2,414,757
  
Informatica, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.25% (1 Month LIBOR USD + 2.75%),
                
    10/27/2028 (a)
    
574,000
      
569,982
  
Intrado Corp.
                
  Senior Secured First Lien Term Loan
                
    4.50% (3 Month LIBOR USD + 3.50%,
                
    1.000% Floor), 10/10/2024 (a)
    
227,024
      
206,252
  
  Senior Secured First Lien Term Loan
                
    5.00% (3 Month LIBOR USD + 4.00%,
                
    1.000% Floor), 10/10/2024 (a)
    
718,075
      
658,345
  
McAfee Corp.,
                
  Senior Secured First Lien Term Loan
                
    4.50% (1 Month SOFR USD + 4.00%,
                
    0.500% Floor), 03/01/2029 (a)
    
1,815,485
      
1,805,273
  

The accompanying notes are an integral part of these financial statements.
48
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Technology – Software & Services – 13.85% – Continued
            
Mitchell International, Inc.,
            
  Senior Secured First Lien Term Loan
            
    4.25% (3 Month LIBOR USD + 3.75%,
            
    0.500% Floor), 10/16/2028 (a)
  
$
2,015,000
    
$
1,985,582
  
Moneygram International, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.952% (6 Month LIBOR USD + 4.50%,
                
    0.500% Floor), 07/21/2026 (a)
    
616,630
      
616,476
  
NAB Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.801% (3 Month SOFR USD + 3.00%,
                
    0.500% Floor), 11/24/2028 (a)
    
1,024,433
      
1,013,066
  
N-Able, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.508% (3 Month LIBOR USD + 3.00%,
                
    0.500% Floor), 07/19/2028 (a)
    
510,435
      
506,607
  
NortonLifeLock, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.00%, 06/30/2029 (a)(g)
    
1,515,000
      
1,498,274
  
Optiv Security, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.25% (1 Month LIBOR USD + 3.25%,
                
    1.000% Floor), 02/01/2024 (a)
    
2,072,401
      
2,031,928
  
Project Alpha Intermediate Holding, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.30% (3 Month LIBOR USD + 4.00%),
                
    04/26/2024 (a)
    
2,339,937
      
2,328,729
  
Proofpoint, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.758% (3 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 08/31/2028 (a)
    
1,447,373
      
1,433,601
  
RealPage, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 04/24/2028 (a)
    
1,216,128
      
1,203,966
  

The accompanying notes are an integral part of these financial statements.
49
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Technology – Software & Services – 13.85% – Continued
            
Rocket Software, Inc.
            
  Senior Secured First Lien Term Loan
            
    4.707% (1 Month LIBOR USD + 4.25%),
            
    11/28/2025 (a)
  
$
473,511
    
$
468,333
  
  Senior Secured First Lien Term Loan
                
    4.75% (1 Month LIBOR USD + 4.25%,
                
    0.500% Floor), 11/28/2025 (a)
    
218,185
      
215,731
  
SolarWinds Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.207% (1 Month LIBOR USD + 2.75%),
                
    02/05/2024 (a)
    
770,385
      
761,191
  
SS&C Technologies, Inc.
                
  Senior Secured First Lien Term Loan
                
    3.076%, 03/22/2029 (a)(g)
    
678,118
      
672,750
  
  Senior Secured First Lien Term Loan
                
    3.076%, 03/22/2029 (a)(g)
    
500,882
      
496,918
  
TIBCO Software, Inc.
                
  Senior Secured First Lien Term Loan
                
    4.21% (1 Month LIBOR USD + 3.75%),
                
    06/30/2026 (a)
    
2,393,468
      
2,384,493
  
  Senior Secured Second Lien Term Loan
                
    7.71% (1 Month LIBOR USD + 7.25%),
                
    03/03/2028 (a)
    
263,000
      
262,946
  
TierPoint, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.50% (1 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 05/05/2026 (a)
    
437,135
      
433,721
  
UKG, Inc.
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 05/04/2026 (a)
    
982,123
      
975,538
  
  Senior Secured First Lien Term Loan
                
    4.756% (3 Month LIBOR USD + 3.75%),
                
    05/04/2026 (a)
    
730,275
      
728,449
  

The accompanying notes are an integral part of these financial statements.
50
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Technology – Software & Services – 13.85% – Continued
            
VM Consolidated, Inc.,
            
  Senior Secured First Lien Term Loan
            
    3.604% (6 Month LIBOR USD + 3.25%),
            
    03/24/2028 (a)
  
$
1,292,512
    
$
1,286,585
  
VS Buyer, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.457% (1 Month LIBOR USD + 3.00%),
                
    02/26/2027 (a)
    
459,343
      
456,282
  
WEX, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.707% (1 Month LIBOR USD + 2.25%),
                
    03/31/2028 (a)
    
709,830
      
702,288
  
Zelis Cost Management Buyer, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.731% (1 Month LIBOR USD + 3.50%),
                
    09/30/2026 (a)
    
992,462
      
984,175
  
             
44,080,728
  
                 
Technology Hardware – 1.16%
                
Avaya, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.397% (1 Month LIBOR USD + 4.00%),
                
    12/15/2027 (a)
    
375,000
      
371,484
  
II-VI, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.75%, 12/01/2028 (a)(g)
    
941,000
      
936,296
  
Ingram Micro, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.506% (3 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 06/30/2028 (a)
    
535,950
      
532,198
  
MaxLinear, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.75% (1 Month LIBOR USD + 2.25%,
                
    0.500% Floor), 06/23/2028 (a)
    
385,286
      
381,914
  
MLN U.S. HoldCo, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.742% (1 Month LIBOR USD + 4.50%),
                
    11/28/2025 (a)
    
784,984
      
757,019
  

The accompanying notes are an integral part of these financial statements.
51
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Technology Hardware – 1.16% – Continued
            
Presidio Holdings, Inc.
            
  Senior Secured First Lien Term Loan
            
    3.80% (3 Month LIBOR USD + 3.50%),
            
    01/22/2027 (a)
  
$
693,576
    
$
690,108
  
  Senior Secured First Lien Term Loan
                
    3.96% (1 Month LIBOR USD + 3.50%),
                
    01/22/2027 (a)
    
34,457
      
34,284
  
             
3,703,303
  
                 
Telecommunication Services – Diversified – 3.20%
                
Cablevision Lightpath, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 11/30/2027 (a)
    
908,500
      
899,301
  
Cincinnati Bell, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.051% (3 Month SOFR USD + 3.25%,
                
    0.500% Floor), 11/22/2028 (a)
    
578,550
      
572,947
  
Consolidated Communications, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.25% (1 Month LIBOR USD + 3.50%,
                
    0.750% Floor), 10/04/2027 (a)
    
933,868
      
880,671
  
Eagle Broadband Investments, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.063% (3 Month LIBOR USD + 3.00%,
                
    0.750% Floor), 11/12/2027 (a)
    
620,664
      
613,992
  
Lumen Technologies, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.707% (1 Month LIBOR USD + 2.25%),
                
    03/15/2027 (a)
    
3,584,022
      
3,494,151
  
Numericable U.S., LLC,
                
  Senior Secured First Lien Term Loan
                
    4.506% (1 Month LIBOR USD + 4.00%),
                
    08/14/2026 (a)
    
761,605
      
748,597
  
Voyage U.S., LLC,
                
  Senior Secured First Lien Term Loan
                
    4.00% (3 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 07/20/2028 (a)
    
478,595
      
475,006
  

The accompanying notes are an integral part of these financial statements.
52
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Telecommunication Services – Diversified – 3.20% – Continued
            
Zayo Group Holdings, Inc.,
            
  Senior Secured First Lien Term Loan
            
    3.457% (1 Month LIBOR USD + 3.00%),
            
    03/09/2027 (a)
  
$
1,717,474
    
$
1,673,824
  
Ziggo Financing Partnership,
                
  Senior Secured First Lien Term Loan
                
    2.897% (1 Month LIBOR USD + 2.50%),
                
    04/28/2028 (a)
    
845,000
      
833,909
  
             
10,192,398
  
                 
Telecommunication Services – Wireless – 0.17%
                
CCI Buyer, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.651% (3 Month SOFR USD + 4.00%,
                
    0.750% Floor), 12/17/2027 (a)
    
539,550
      
533,256
  
                 
Transportation – 2.43%
                
AAdvantage Loyalty IP, Ltd.,
                
  Senior Secured First Lien Term Loan
                
    5.50% (3 Month LIBOR USD + 4.75%,
                
    0.750% Floor), 04/20/2028 (a)
    
727,184
      
738,092
  
Atlas CC Acquisition Corp.
                
  Senior Secured First Lien Term Loan
                
    5.00% (3 Month LIBOR USD + 4.25%,
                
    0.750% Floor), 05/25/2028 (a)
    
904,947
      
902,545
  
  Senior Secured First Lien Term Loan
                
    5.00% (3 Month LIBOR USD + 4.25%,
                
    0.750% Floor), 05/25/2028 (a)
    
192,967
      
192,455
  
Brown Group Holding, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.506% (3 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 06/07/2028 (a)
    
464,691
      
459,366
  
Hertz Corp.
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 06/30/2028 (a)
    
384,152
      
381,884
  

The accompanying notes are an integral part of these financial statements.
53
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Transportation – 2.43% – Continued
            
Hertz Corp. – Continued
            
  Senior Secured First Lien Term Loan
            
    3.75% (1 Month LIBOR USD + 3.25%,
            
    0.500% Floor), 06/30/2028 (a)
  
$
72,945
    
$
72,514
  
Kenan Advantage Group, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.50% (1 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 03/24/2026 (a)
    
621,435
      
614,251
  
Lasership, Inc.,
                
  Senior Secured First Lien Term Loan
                
    5.25% (6 Month LIBOR USD + 4.50%,
                
    0.750% Floor), 05/08/2028 (a)
    
1,600,719
      
1,595,379
  
PODS, LLC,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.00%,
                
    0.750% Floor), 03/31/2028 (a)
    
981,115
      
971,819
  
Uber Technologies, Inc.
                
  Senior Secured First Lien Term Loan
                
    3.957% (1 Month LIBOR USD + 3.50%),
                
    04/04/2025 (a)
    
903,358
      
902,870
  
  Senior Secured First Lien Term Loan
                
    3.957% (1 Month LIBOR USD + 3.50%),
                
    02/25/2027 (a)
    
334,423
      
333,560
  
WWEX UNI TopCo Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    5.00% (3 Month LIBOR USD + 4.25%,
                
    0.750% Floor), 07/26/2028 (a)
    
571,568
      
566,835
  
             
7,731,570
  
                 
Utilities – Power – 0.58%
                
Calpine Construction Finance Co., L.P.,
                
  Senior Secured First Lien Term Loan
                
    2.209% (1 Month LIBOR USD + 2.00%),
                
    01/15/2025 (a)
    
839,810
      
827,213
  

The accompanying notes are an integral part of these financial statements.
54
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 86.57% – Continued
            
             
Utilities – Power – 0.58% – Continued
            
Calpine Corp.,
            
  Senior Secured First Lien Term Loan
            
    2.96% (1 Month LIBOR USD + 2.50%),
            
    12/16/2027 (a)
  
$
375,250
    
$
372,837
  
Eastern Power, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.756% (3 Month LIBOR USD + 3.75%,
                
    1.000% Floor), 10/02/2025 (a)
    
207,977
      
148,976
  
Lightstone Holdco, LLC
                
  Senior Secured First Lien Term Loan
                
    4.75% (3 Month LIBOR USD + 3.75%,
                
    1.000% Floor), 01/30/2024 (a)
    
484,942
      
441,297
  
  Senior Secured First Lien Term Loan
                
    4.75% (3 Month LIBOR USD + 3.75%,
                
    1.000% Floor), 01/30/2024 (a)
    
27,351
      
24,890
  
New Frontera Holdings, LLC,
                
  Senior Secured Second Lien Term Loan
                
    2.50% (3 Month LIBOR USD + 1.50%,
                
    1.000% Floor), 07/28/2028 (a)
    
57,484
      
30,754
  
             
1,845,967
  
TOTAL BANK LOANS
                
  (Cost $277,955,422)
            
275,600,820
  
                 
CORPORATE BONDS – 10.52% (e)
                
                 
Aerospace & Defense – 0.55%
                
TransDigm, Inc.
                
  6.25%, 03/15/2026 (f)
    
850,000
      
874,952
  
  6.375%, 06/15/2026
    
868,000
      
876,940
  
             
1,751,892
  
                 
Building Products – 0.16%
                
Standard Industries, Inc.
                
  3.375%, 01/15/2031 (f)
    
600,000
      
526,653
  

The accompanying notes are an integral part of these financial statements.
55
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 10.52% (e) – Continued
            
             
Commercial Services – 0.41%
            
Garda World Security Corp.
            
  4.625%, 02/15/2027 (c)(f)
  
$
710,000
    
$
681,681
  
Tempo Acquisition, LLC / Tempo Acquisition
                
  Finance Corp. 5.75%, 06/01/2025 (f)
    
625,000
      
631,381
  
             
1,313,062
  
                 
Construction & Engineering – 0.19%
                
Pike Corp. 5.50%, 09/01/2028 (f)
    
638,000
      
602,419
  
                 
Environmental Services – 0.25%
                
GFL Environmental, Inc.
                
  4.00%, 08/01/2028 (c)(f)
    
541,000
      
498,302
  
Stericycle, Inc. 5.375%, 07/15/2024 (f)
    
295,000
      
301,135
  
             
799,437
  
                 
Healthcare – Equipment & Supplies – 0.58%
                
Change Healthcare Holdings, LLC /
                
  Change Healthcare Finance, Inc.
                
  5.75%, 03/01/2025 (f)
    
1,830,000
      
1,832,187
  
                 
Healthcare – Facilities – 0.92%
                
DaVita, Inc. 3.75%, 02/15/2031 (f)
    
500,000
      
438,738
  
Legacy LifePoint Health, LLC
                
  4.375%, 02/15/2027 (f)
    
370,000
      
358,754
  
RegionalCare Hospital Partners
                
  Holdings, Inc. / LifePoint Health, Inc.
                
  9.75%, 12/01/2026 (f)
    
1,460,000
      
1,529,510
  
Tenet Healthcare Corp.
                
  4.625%, 06/15/2028 (f)
    
600,000
      
591,693
  
             
2,918,695
  
Healthcare – Managed Health Care – 0.33%
                
Verscend Escrow Corp.
                
  9.75%, 08/15/2026 (f)
    
1,010,000
      
1,051,557
  
                 
Healthcare – Pharmaceuticals & Biotechnology – 0.67%
                
Bausch Health Cos., Inc.
                
  5.50%, 11/01/2025 (c)(f)
    
775,000
      
774,171
  

The accompanying notes are an integral part of these financial statements.
56
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 10.52% (e) – Continued
            
             
Healthcare – Pharmaceuticals & Biotechnology – 0.67% – Continued
            
Teva Pharmaceutical Finance
            
  Netherlands III BV 3.15%, 10/01/2026 (c)
  
$
1,515,000
    
$
1,375,907
  
             
2,150,078
  
                 
Healthcare – Reits – 0.15%
                
MPT Operating Partnership, L.P. /
                
  MPT Finance Corp. 3.50%, 03/15/2031
    
505,000
      
469,861
  
                 
Industrial Machinery – 0.16%
                
WESCO Distribution, Inc.
                
  7.125%, 06/15/2025 (f)
    
490,000
      
509,522
  
                 
Leisure – Casinos & Gaming – 1.27%
                
Caesars Entertainment, Inc.
                
  6.25%, 07/01/2025 (f)
    
1,885,000
      
1,950,598
  
Premier Entertainment Sub, LLC /
                
  Premier Entertainment Finance Corp.
                
  5.625%, 09/01/2029 (f)
    
561,000
      
481,450
  
  5.875%, 09/01/2031 (f)
    
562,000
      
481,592
  
VICI Properties, L.P. / VICI Note Co., Inc.
                
  3.50%, 02/15/2025 (f)
    
1,145,000
      
1,128,964
  
             
4,042,604
  
                 
Leisure – Restaurants – 0.25%
                
CEC Entertainment, LLC
                
  6.75%, 05/01/2026 (f)
    
850,000
      
813,148
  
                 
Media – Cable & Satellite – 0.83%
                
DISH DBS Corp.
                
  5.875%, 07/15/2022
    
1,450,000
      
1,459,048
  
  5.125%, 06/01/2029
    
575,000
      
490,418
  
Hughes Satellite Systems Corp.
                
  6.625%, 08/01/2026
    
675,000
      
699,546
  
             
2,649,012
  
                 
Media – Entertainment – 0.33%
                
Playtika Holding Corp.
                
  4.25%, 03/15/2029 (f)
    
1,130,000
      
1,044,612
  

The accompanying notes are an integral part of these financial statements.
57
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 10.52% (e) – Continued
            
             
Metals & Mining – 0.04%
            
GrafTech Finance, Inc.
            
  4.625%, 12/15/2028 (f)
  
$
127,000
    
$
118,343
  
                 
Packaging – 0.49%
                
Flex Acquisition Co., Inc.
                
  7.875%, 07/15/2026 (f)
    
1,500,000
      
1,554,104
  
                 
Retail – Food & Drug – 0.15%
                
U.S. Foods, Inc. 6.25%, 04/15/2025 (f)
    
465,000
      
478,385
  
                 
Retailing – 0.34%
                
QVC, Inc.
                
  4.85%, 04/01/2024
    
730,000
      
747,775
  
  4.75%, 02/15/2027
    
350,000
      
335,757
  
             
1,083,532
  
                 
Technology – Software & Services – 1.37%
                
Boxer Parent Co., Inc.
                
  7.125%, 10/02/2025 (f)
    
385,000
      
399,734
  
Elastic N.V. 4.125%, 07/15/2029 (c)(f)
    
844,000
      
785,992
  
NortonLifeLock, Inc. 5.00%, 04/15/2025 (f)
    
750,000
      
750,990
  
Rackspace Technology Global, Inc.
                
  3.50%, 02/15/2028 (f)
    
1,505,000
      
1,351,376
  
Sabre GLBL, Inc. 7.375%, 09/01/2025 (f)
    
1,025,000
      
1,072,012
  
             
4,360,104
  
                 
Technology Hardware – 0.05%
                
Diebold Nixdorf, Inc.
                
  9.375%, 07/15/2025 (f)
    
158,000
      
160,747
  
                 
Telecommunication Services – Diversified – 0.58%
                
Frontier Communications Holdings, LLC
                
  5.00%, 05/01/2028 (f)
    
1,000,000
      
961,225
  
Northwest Fiber, LLC /
                
  Northwest Fiber Finance Sub, Inc.
                
  4.75%, 04/30/2027 (f)
    
349,000
      
332,119
  
  6.00%, 02/15/2028 (f)
    
622,000
      
547,271
  
             
1,840,615
  

The accompanying notes are an integral part of these financial statements.
58
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 10.52% (e) – Continued
            
             
Transportation – 0.45%
            
Uber Technologies, Inc.
            
  8.00%, 11/01/2026 (f)
  
$
1,350,000
    
$
1,435,995
  
TOTAL CORPORATE BONDS
                
  (Cost $34,020,037)
            
33,506,564
  
                 

    Shares 
         
                 
EQUITIES – 0.03%
                
                 
Media – Broadcasting – 0.03%
                
Cumulus Media, Inc. (b)
    
8,437
      
83,948
  
                 
Utilities – Power – 0.00%
                
Frontera Generation Holdings, LLC (b)
    
479
      
1,437
  
TOTAL EQUITIES
                
  (Cost $143,739)
            
85,385
  
                 
WARRANT – 0.01%
                
                 
Media – Entertainment – 0.01%
                
Crown Finance U.S., Inc. (b)
    
98,930
      
16,323
  
TOTAL WARRANT
                
  (Cost $30,928)
            
16,323
  

The accompanying notes are an integral part of these financial statements.
59
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

         
Fair
  
   
Shares
    
Value
  
             
MONEY MARKET FUND – 7.25%
            
First American Government
            
  Obligations Fund – Class X, 0.19% (d)
    
23,087,498
    
$
23,087,498
  
TOTAL MONEY MARKET FUND
                
  (Cost $23,087,498)
            
23,087,498
  
Total Investments (Cost $335,237,624) – 104.38%
            
332,296,590
  
Liabilities in Excess of Other Assets  – (4.38%)
            
(13,938,866
)
TOTAL NET ASSETS – 100.00%
          
$
318,357,724
  

Percentages are stated as a percent of net assets.
LIBOR
London Interbank Offered Rate
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 March 31, 2022.
(b)
Non-income producing security.
(c)
U.S. traded security of a foreign issuer.
(d)
Rate shown is the 7-day annualized yield as of March 31, 2022.
(e)
All or a portion is posted as collateral for delayed settlement securities.
(f)
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 March 31, 2022, the value of these investments was $27,051,312 or 8.50% of total net assets.
(g)
Final terms of the bank loan are not yet known, so reference index and spread information may not be presented.
(h)
All or a portion of the loan is unfunded.

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.

The accompanying notes are an integral part of these financial statements.
60
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

PORTFOLIO ALLOCATION
March 31, 2022 (Unaudited)


 
% Net
TOP TEN HOLDINGS
Assets
Verscend Escrow Corp. 9.75%, 08/15/2026
1.56%
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.
  
  9.75%, 12/01/2026
1.33%
Bausch Health Cos., Inc. 9.00%, 12/15/2025
1.31%
AMC Networks, Inc. 4.75%, 08/01/2025
1.23%
Bausch Health Cos., Inc. 6.125%, 04/15/2025
1.23%
Change Healthcare Holdings, LLC / Change Healthcare Finance, Inc.
  
  5.75%, 03/01/2025
1.11%
KAR Auction Services, Inc. 5.125%, 06/01/2025
1.06%
Boxer Parent Co., Inc. 7.125%, 10/02/2025
1.06%
Aramark Services, Inc. 6.375%, 05/01/2025
1.00%
Caesars Entertainment, Inc. 6.25%, 07/01/2025
0.99%

The portfolio’s holdings and allocations are subject to change.  The top ten holdings presented exclude the money market fund. The percentages are of total net assets as of March 31, 2022.
61
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f)
            
             
Aerospace & Defense – 2.71%
            
Howmet Aerospace, Inc.
            
  5.125%, 10/01/2024
  
$
5,660,000
    
$
5,864,949
  
Spirit AeroSystems, Inc.
                
  7.50%, 04/15/2025 (c)
    
1,000,000
      
1,037,320
  
TransDigm, Inc.
                
  8.00%, 12/15/2025 (c)
    
3,620,000
      
3,773,415
  
  6.25%, 03/15/2026 (c)
    
9,551,000
      
9,831,370
  
  6.375%, 06/15/2026
    
11,157,000
      
11,271,917
  
TransDigm UK Holdings PLC
                
  6.875%, 05/15/2026 (b)
    
5,796,000
      
5,909,630
  
Triumph Group, Inc.
                
  8.875%, 06/01/2024 (c)
    
3,129,000
      
3,309,919
  
             
40,998,520
  
                 
Auto Retail – 0.45%
                
Penske Automotive Group, Inc.
                
  3.50%, 09/01/2025
    
6,910,000
      
6,868,955
  
                 
Automotive – 5.68%
                
American Axle & Manufacturing, Inc.
                
  6.25%, 03/15/2026
    
3,727,000
      
3,764,009
  
Clarios Global, L.P.
                
  6.75%, 05/15/2025 (b)(c)
    
549,000
      
569,190
  
Clarios Global, L.P. / Clarios U.S. Finance Co.
                
  6.25%, 05/15/2026 (b)(c)
    
6,167,000
      
6,353,922
  
  8.50%, 05/15/2027 (b)(c)
    
6,934,000
      
7,203,386
  
Dana Financing Luxembourg S.A.R.L.
                
  5.75%, 04/15/2025 (b)(c)
    
7,085,000
      
7,129,848
  
Ford Motor Co. 9.00%, 04/22/2025
    
4,405,000
      
5,058,262
  
Ford Motor Credit Co., LLC
                
  1.741% (3 Month LIBOR
                
    USD + 1.235%), 02/15/2023 (a)
    
1,300,000
      
1,290,346
  
  3.664%, 09/08/2024
    
1,855,000
      
1,835,699
  
  5.125%, 06/16/2025
    
1,275,000
      
1,302,055
  
  3.375%, 11/13/2025
    
8,955,000
      
8,696,066
  
  2.70%, 08/10/2026
    
4,195,000
      
3,902,609
  
  4.95%, 05/28/2027
    
2,035,000
      
2,074,235
  

The accompanying notes are an integral part of these financial statements.
62
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Automotive – 5.68% – Continued
            
Goodyear Tire & Rubber Co.
            
  9.50%, 05/31/2025
  
$
4,970,000
    
$
5,269,691
  
  5.00%, 05/31/2026
    
12,677,000
      
12,667,365
  
IHO Verwaltungs GmbH 4.750% Cash or
                
  6.00% PIK, 09/15/2026 (b)(c)(g)
    
2,000,000
      
1,962,760
  
Jaguar Land Rover Automotive PLC
                
  5.625%, 02/01/2023 (b)(c)
    
5,915,000
      
5,893,942
  
  7.75%, 10/15/2025 (b)(c)
    
5,531,000
      
5,728,844
  
Meritor, Inc. 6.25%, 06/01/2025 (c)
    
3,020,000
      
3,122,197
  
ZF North America Capital, Inc.
                
  4.75%, 04/29/2025 (c)
    
1,955,000
      
1,964,384
  
             
85,788,810
  
                 
Building Products – 0.11%
                
United Rentals North America, Inc.
                
  5.50%, 05/15/2027
    
1,565,000
      
1,620,495
  
                 
Chemicals – 3.70%
                
Avient Corp. 5.75%, 05/15/2025 (c)
    
8,006,000
      
8,232,570
  
Consolidated Energy Finance SA
                
  6.50%, 05/15/2026 (b)(c)
    
4,025,000
      
4,112,805
  
Methanex Corp. 4.25%, 12/01/2024 (b)
    
4,976,000
      
4,982,345
  
NOVA Chemicals Corp.
                
  4.875%, 06/01/2024 (b)(c)
    
10,260,000
      
10,426,776
  
SCIL IV, LLC / SCIL, U.S.A. Holdings, LLC
                
  5.375%, 11/01/2026 (c)
    
2,910,000
      
2,681,769
  
SPCM SA 3.125%, 03/15/2027 (b)(c)
    
3,980,000
      
3,670,077
  
Trinseo Materials Operating SCA /
                
  Trinseo Materials Finance, Inc.
                
  5.375%, 09/01/2025 (b)(c)
    
8,471,000
      
8,387,307
  
Tronox, Inc. 6.50%, 05/01/2025 (c)
    
6,177,000
      
6,395,048
  
W.R. Grace Holdings, LLC
                
  5.625%, 10/01/2024 (c)
    
7,025,000
      
7,083,483
  
             
55,972,180
  
                 
Commercial Services – 3.63%
                
Allied Universal Holdco, LLC /
                
  Allied Universal Finance Corp.
                
  6.625%, 07/15/2026 (c)
    
4,355,000
      
4,412,486
  

The accompanying notes are an integral part of these financial statements.
63
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  

 
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Commercial Services – 3.63% – Continued
            
Aramark Services, Inc.
            
  5.00%, 04/01/2025 (c)
  
$
2,430,000
    
$
2,440,716
  
  6.375%, 05/01/2025 (c)
    
14,776,000
      
15,182,636
  
Brink’s Co. 5.50%, 07/15/2025 (c)
    
3,345,000
      
3,375,523
  
Garda World Security Corp.
                
  9.50%, 11/01/2027 (b)(c)
    
5,189,000
      
5,327,546
  
Iron Mountain, Inc.
                
  4.875%, 09/15/2027 (c)
    
2,880,000
      
2,853,432
  
KAR Auction Services, Inc.
                
  5.125%, 06/01/2025 (c)
    
15,855,000
      
16,072,214
  
Tempo Acquisition, LLC /
                
  Tempo Acquisition Finance Corp.
                
  5.75%, 06/01/2025 (c)
    
5,142,000
      
5,194,500
  
             
54,859,053
  
                 
Construction & Engineering – 0.25%
                
Picasso Finance Sub, Inc.
                
  6.125%, 06/15/2025 (c)
    
3,679,000
      
3,745,167
  
                 
Consumer Discretionary – 0.64%
                
Hanesbrands, Inc. 4.625%, 05/15/2024 (c)
    
5,255,000
      
5,342,548
  
Houghton Mifflin Harcourt Publishers, Inc.
                
  9.00%, 02/15/2025 (c)
    
4,155,000
      
4,344,572
  
             
9,687,120
  
                 
Consumer Non-Discretionary – 0.14%
                
Spectrum Brands, Inc. 5.75%, 07/15/2025
    
2,138,000
      
2,181,081
  
                 
Environmental Services – 1.74%
                
Clean Harbors, Inc. 4.875%, 07/15/2027 (c)
    
2,495,000
      
2,493,216
  
GFL Environmental, Inc.
                
  4.25%, 06/01/2025 (b)(c)
    
4,263,000
      
4,225,635
  
  3.75%, 08/01/2025 (b)(c)
    
5,850,000
      
5,741,570
  
  5.125%, 12/15/2026 (b)(c)
    
1,055,000
      
1,065,381
  
Stericycle, Inc. 5.375%, 07/15/2024 (c)
    
12,439,000
      
12,697,669
  
             
26,223,471
  
                 
Financials – Consumer Finance – 1.56%
                
Ally Financial, Inc.
                
  5.75%, 11/20/2025
    
2,410,000
      
2,539,579
  

The accompanying notes are an integral part of these financial statements.
64
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Financials – Consumer Finance – 1.56% – Continued
            
goeasy, Ltd.
            
  5.375%, 12/01/2024 (b)(c)
  
$
5,069,000
    
$
5,040,132
  
  4.375%, 05/01/2026 (b)(c)
    
1,760,000
      
1,660,947
  
LFS Topco, LLC 5.875%, 10/15/2026 (c)
    
1,720,000
      
1,614,530
  
Navient Corp.
                
  5.50%, 01/25/2023
    
1,875,000
      
1,900,631
  
  7.25%, 09/25/2023
    
1,961,000
      
2,036,783
  
  6.75%, 06/25/2025
    
1,755,000
      
1,798,656
  
OneMain Finance Corp.
                
  6.125%, 03/15/2024
    
4,000,000
      
4,104,660
  
  6.875%, 03/15/2025
    
1,850,000
      
1,944,905
  
  8.875%, 06/01/2025
    
885,000
      
933,796
  
             
23,574,619
  
                 
Financials – Diversified – 0.75%
                
Blackstone Mortgage Trust, Inc.
                
  3.75%, 01/15/2027 (c)
    
4,510,000
      
4,203,297
  
Starwood Property Trust, Inc.
                
  5.50%, 11/01/2023 (c)
    
3,043,000
      
3,098,504
  
  3.75%, 12/31/2024 (c)
    
1,765,000
      
1,723,373
  
  3.625%, 07/15/2026 (c)
    
2,395,000
      
2,290,135
  
             
11,315,309
  
                 
Financials – Insurance – 0.90%
                
Acrisure, LLC / Acrisure Finance, Inc.
                
  7.00%, 11/15/2025 (c)
    
5,075,000
      
5,004,102
  
  10.125%, 08/01/2026 (c)
    
4,271,000
      
4,553,783
  
HUB International, Ltd.
                
  7.00%, 05/01/2026 (c)
    
4,000,000
      
4,049,940
  
             
13,607,825
  
                 
Financials – Thrifts & Mortgages – 0.68%
                
Nationstar Mortgage Holdings, Inc.
                
  6.00%, 01/15/2027 (c)
    
1,445,000
      
1,472,917
  
PennyMac Financial Services, Inc.
                
  5.375%, 10/15/2025 (c)
    
5,935,000
      
5,885,116
  
Rocket Mortgage, LLC /
                
  Rocket Mortgage Co-Issuer, Inc.
                
  2.875%, 10/15/2026 (c)
    
1,732,000
      
1,591,275
  

The accompanying notes are an integral part of these financial statements.
65
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Financials – Thrifts & Mortgages – 0.68% – Continued
            
United Wholesale Mortgage, LLC
            
  5.50%, 11/15/2025 (c)
  
$
1,350,000
    
$
1,311,775
  
             
10,261,083
  
                 
Food & Beverage – 1.25%
                
B&G Foods, Inc. 5.25%, 04/01/2025
    
12,248,000
      
11,993,609
  
Herbalife Nutrition, Ltd. /
                
  HLF Financing, Inc.
                
  7.875%, 09/01/2025 (b)(c)
    
3,470,000
      
3,562,597
  
Post Holdings, Inc. 5.75%, 03/01/2027 (c)
    
3,240,000
      
3,260,169
  
             
18,816,375
  
                 
Healthcare – Equipment & Supplies – 1.71%
                
Change Healthcare Holdings, LLC /
                
  Change Healthcare Finance, Inc.
                
  5.75%, 03/01/2025 (c)
    
16,789,000
      
16,809,063
  
Ortho-Clinical Diagnostics, Inc. /
                
  Ortho-Clinical Diagnostics SA
                
  7.375%, 06/01/2025 (c)
    
8,756,000
      
9,031,945
  
             
25,841,008
  
                 
Healthcare – Facilities – 5.31%
                
Global Medical Response, Inc.
                
  6.50%, 10/01/2025 (c)
    
3,860,000
      
3,836,995
  
HCA, Inc.
                
  7.50%, 12/15/2023
    
2,505,000
      
2,673,849
  
  8.36%, 04/15/2024
    
3,846,000
      
4,191,063
  
  5.375%, 02/01/2025
    
1,805,000
      
1,881,794
  
  7.69%, 06/15/2025
    
658,000
      
728,436
  
  7.58%, 09/15/2025
    
2,251,000
      
2,494,963
  
Legacy LifePoint Health, LLC
                
  6.75%, 04/15/2025 (c)
    
8,881,000
      
9,164,038
  
ModivCare, Inc. 5.875%, 11/15/2025 (c)
    
5,882,000
      
5,948,290
  
RegionalCare Hospital Partners
                
  Holdings, Inc. / LifePoint Health, Inc.
                
  9.75%, 12/01/2026 (c)
    
19,226,000
      
20,141,350
  

The accompanying notes are an integral part of these financial statements.
66
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Healthcare – Facilities – 5.31% – Continued
            
RP Escrow Issuer, LLC
            
  5.25%, 12/15/2025 (c)
  
$
4,345,000
    
$
4,250,453
  
Surgery Center Holdings, Inc.
                
  6.75%, 07/01/2025 (c)
    
9,380,000
      
9,355,940
  
  10.00%, 04/15/2027 (c)
    
1,100,000
      
1,156,760
  
Tenet Healthcare Corp.
                
  6.75%, 06/15/2023
    
6,235,000
      
6,507,843
  
  4.625%, 07/15/2024
    
656,000
      
659,769
  
  4.625%, 09/01/2024 (c)
    
7,229,000
      
7,282,856
  
             
80,274,399
  
                 
Healthcare – Life Sciences – 0.25%
                
Catalent Pharma Solutions, Inc.
                
  5.00%, 07/15/2027 (c)
    
1,290,000
      
1,304,538
  
IQVIA, Inc. 5.00%, 10/15/2026 (c)
    
2,409,000
      
2,460,312
  
             
3,764,850
  
                 
Healthcare – Managed Health Care – 1.56%
                
Verscend Escrow Corp.
                
  9.75%, 08/15/2026 (c)
    
22,659,000
      
23,591,305
  
                 
Healthcare – Pharmaceuticals & Biotechnology – 3.47%
                
Bausch Health Cos., Inc.
                
  6.125%, 04/15/2025 (b)(c)
    
18,369,000
      
18,541,209
  
  5.50%, 11/01/2025 (b)(c)
    
500,000
      
499,465
  
  9.00%, 12/15/2025 (b)(c)
    
19,144,000
      
19,854,243
  
Elanco Animal Health, Inc.
                
  5.272%, 08/28/2023 (d)
    
2,952,000
      
3,052,589
  
Teva Pharmaceutical
                
  Finance Netherlands III B.V.
                
  2.80%, 07/21/2023 (b)
    
1,120,000
      
1,110,088
  
  6.00%, 04/15/2024 (b)
    
4,375,000
      
4,489,756
  
  7.125%, 01/31/2025 (b)
    
2,400,000
      
2,527,668
  
  4.75%, 05/09/2027 (b)
    
2,455,000
      
2,371,377
  
             
52,446,395
  
                 
Healthcare – Reits – 0.94%
                
MPT Operating Partnership, L.P. /
                
  MPT Finance Corp. 5.25%, 08/01/2026
    
13,797,000
      
14,137,579
  
                 
The accompanying notes are an integral part of these financial statements.

67
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Industrial Machinery – 1.53%
            
Colfax Corp. 6.375%, 02/15/2026 (c)
  
$
4,762,000
    
$
4,915,170
  
EnPro Industries, Inc. 5.75%, 10/15/2026
    
5,584,000
      
5,723,432
  
Hillenbrand, Inc. 5.75%, 06/15/2025
    
2,105,000
      
2,160,309
  
WESCO Distribution, Inc.
                
  7.125%, 06/15/2025 (c)
    
9,942,000
      
10,338,089
  
             
23,137,000
  
                 
Leisure – Casinos & Gaming – 6.15%
                
Boyd Gaming Corp. 8.625%, 06/01/2025 (c)
    
3,275,000
      
3,443,957
  
Caesars Entertainment, Inc.
                
  6.25%, 07/01/2025 (c)
    
14,525,000
      
15,030,470
  
Caesars Resort Collection, LLC /
                
  CRC Finco, Inc. 5.75%, 07/01/2025 (c)
    
4,855,000
      
4,981,150
  
International Game Technology PLC
                
  6.50%, 02/15/2025 (b)(c)
    
12,070,000
      
12,740,730
  
  4.125%, 04/15/2026 (b)(c)
    
4,525,000
      
4,473,415
  
MGM Growth Properties
                
  Operating Partnership, L.P. /
                
  MGP Finance Co-Issuer, Inc.
                
  5.625%, 05/01/2024
    
4,010,000
      
4,134,711
  
  4.625%, 06/15/2025 (c)
    
5,097,000
      
5,142,694
  
MGM Resorts International
                
  6.00%, 03/15/2023
    
6,128,000
      
6,271,640
  
  6.75%, 05/01/2025
    
4,220,000
      
4,374,642
  
Scientific Games International, Inc.
                
  8.625%, 07/01/2025 (c)
    
6,860,000
      
7,223,580
  
  5.00%, 10/15/2025 (c)
    
9,754,000
      
9,997,850
  
  8.25%, 03/15/2026 (c)
    
7,655,000
      
7,970,769
  
VICI Properties, L.P. / VICI Note Co., Inc.
                
  3.50%, 02/15/2025 (c)
    
1,865,000
      
1,838,881
  
  4.25%, 12/01/2026 (c)
    
5,240,000
      
5,226,376
  
             
92,850,865
  
Leisure – Hotels – 5.25%
                
Cedar Fair L.P. / Canada’s Wonderland
                
  Co. / Magnum Management
                
  Corp. / Millennium Op
                
  5.50%, 05/01/2025 (c)
    
2,530,000
      
2,601,143
  

The accompanying notes are an integral part of these financial statements.
68
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Leisure – Hotels – 5.25% – Continued
            
Hilton Domestic Operating Co., Inc.
            
  5.375%, 05/01/2025 (c)
  
$
1,510,000
    
$
1,548,580
  
Marriott Ownership Resorts, Inc.
                
  6.125%, 09/15/2025 (c)
    
5,860,000
      
6,013,796
  
NCL Corp., Ltd. 5.875%, 02/15/2027 (b)(c)
    
1,000,000
      
986,275
  
RLJ Lodging Trust, L.P.
                
  3.75%, 07/01/2026 (c)
    
4,802,000
      
4,568,335
  
Royal Caribbean Cruises, Ltd.
                
  5.25%, 11/15/2022 (b)
    
2,040,000
      
2,064,235
  
  10.875%, 06/01/2023 (b)(c)
    
12,307,000
      
13,108,863
  
  11.50%, 06/01/2025 (b)(c)
    
2,789,000
      
3,067,677
  
Service Properties Trust
                
  5.00%, 08/15/2022
    
11,897,000
      
11,853,636
  
  4.50%, 06/15/2023
    
1,765,000
      
1,750,968
  
  4.65%, 03/15/2024
    
1,230,000
      
1,185,437
  
  4.35%, 10/01/2024
    
3,705,000
      
3,578,289
  
  7.50%, 09/15/2025
    
3,820,000
      
4,015,011
  
Six Flags Theme Parks, Inc.
                
  7.00%, 07/01/2025 (c)
    
6,459,000
      
6,751,754
  
Travel + Leisure Co. 3.90%, 03/01/2023
    
1,715,000
      
1,717,144
  
TripAdvisor, Inc. 7.00%, 07/15/2025 (c)
    
11,192,000
      
11,487,133
  
Vail Resorts, Inc. 6.25%, 05/15/2025 (c)
    
2,903,000
      
3,003,342
  
             
79,301,618
  
                 
Leisure – Restaurants – 1.71%
                
1011778 B.C., ULC / New Red Finance, Inc.
                
  5.75%, 04/15/2025 (b)(c)
    
2,800,000
      
2,887,500
  
IRB Holding Corp.
                
  7.00%, 06/15/2025 (c)
    
5,865,000
      
6,108,251
  
  6.75%, 02/15/2026 (c)
    
8,454,000
      
8,611,202
  
Yum! Brands, Inc. 7.75%, 04/01/2025 (c)
    
7,877,000
      
8,182,234
  
             
25,789,187
  
                 
Media – Broadcasting – 4.54%
                
AMC Networks, Inc.
                
  5.00%, 04/01/2024
    
3,277,000
      
3,273,117
  
  4.75%, 08/01/2025
    
18,692,000
      
18,656,952
  

The accompanying notes are an integral part of these financial statements.
69
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Media – Broadcasting – 4.54% – Continued
            
Gray Television, Inc.
            
  5.875%, 07/15/2026 (c)
  
$
11,385,000
    
$
11,679,473
  
Nexstar Media, Inc.
                
  5.625%, 07/15/2027 (c)
    
4,341,000
      
4,406,115
  
Sirius XM Radio, Inc.
                
  3.125%, 09/01/2026 (c)
    
4,478,000
      
4,239,784
  
  5.00%, 08/01/2027 (c)
    
6,346,000
      
6,357,486
  
TEGNA, Inc. 4.75%, 03/15/2026 (c)
    
3,590,000
      
3,588,349
  
Univision Communications, Inc.
                
  5.125%, 02/15/2025 (c)
    
9,378,000
      
9,398,303
  
  6.625%, 06/01/2027 (c)
    
6,710,000
      
7,036,542
  
             
68,636,121
  
                 
Media – Cable & Satellite – 5.43%
                
CCO Holdings, LLC / CCO Holdings
                
  Capital Corp. 5.50%, 05/01/2026 (c)
    
13,811,000
      
14,046,063
  
Connect Finco S.A.R.L. / Connect U.S.
                
  Finco, LLC 6.75%, 10/01/2026 (b)(c)
    
2,500,000
      
2,546,737
  
CSC Holdings, LLC
                
  5.875%, 09/15/2022
    
1,380,000
      
1,392,565
  
  5.50%, 04/15/2027 (c)
    
7,117,000
      
7,067,644
  
DIRECTV Financing, LLC / DIRECTV
                
  Financing Co-Obligor, Inc.
                
  5.875%, 08/15/2027 (c)
    
4,585,000
      
4,519,091
  
DISH DBS Corp.
                
  5.875%, 07/15/2022
    
3,375,000
      
3,396,060
  
  5.875%, 11/15/2024
    
2,565,000
      
2,562,089
  
  7.75%, 07/01/2026
    
3,107,000
      
3,085,562
  
  5.25%, 12/01/2026 (c)
    
5,142,000
      
4,904,568
  
Hughes Satellite Systems Corp.
                
  6.625%, 08/01/2026
    
3,425,000
      
3,549,550
  
Maxar Space Robotics, LLC
                
  9.75%, 12/31/2023 (c)
    
11,234,000
      
11,977,185
  
Quebecor Media, Inc.
                
  5.75%, 01/15/2023 (b)
    
7,165,000
      
7,303,356
  
Radiate Holdco, LLC / Radiate Finance, Inc.
                
  4.50%, 09/15/2026 (c)
    
2,515,000
      
2,426,189
  

The accompanying notes are an integral part of these financial statements.
70
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Media – Cable & Satellite – 5.43% – Continued
            
Viasat, Inc. 5.625%, 09/15/2025 (c)
  
$
9,864,000
    
$
9,650,296
  
Videotron, Ltd. 5.375%, 06/15/2024 (b)(c)
    
3,510,000
      
3,603,717
  
             
82,030,672
  
                 
Media – Diversified – 1.23%
                
Match Group Holdings II, LLC
                
  5.00%, 12/15/2027 (c)
    
2,045,000
      
2,042,290
  
Nielsen Co. Luxembourg S.A.R.L.
                
  5.00%, 02/01/2025 (b)(c)
    
10,442,000
      
10,508,881
  
Outfront Media Capital, LLC / Outfront
                
  Media Capital Corp. 6.25%, 06/15/2025 (c)
    
5,881,000
      
6,042,581
  
             
18,593,752
  
                 
Media – Entertainment – 0.79%
                
Live Nation Entertainment, Inc.
                
  4.875%, 11/01/2024 (c)
    
4,663,000
      
4,689,754
  
  5.625%, 03/15/2026 (c)
    
7,048,000
      
7,188,537
  
             
11,878,291
  
                 
Metals & Mining – 0.52%
                
FMG Resources August 2006 Pty, Ltd.
                
  5.125%, 05/15/2024 (b)(c)
    
7,711,000
      
7,871,582
  
                 
Midstream – Storage & Transport – 2.43%
                
Buckeye Partners, L.P.
                
  4.15%, 07/01/2023
    
3,537,000
      
3,558,965
  
  4.35%, 10/15/2024
    
3,460,000
      
3,481,607
  
  4.125%, 03/01/2025 (c)
    
3,625,000
      
3,575,374
  
DCP Midstream Operating, L.P.
                
  3.875%, 03/15/2023
    
850,000
      
851,063
  
EQM Midstream Partners, L.P.
                
  4.75%, 07/15/2023
    
1,305,000
      
1,316,784
  
  6.00%, 07/01/2025 (c)
    
1,945,000
      
1,974,525
  
NGL Energy Operating, LLC / NGL Energy
                
  Finance Corp. 7.50%, 02/01/2026 (c)
    
1,211,000
      
1,192,768
  
NuStar Logistics, L.P. 5.75%, 10/01/2025
    
3,385,000
      
3,454,511
  
Rattler Midstream, L.P.
                
  5.625%, 07/15/2025 (c)
    
6,275,000
      
6,377,345
  

The accompanying notes are an integral part of these financial statements.

71
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Midstream – Storage & Transport – 2.43% – Continued
            
Sunoco, L.P. / Sunoco Finance Corp.
            
  6.00%, 04/15/2027
  
$
2,341,000
    
$
2,389,072
  
Tallgrass Energy Partners, L.P. /
                
  Tallgrass Energy Finance Corp.
                
  7.50%, 10/01/2025 (c)
    
2,630,000
      
2,774,177
  
Targa Resources Partners, L.P. /
                
  Targa Resources Partners Finance Corp.
                
  5.875%, 04/15/2026
    
5,590,000
      
5,768,461
  
             
36,714,652
  
                 
Packaging – 4.19%
                
ARD Finance SA 6.50%, 06/30/2027 (b)(c)
    
3,328,467
      
3,049,508
  
Ardagh Packaging Finance PLC /
                
  Ardagh Holdings U.S.A., Inc.
                
  5.25%, 04/30/2025 (b)(c)
    
12,800,000
      
12,854,464
  
  4.125%, 08/15/2026 (b)(c)
    
5,365,000
      
5,175,186
  
Berry Global, Inc.
                
  4.50%, 02/15/2026 (c)
    
1,500,000
      
1,501,905
  
  4.875%, 07/15/2026 (c)
    
5,221,000
      
5,293,729
  
CANPACK SA / CANPACK U.S., LLC
                
  3.125%, 11/01/2025 (b)(c)
    
3,075,000
      
2,824,756
  
Crown Americas, LLC /
                
  Crown Americas Capital Corp. V
                
  4.25%, 09/30/2026
    
855,000
      
858,044
  
Crown Americas, LLC /
                
  Crown Americas Capital Corp. VI
                
  4.75%, 02/01/2026
    
5,150,000
      
5,202,427
  
Flex Acquisition Co., Inc.
                
  6.875%, 01/15/2025 (c)
    
9,339,000
      
9,378,537
  
  7.875%, 07/15/2026 (c)
    
7,460,000
      
7,729,082
  
LABL, Inc. 6.75%, 07/15/2026 (c)
    
4,810,000
      
4,763,343
  
Sealed Air Corp.
                
  5.125%, 12/01/2024 (c)
    
4,359,000
      
4,530,431
  
  5.50%, 09/15/2025 (c)
    
205,000
      
215,060
  
             
63,376,472
  

The accompanying notes are an integral part of these financial statements.
72
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Paper & Forest Products – 0.26%
            
Mercer International, Inc.
            
  5.50%, 01/15/2026
  
$
3,969,000
    
$
4,003,530
  
                 
Real Estate – Homebuilding – 0.42%
                
Taylor Morrison Communities, Inc. /
                
  Taylor Morrison Holdings II, Inc.
                
  5.625%, 03/01/2024 (c)
    
3,455,000
      
3,559,479
  
TRI Pointe Group, Inc. / TRI Pointe
                
  Homes, Inc. 5.875%, 06/15/2024
    
2,610,000
      
2,715,157
  
             
6,274,636
  
                 
Real Estate – Management – 0.68%
                
Greystar Real Estate Partners, LLC
                
  5.75%, 12/01/2025 (c)
    
3,398,000
      
3,429,160
  
Newmark Group, Inc. 6.125%, 11/15/2023
    
2,920,000
      
3,058,116
  
Realogy Group, LLC / Realogy Co-Issuer
                
  Corp. 4.875%, 06/01/2023 (c)
    
3,690,000
      
3,717,693
  
             
10,204,969
  
                 
Retail – Food & Drug – 1.53%
                
Albertsons Cos., Inc. / Safeway, Inc. /
                
  New Albertsons, L.P. / Albertsons, LLC
                
  3.50%, 02/15/2023 (c)
    
3,815,000
      
3,820,856
  
  3.25%, 03/15/2026 (c)
    
3,565,000
      
3,373,845
  
  7.50%, 03/15/2026 (c)
    
10,659,000
      
11,275,143
  
U.S. Foods, Inc. 6.25%, 04/15/2025 (c)
    
4,560,000
      
4,691,260
  
             
23,161,104
  
                 
Retailing – 1.25%
                
Bath & Body Works, Inc.
                
  9.375%, 07/01/2025 (c)
    
2,277,000
      
2,598,512
  
QVC, Inc.
                
  4.375%, 03/15/2023
    
8,593,000
      
8,635,965
  
  4.45%, 02/15/2025
    
7,731,000
      
7,705,720
  
             
18,940,197
  

The accompanying notes are an integral part of these financial statements.
73
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Technology – Software & Services – 4.37%
            
Block, Inc. 2.75%, 06/01/2026 (c)
  
$
1,790,000
    
$
1,694,056
  
Boxer Parent Co., Inc.
                
  7.125%, 10/02/2025 (c)
    
15,453,000
      
16,044,387
  
  9.125%, 03/01/2026 (c)
    
4,240,000
      
4,388,209
  
Consensus Cloud Solutions, Inc.
                
  6.00%, 10/15/2026 (c)
    
4,585,000
      
4,556,160
  
Go Daddy Operating Co., LLC / GD Finance
                
  Co., Inc. 5.25%, 12/01/2027 (c)
    
3,465,000
      
3,488,337
  
NortonLifeLock, Inc.
                
  3.95%, 06/15/2022
    
1,400,000
      
1,399,013
  
  5.00%, 04/15/2025 (c)
    
12,540,000
      
12,556,553
  
Nuance Communications, Inc.
                
  5.625%, 12/15/2026
    
6,440,000
      
6,621,157
  
PTC, Inc. 3.625%, 02/15/2025 (c)
    
1,510,000
      
1,494,991
  
Sabre GLBL, Inc.
                
  9.25%, 04/15/2025 (c)
    
6,020,000
      
6,684,216
  
  7.375%, 09/01/2025 (c)
    
1,320,000
      
1,380,542
  
Shift4 Payments, LLC / Shift4 Payments
                
  Finance Sub, Inc. 4.625%, 11/01/2026 (c)
    
5,856,000
      
5,645,418
  
             
65,953,039
  
                 
Technology Hardware – 1.65%
                
CDW, LLC / CDW Finance Corp.
                
  4.125%, 05/01/2025
    
3,945,000
      
3,972,240
  
CommScope, Inc. 6.00%, 03/01/2026 (c)
    
1,800,000
      
1,823,040
  
Diebold Nixdorf, Inc.
                
  8.50%, 04/15/2024
    
534,000
      
512,613
  
  9.375%, 07/15/2025 (c)
    
5,333,000
      
5,425,714
  
NCR Corp. 5.75%, 09/01/2027 (c)
    
6,805,000
      
6,814,051
  
Presidio Holdings, Inc.
                
  8.25%, 02/01/2028 (c)
    
2,000,000
      
2,042,620
  
Seagate HDD Cayman
                
  4.75%, 06/01/2023 (b)
    
1,631,000
      
1,658,230
  
Sensata Technologies B.V.
                
  4.875%, 10/15/2023 (b)(c)
    
705,000
      
727,003
  
Western Digital Corp. 4.75%, 02/15/2026
    
1,875,000
      
1,906,294
  
             
24,881,805
  

The accompanying notes are an integral part of these financial statements.
74
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Telecommunication Services – Diversified – 3.74%
            
Altice France Holding SA
            
  10.50%, 05/15/2027 (b)(c)
  
$
2,495,000
    
$
2,616,494
  
Altice France SA 8.125%, 02/01/2027 (b)(c)
    
14,300,000
      
14,749,592
  
Cogent Communications Group, Inc.
                
  3.50%, 05/01/2026 (c)
    
2,175,000
      
2,069,219
  
Level 3 Financing, Inc.
                
  5.375%, 05/01/2025
    
8,253,000
      
8,346,218
  
  5.25%, 03/15/2026
    
6,960,000
      
6,978,418
  
Lumen Technologies, Inc.
                
  6.75%, 12/01/2023
    
3,310,000
      
3,442,499
  
  7.50%, 04/01/2024
    
1,780,000
      
1,879,769
  
  5.625%, 04/01/2025
    
5,535,000
      
5,584,206
  
  5.125%, 12/15/2026 (c)
    
188,000
      
179,540
  
Northwest Fiber, LLC / Northwest Fiber
                
  Finance Sub, Inc. 4.75%, 04/30/2027 (c)
    
3,695,000
      
3,516,273
  
Uniti Group, L.P. / Uniti Fiber
                
  Holdings, Inc. / CSL Capital, LLC
                
  7.875%, 02/15/2025 (c)
    
6,865,000
      
7,140,973
  
             
56,503,201
  
                 
Telecommunication Services – Wireless – 0.63%
                
Sprint Corp.
                
  7.875%, 09/15/2023
    
5,420,000
      
5,765,498
  
  7.125%, 06/15/2024
    
3,500,000
      
3,758,300
  
             
9,523,798
  
                 
Transportation – 1.81%
                
Uber Technologies, Inc.
                
  7.50%, 05/15/2025 (c)
    
4,010,000
      
4,188,866
  
  8.00%, 11/01/2026 (c)
    
10,285,000
      
10,940,154
  
  7.50%, 09/15/2027 (c)
    
1,275,000
      
1,361,069
  
XPO Logistics, Inc. 6.25%, 05/01/2025 (c)
    
10,540,000
      
10,906,792
  
             
27,396,881
  
                 
Utilities – Power – 2.18%
                
Calpine Corp. 5.25%, 06/01/2026 (c)
    
2,323,000
      
2,337,658
  

The accompanying notes are an integral part of these financial statements.
75
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 90.45% (f) – Continued
            
             
Utilities – Power – 2.18% – Continued
            
NextEra Energy Operating Partners, L.P.
            
  4.25%, 07/15/2024 (c)
  
$
7,808,000
    
$
7,913,564
  
  4.25%, 09/15/2024 (c)
    
72,000
      
72,795
  
TerraForm Power Operating, LLC
                
  4.25%, 01/31/2023 (c)
    
3,940,000
      
3,934,445
  
Vistra Operations Co., LLC
                
  5.50%, 09/01/2026 (c)
    
6,639,000
      
6,679,365
  
  5.625%, 02/15/2027 (c)
    
10,641,000
      
10,644,192
  
  5.00%, 07/31/2027 (c)
    
1,390,000
      
1,369,838
  
             
32,951,857
  
                 
Utilities – Propane – 0.73%
                
AmeriGas Partners, L.P. / AmeriGas
                
  Finance Corp. 5.625%, 05/20/2024
    
6,881,000
      
7,030,765
  
Ferrellgas, L.P. / Ferrellgas Finance Corp.
                
  5.375%, 04/01/2026 (c)
    
4,159,000
      
3,956,457
  
             
10,987,222
  
TOTAL CORPORATE BONDS
                
  (Cost $1,384,343,109)
            
1,366,538,050
  
                 
                 
BANK LOANS – 3.57%
                
                 
Aerospace & Defense – 0.11%
                
Transdigm, Inc.,
                
  Senior Secured First Lien Term Loan
                
    2.707% (1 Month LIBOR USD + 2.25%),
                
    12/09/2025 (a)
    
1,751,467
      
1,724,372
  
                 
Building Products – 0.07%
                
CPG International, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.25%, 05/03/2024 (a)(h)
    
1,047,311
      
1,040,373
  
                 
Commercial Services – 0.06%
                
IRI Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.707% (1 Month LIBOR USD + 4.25%),
                
    12/01/2025 (a)
    
691,763
      
690,175
  

The accompanying notes are an integral part of these financial statements.
76
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
             
BANK LOANS – 3.57% – Continued
            
Commercial Services – 0.06% – Continued
            
Tempo Acquisition, LLC,
            
  Senior Secured First Lien Term Loan
            
    3.207% (1 Month LIBOR USD + 2.75%),
            
    05/01/2024 (a)
  
$
181,377
    
$
180,606
  
             
870,781
  
Finance – Insurance – 0.13%
                
U.S.I., Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.35%, 05/16/2024 (a)(h)
    
1,994,778
      
1,984,266
  
Financials – Insurance – 0.30%
                
Asurion, LLC
                
  Senior Secured First Lien Term Loan
                
    3.582% (1 Month LIBOR USD + 3.125%),
                
    11/03/2023 (a)
    
99,595
      
99,134
  
  Senior Secured First Lien Term Loan
                
    3.457% (1 Month LIBOR USD + 3.00%),
                
    11/04/2024 (a)
    
1,443,750
      
1,427,248
  
  Senior Secured First Lien Term Loan
                
    3.707% (1 Month LIBOR USD + 3.25%),
                
    12/23/2026 (a)
    
420,382
      
411,886
  
  Senior Secured Second Lien Term Loan
                
    5.707% (1 Month LIBOR USD + 5.25%),
                
    01/19/2029 (a)
    
1,055,000
      
1,032,914
  
HUB International, Ltd.,
                
  Senior Secured First Lien Term Loan
                
    4.00% (3 Month LIBOR USD + 3.25%,
                
    0.750% Floor), 04/25/2025 (a)
    
1,522,292
      
1,514,681
  
             
4,485,863
  
Healthcare – Equipment & Supplies – 0.23%
                
Change Healthcare Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.50%, 03/01/2024 (a)(h)
    
3,505,000
      
3,490,542
  

The accompanying notes are an integral part of these financial statements.
77
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 3.57% – Continued
            
             
Healthcare – Facilities – 0.13%
            
RegionalCare Hospital Partners Holdings, Inc.,
            
  Senior Secured First Lien Term Loan
            
    4.197% (1 Month LIBOR USD + 3.75%),
            
    11/14/2025 (a)
  
$
1,980,643
    
$
1,972,077
  
                 
Healthcare – Managed Health Care – 0.08%
                
Verscend Holding Corp.,
                
  Senior Secured First Lien Term Loan
                
    4.457% (1 Month LIBOR USD + 4.00%),
                
    08/27/2025 (a)
    
1,241,872
      
1,240,319
  
                 
Healthcare – Pharmaceuticals & Biotechnology – 0.11%
                
Bausch Health Cos., Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.207% (1 Month LIBOR USD + 2.75%),
                
    11/27/2025 (a)
    
1,736,149
      
1,723,128
  
                 
Media – Broadcasting – 0.06%
                
Univision Communications, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 2.75%,
                
    1.000% Floor), 03/15/2024 (a)
    
941,968
      
941,732
  
                 
Media – Cable & Satellite – 0.14%
                
Connect U.S. Finco, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.50%, 12/11/2026 (a)(h)
    
2,062,055
      
2,048,136
  
                 
Media – Diversified – 0.20%
                
ABG Intermediate Holdings 2, LLC,
                
  Senior Secured First Lien Term Loan
                
    4.00%, 09/27/2024 (a)(h)
    
3,000,000
      
2,980,620
  

The accompanying notes are an integral part of these financial statements.
78
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 3.57% – Continued
            
             
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
    
$
1,622,849
  
William Morris Endeavor Entertainment, LLC
                
  Senior Secured First Lien Term Loan
                
    2.96% (1 Month LIBOR USD + 2.75%),
                
    05/16/2025 (a)
    
2,025,390
      
1,994,594
  
  Senior Secured First Lien Term Loan
                
    3.21% (1 Month LIBOR USD + 2.75%),
                
    05/16/2025 (a)
    
1,726,328
      
1,700,079
  
             
5,317,522
  
                 
Technology – Software & Services – 1.46%
                
Almonde, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.50% (6 Month LIBOR USD + 3.50%,
                
    1.000% Floor), 06/13/2024 (a)
    
4,808,542
      
4,754,999
  
Optiv Security, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.25% (1 Month LIBOR USD + 3.25%,
                
    1.000% Floor), 02/01/2024 (a)
    
4,952,344
      
4,855,624
  
Project Alpha Intermediate Holding, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.30% (3 Month LIBOR USD + 4.00%),
                
    04/26/2024 (a)
    
3,111,223
      
3,096,321
  
RealPage, Inc.,
                
  Senior Secured First Lien Term Loan
                
    3.75% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 04/24/2028 (a)
    
890,331
      
881,427
  
TIBCO Software, Inc.
                
  Senior Secured First Lien Term Loan
                
    4.21% (1 Month LIBOR USD + 3.75%),
                
    06/30/2026 (a)
    
3,691,870
      
3,678,026
  
  Senior Secured Second Lien Term Loan
                
    7.71% (1 Month LIBOR USD + 7.25%),
                
    03/03/2028 (a)
    
3,140,000
      
3,139,356
  
                 
The accompanying notes are an integral part of these financial statements.
79
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 3.57% – Continued
            
             
Technology – Software & Services – 1.46% – Continued
            
UKG, Inc.,
            
  Senior Secured First Lien Term Loan
            
    3.75% (1 Month LIBOR USD + 3.25%,
            
    0.500% Floor), 05/04/2026 (a)
  
$
1,678,824
    
$
1,667,568
  
             
22,073,321
  
                 
Technology Hardware – 0.07%
                
Presidio Holdings, Inc.
                
  Senior Secured First Lien Term Loan
                
    3.80% (3 Month LIBOR USD + 3.50%),
                
    01/22/2027 (a)
    
1,002,518
      
997,506
  
  Senior Secured First Lien Term Loan
                
    3.96% (1 Month LIBOR USD + 3.50%),
                
    01/22/2027 (a)
    
49,804
      
49,555
  
             
1,047,061
  
                 
Transportation – 0.07%
                
Kenan Advantage Group, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.50% (1 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 03/24/2026 (a)
    
998,516
      
986,973
  
TOTAL BANK LOANS
                
  (Cost $53,883,222)
            
53,927,086
  
                 
CONVERTIBLE BONDS – 0.35%
                
                 
Financials – Diversified – 0.35%
                
Blackstone Mortgage Trust, Inc.
                
  4.75%, 03/15/2023
    
2,860,000
      
2,920,060
  
  5.50%, 03/15/2027
    
2,450,000
      
2,419,375
  
             
5,339,435
  
TOTAL CONVERTIBLE BONDS
                
  (Cost $5,364,318)
            
5,339,435
  

The accompanying notes are an integral part of these financial statements.
80
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2022 (Unaudited)

         
Fair
  
   
Shares
    
Value
  
             
MONEY MARKET FUND – 2.43%
            
First American Government
            
  Obligations Fund – Class X, 0.19% (e)
    
36,687,065
    
$
36,687,065
  
TOTAL MONEY MARKET FUND
                
  (Cost $36,687,065)
            
36,687,065
  
Total Investments (Cost $1,480,277,714) – 96.80%
            
1,462,491,636
  
Other Assets in Excess of  Liabilities – 3.20%
            
48,409,981
  
TOTAL NET ASSETS – 100.00%
          
$
1,510,901,617
  

Percentages are stated as a percent of net assets.
LIBOR
London Interbank Offered Rate
PIK
Payment-in-kind
PLC
Public Limited Company
REIT
Real Estate Investment Trust
(a)
Variable rate securities.  The coupon rate shown is the effective interest rate as of March 31, 2022.
(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 March 31, 2022, the value of these investments was $1,003,995,601 or 66.45% 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 March 31, 2022.
(e)
Rate shown is the 7-day annualized yield as of March 31, 2022.
(f)
All or a portion is posted as collateral for delayed settlement securities.
(g)
Security has the ability to pay in kind or pay in cash.  When applicable, separate rates of such payments are disclosed.
(h)
Final terms of the bank loan are not yet known, so reference index and/or spread information may not be presented.

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.

The accompanying notes are an integral part of these financial statements.
81
SHENKMAN CAPITAL FUNDS

STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2022 (Unaudited)

   
Shenkman
    
Shenkman
  
   
Capital Floating
    
Capital Short
  
   
Rate High
    
Duration High
  
   
Income Fund
    
Income Fund
  
ASSETS:
            
Investments, at value (cost $335,237,624
            
  and $1,480,277,714, respectively)
  
$
332,296,590
    
$
1,462,491,636
  
Cash
    
5,633,269
      
2,286,861
  
Receivables
                
Securities sold
    
3,356,113
      
2,886,861
  
Interest
    
1,044,814
      
23,582,371
  
Fund shares sold
    
865,767
      
64,018,724
  
Prepaid expenses
    
28,151
      
90,243
  
Total assets
    
343,224,704
      
1,555,356,696
  
LIABILITIES:
                
Payables
                
Securities purchased
    
24,358,082
      
40,707,768
  
Fund shares redeemed
    
154,494
      
1,187,942
  
Distributions payable
    
160,951
      
1,517,305
  
Administration and accounting expenses
    
78,536
      
160,031
  
Advisory fees (Note 4)
    
80,057
      
647,934
  
Audit
    
12,840
      
14,385
  
Transfer agent fees and expenses
    
16,905
      
26,989
  
Compliance fees
    
2,066
      
2,066
  
Printing and mailing
    
1,690
      
6,440
  
Legal
    
312
      
423
  
Shareholder servicing fees
    
1,043
      
61,874
  
12b-1 distribution fees
    
—
      
112,318
  
Custody fees
    
—
      
8,377
  
Trustee fees and expenses
    
4
      
1,227
  
Total liabilities
    
24,866,980
      
44,455,079
  
NET ASSETS
  
$
318,357,724
    
$
1,510,901,617
  
NET ASSETS CONSIST OF:
                
Capital stock
  
$
335,675,937
    
$
1,537,620,777
  
Total distributable deficit
    
(17,318,213
)
    
(26,719,160
)
Total net assets
  
$
318,357,724
    
$
1,510,901,617
  

The accompanying notes are an integral part of these financial statements.
82
SHENKMAN CAPITAL FUNDS

STATEMENTS OF ASSETS AND LIABILITIES – Continued
March 31, 2022 (Unaudited)

   
Shenkman
    
Shenkman
  
   
Capital Floating
    
Capital Short
  
   
Rate High
    
Duration High
  
   
Income Fund
    
Income Fund
  
NET ASSETS
            
Class A:
            
Net assets applicable to outstanding
            
  Class A shares
    
—
    
$
23,681,018
  
Shares issued and outstanding
    
—
      
2,395,295
  
Net asset value, redemption price per share
    
—
    
$
9.89
  
Maximum offering price per share
                
  (net asset value divided by 97.00%)
    
—
    
$
10.20
  
Class C:
                
Net assets applicable to outstanding
                
  Class C shares
    
—
    
$
17,644,414
  
Shares issued and outstanding
    
—
      
1,790,109
  
Net asset value, offering price
                
  and redemption price per share
    
—
    
$
9.86
  
Class F:
                
Net assets applicable to outstanding
                
  Class F shares
  
$
13,464,603
    
$
702,267,453
  
Shares issued and outstanding
    
1,439,358
      
71,200,366
  
Net asset value, offering price
                
  and redemption price per share
  
$
9.35
    
$
9.86
  
Institutional Class:
                
Net assets applicable to outstanding
                
  Institutional Class shares
  
$
304,893,121
    
$
767,308,732
  
Shares issued and outstanding
    
32,589,630
      
77,714,151
  
Net asset value, offering price
                
  and redemption price per share
  
$
9.36
    
$
9.87
  

The accompanying notes are an integral part of these financial statements.
83
SHENKMAN CAPITAL FUNDS

STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2022 (Unaudited)

   
Shenkman
    
Shenkman
  
   
Capital Floating
    
Capital Short
  
   
Rate High
    
Duration High
  
   
Income Fund
    
Income Fund
  
INVESTMENT INCOME:
            
Interest income
  
$
5,551,411
    
$
24,143,335
  
Consent and term loan fee income
    
46,431
      
180,525
  
Total investment income
    
5,597,842
      
24,323,860
  
EXPENSES:
                
Investment advisory fees (Note 4)
    
729,148
      
3,763,915
  
Administration and accounting fees (Note 4)
    
237,056
      
478,296
  
Transfer agent fees and expenses (Note 4)
    
50,305
      
76,797
  
Federal and state registration fees
    
22,168
      
64,433
  
Audit fees
    
12,840
      
14,385
  
Reports to shareholders
    
8,252
      
18,291
  
Custody fees (Note 4)
    
8,214
      
38,692
  
Trustee fees and expenses
    
7,127
      
8,300
  
Chief Compliance Officer fees (Note 4)
    
6,233
      
6,233
  
Legal fees
    
3,936
      
3,882
  
Miscellaneous expenses
    
3,671
      
6,828
  
Insurance expense
    
2,926
      
8,867
  
Service fees – Class A (Note 6)
    
—
      
7,389
  
Service fees – Class C (Note 6)
    
—
      
4,554
  
Service fees – Class F (Note 6)
    
828
      
289,562
  
12b-1 distribution fees – Class A (Note 5)
    
—
      
28,583
  
12b-1 distribution fees – Class C (Note 5)
    
—
      
85,452
  
Total expenses before advisory fee waiver
    
1,092,704
      
4,904,459
  
Advisory fee waiver by Advisor (Note 4)
    
(304,397
)
    
(40,656
)
Net expenses
    
788,307
      
4,863,803
  
NET INVESTMENT INCOME
    
4,809,535
      
19,460,057
  
NET REALIZED AND UNREALIZED GAIN/(LOSS):
                
Net realized gain on investments
    
295,254
      
1,325,965
  
Change in unrealized appreciation/(depreciation)
                
  on investments
    
(4,706,886
)
    
(29,141,610
)
Net realized and unrealized loss on investments
    
(4,411,632
)
    
(27,815,645
)
NET INCREASE/(DECREASE) IN NET ASSETS
                
  RESULTING FROM OPERATIONS
  
$
397,903
    
$
(8,355,588
)

The accompanying notes are an integral part of these financial statements.
84
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

   
Six Months Ended
        
   
March 31,
    
Year Ended
  
   
2022
    
September 30,
  
   
(Unaudited)
    
2021
  
OPERATIONS:
            
Net investment income
  
$
4,809,535
    
$
8,777,494
  
Net realized gain/(loss) on investments
    
295,254
      
(676,924
)
Change in unrealized appreciation/
                
  (depreciation) on investments
    
(4,706,886
)
    
8,636,131
  
Net increase in net assets resulting from operations
    
397,903
      
16,736,701
  
DISTRIBUTIONS TO SHAREHOLDERS:
                
Class F
    
(181,786
)
    
(305,824
)
Institutional Class
    
(4,620,323
)
    
(8,537,284
)
Total distributions
    
(4,802,109
)
    
(8,843,108
)
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares sold:
                
Class F
    
5,162,327
      
16,777,131
  
Institutional Class
    
45,893,763
      
97,444,647
  
Proceeds from shares issued to
                
  holders in reinvestment of dividends:
                
Class F
    
181,786
      
305,824
  
Institutional Class
    
3,895,189
      
7,403,022
  
Cost of shares redeemed:
                
Class F
    
(2,021,273
)
    
(9,203,131
)
Institutional Class
    
(17,969,047
)
    
(66,133,275
)
Redemption fees retained:
                
Class F
    
168
      
252
  
Institutional Class
    
4,252
      
7,857
  
Net increase in net assets derived
                
  from capital share transactions
    
35,147,165
      
46,602,327
  
TOTAL INCREASE IN NET ASSETS
    
30,742,959
      
54,495,920
  
NET ASSETS:
                
Beginning of period
    
287,614,765
      
233,118,845
  
End of period
  
$
318,357,724
    
$
287,614,765
  
CHANGES IN SHARES OUTSTANDING:
                
Shares sold:
                
Class F
    
549,857
      
1,777,917
  
Institutional Class
    
4,878,357
      
10,361,173
  
Shares issued to holders as reinvestment of dividends:
                
Class F
    
19,291
      
32,348
  
Institutional Class
    
413,141
      
785,217
  
Shares redeemed:
                
Class F
    
(215,547
)
    
(970,192
)
Institutional Class
    
(1,898,595
)
    
(6,986,097
)
Net increase in shares outstanding
    
3,746,504
      
5,000,366
  

The accompanying notes are an integral part of these financial statements.
85
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS


   
Six Months Ended
        
   
March 31,
    
Year Ended
  
   
2022
    
September 30,
  
   
(Unaudited)
    
2021
  
OPERATIONS:
            
Net investment income
  
$
19,460,057
    
$
30,629,674
  
Net realized gain on investments
    
1,325,965
      
5,585,814
  
Change in unrealized appreciation/
                
  (depreciation) on investments
    
(29,141,610
)
    
6,868,229
  
Net increase/(decrease) in net assets
                
  resulting from operations
    
(8,355,588
)
    
43,083,717
  
DISTRIBUTIONS TO SHAREHOLDERS:
                
Class A
    
(298,639
)
    
(492,038
)
Class C
    
(158,149
)
    
(277,719
)
Class F
    
(9,494,419
)
    
(15,435,007
)
Institutional Class
    
(9,686,368
)
    
(14,387,556
)
Total distributions
    
(19,637,575
)
    
(30,592,320
)
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares sold:
                
Class A
    
7,322,653
      
11,536,752
  
Class C
    
3,074,170
      
5,517,391
  
Class F
    
205,939,677
      
385,267,370
  
Institutional Class
    
225,482,944
      
457,256,845
  
Proceeds from shares issued to
                
  holders in reinvestment of dividends:
                
Class A
    
118,949
      
195,102
  
Class C
    
49,872
      
92,000
  
Class F
    
3,237,246
      
4,324,978
  
Institutional Class
    
8,113,744
      
11,844,812
  
Cost of shares redeemed:
                
Class A
    
(3,844,819
)
    
(7,364,434
)
Class C
    
(1,676,092
)
    
(2,899,332
)
Class F
    
(164,932,187
)
    
(172,048,580
)
Institutional Class
    
(73,391,581
)
    
(127,355,051
)
Redemption fees retained:
                
Class A
    
27
      
184
  
Class C
    
20
      
145
  
Class F
    
769
      
5,109
  
Institutional Class
    
745
      
4,744
  
Net increase in net assets derived
                
  from capital share transactions
    
209,496,137
      
566,378,035
  
TOTAL INCREASE IN NET ASSETS
    
181,502,974
      
578,869,432
  
NET ASSETS:
                
Beginning of period
    
1,329,398,643
      
750,529,211
  
End of period
  
$
1,510,901,617
    
$
1,329,398,643
  

The accompanying notes are an integral part of these financial statements.
86
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS – Continued

   
Six Months Ended
        
   
March 31,
    
Year Ended
  
   
2022
    
September 30,
  
   
(Unaudited)
    
2021
  
CHANGES IN SHARES OUTSTANDING:
            
Shares sold:
            
Class A
    
729,355
      
1,145,662
  
Class C
    
308,437
      
549,390
  
Class F
    
20,676,082
      
38,311,511
  
Institutional Class
    
22,678,157
      
45,431,739
  
Shares issued to holders as
                
  reinvestment of dividends:
                
Class A
    
11,918
      
19,389
  
Class C
    
5,012
      
9,169
  
Class F
    
325,366
      
430,561
  
Institutional Class
    
814,728
      
1,177,704
  
Shares redeemed:
                
Class A
    
(385,952
)
    
(730,740
)
Class C
    
(168,349
)
    
(288,376
)
Class F
    
(16,520,177
)
    
(17,113,634
)
Institutional Class
    
(7,394,483
)
    
(12,636,025
)
Net increase in shares outstanding
    
21,080,094
      
56,306,350
  
                 
The accompanying notes are an integral part of these financial statements.
87
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
 
Class F
                                    
   

   

   

 
   
Six Months
                                
    Ended                            
March 1, 2017*
  
   
March 31,
                             through  
   
2022
    
Year Ended September 30,
    
September 30,
  
   
(Unaudited)
    
2021
    
2020
    
2019
    
2018
    
2017
  
PER SHARE DATA:
                                    
Net asset value,
                                    
  beginning of period
  
$
9.50
    
$
9.22
    
$
9.56
    
$
9.80
    
$
9.74
    
$
9.82
  
                                                 
Income from
                                                
  investment operations:
                                                
Net investment income
    
0.16
(1) 
    
0.30
(1) 
    
0.41
(1) 
    
0.50
      
0.44
      
0.22
  
Net realized and
                                                
  unrealized gain/(loss)
                                                
  on investments
    
(0.16
)
    
0.29
      
(0.34
)
    
(0.24
)
    
0.05
      
(0.08
)
Total from
                                                
  investment operations
    
—
      
0.59
      
0.07
      
0.26
      
0.49
      
0.14
  
                                                 
Less distributions:
                                                
From net
                                                
  investment income
    
(0.15
)
    
(0.31
)
    
(0.42
)
    
(0.50
)
    
(0.43
)
    
(0.22
)
Total distributions
    
(0.15
)
    
(0.31
)
    
(0.42
)
    
(0.50
)
    
(0.43
)
    
(0.22
)
Redemption fees retained
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.01
(1) 
    
—
      
—
      
—
  
                                                 
Net asset value,
                                                
  end of period
  
$
9.35
    
$
9.50
    
$
9.22
    
$
9.56
    
$
9.80
    
$
9.74
  
                                                 
TOTAL RETURN
    
0.03
%†
    
6.44
%
    
1.04
%
    
2.69
%
    
5.12
%
    
1.46
%†
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of
                                                
  period (thousands)
  
$
13,465
    
$
10,312
    
$
2,265
    
$
5,856
    
$
5,119
    
$
688
  
Ratio of expenses
                                                
  to average net assets:
                                                
Before advisory fee waiver
    
0.77
%‡
    
0.82
%
    
0.78
%
    
0.77
%
    
0.76
%
    
0.81
%‡
After advisory fee waiver
    
0.56
%‡
    
0.60
%
    
0.56
%
    
0.57
%
    
0.58
%
    
0.64
%‡
Ratio of net investment
                                                
  income to average net assets:
                                                
Before advisory fee waiver
    
3.08
%‡
    
2.92
%
    
4.12
%
    
4.93
%
    
4.31
%
    
3.81
%‡
After advisory fee waiver
    
3.29
%‡
    
3.14
%
    
4.34
%
    
5.13
%
    
4.49
%
    
3.98
%‡
Portfolio turnover rate
    
23
%†
    
59
%
    
47
%
    
28
%
    
51
%
    
74
%†

*
Commencement of operations.
†
Not annualized.
‡
Annualized.
(1)
Based on average shares outstanding.
(2)
Amount is less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.
88
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period
 
Institutional Class

   
Six Months
                                
   
Ended
                                
   
March 31,
    

 
   
2022
    
Year Ended September 30,
  
   
(Unaudited)
    
2021
    
2020
    
2019
    
2018
    
2017
  
PER SHARE DATA:
                                    
Net asset value,
                                    
  beginning of period
  
$
9.50
    
$
9.22
    
$
9.56
    
$
9.80
    
$
9.75
    
$
9.69
  
                                                 
Income from
                                                
  investment operations:
                                                
Net investment income
    
0.16
(1) 
    
0.31
(1) 
    
0.40
(1) 
    
0.51
      
0.44
      
0.39
  
Net realized and
                                                
  unrealized gain/(loss)
                                                
  on investments
    
(0.15
)
    
0.28
      
(0.32
)
    
(0.25
)
    
0.04
      
0.06
  
Total from
                                                
  investment operations
    
0.01
      
0.59
      
0.08
      
0.26
      
0.48
      
0.45
  
                                                 
Less distributions:
                                                
From net
                                                
  investment income
    
(0.15
)
    
(0.31
)
    
(0.42
)
    
(0.50
)
    
(0.43
)
    
(0.39
)
Total distributions
    
(0.15
)
    
(0.31
)
    
(0.42
)
    
(0.50
)
    
(0.43
)
    
(0.39
)
Redemption fees retained
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(2) 
    
—
      
—
  
                                                 
Net asset value,
                                                
  end of period
  
$
9.36
    
$
9.50
    
$
9.22
    
$
9.56
    
$
9.80
    
$
9.75
  
                                                 
TOTAL RETURN
    
0.15
%†
    
6.48
%
    
0.94
%
    
2.82
%
  
5.04
 %^    
4.73
%
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of
                                                
  period (thousands)
  
$
304,893
    
$
277,303
    
$
230,854
    
$
228,454
    
$
287,237
    
$
316,488
  
Ratio of expenses
                                                
  to average net assets:
                                                
Before advisory fee waiver
    
0.75
%‡
    
0.76
%
    
0.76
%
    
0.74
%
    
0.71
%
    
0.70
%
After advisory fee waiver
    
0.54
%‡
    
0.54
%
    
0.54
%
    
0.54
%
    
0.54
%
    
0.54
%
Ratio of net investment
                                                
  income to average net assets:
                                                
Before advisory fee waiver
    
3.09
%‡
    
3.05
%
    
4.14
%
    
4.97
%
    
4.24
%
    
3.90
%
After advisory fee waiver
    
3.30
%‡
    
3.27
%
    
4.36
%
    
5.17
%
    
4.41
%
    
4.06
%
Portfolio turnover rate
    
23
%†
    
59
%
    
47
%
    
28
%
    
51
%
    
74
%

†
Not annualized.
‡
Annualized.
^
Performance presented includes a 9/30/2017 trade date adjustment to net asset value per share.
(1)
Based on average shares outstanding.
(2)
Amount is less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.
89
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period
 
Class A

   
Six Months
                                
   
Ended
                                
   
March 31,
    

 
   
2022
    
Year Ended September 30,
  
   
(Unaudited)
    
2021
    
2020
    
2019
    
2018
    
2017
  
PER SHARE DATA:
                                    
Net asset value,
                                    
  beginning of period
  
$
10.09
    
$
9.93
    
$
10.06
    
$
10.00
    
$
10.07
    
$
9.98
  
                                                 
Income from
                                                
  investment operations:
                                                
Net investment income
    
0.13
(1) 
    
0.26
(1) 
    
0.31
(1) 
    
0.36
      
0.32
      
0.28
  
Net realized and
                                                
  unrealized gain/(loss)
                                                
  on investments
    
(0.20
)
    
0.16
      
(0.13
)
    
0.06
      
(0.07
)
    
0.08
  
Total from
                                                
  investment operations
    
(0.07
)
    
0.42
      
0.18
      
0.42
      
0.25
      
0.36
  
                                                 
Less distributions:
                                                
From net
                                                
  investment income
    
(0.13
)
    
(0.26
)
    
(0.31
)
    
(0.36
)
    
(0.32
)
    
(0.27
)
Total distributions
    
(0.13
)
    
(0.26
)
    
(0.31
)
    
(0.36
)
    
(0.32
)
    
(0.27
)
Redemption fees retained
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(2) 
    
0.00
(2) 
    
0.00
(2) 
                                                 
Net asset value,
                                                
  end of period
  
$
9.89
    
$
10.09
    
$
9.93
    
$
10.06
    
$
10.00
    
$
10.07
  
                                                 
TOTAL RETURN
    
-0.72
%†
    
4.25
%
    
1.86
%
    
4.33
%
    
2.56
%
    
3.65
%
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of
                                                
  period (thousands)
  
$
23,681
    
$
20,580
    
$
15,946
    
$
13,407
    
$
13,160
    
$
12,341
  
Ratio of expenses
                                                
  to average net assets:
                                                
Before advisory fee waiver
    
0.97
%‡
    
0.98
%
    
1.02
%
    
1.03
%
    
1.01
%
    
1.03
%
After advisory fee waiver
    
0.96
%‡
    
0.96
%
    
0.97
%
    
0.96
%
    
0.95
%
    
0.95
%
Ratio of net investment
                                                
  income to average net assets:
                                                
Before advisory fee waiver
    
2.59
%‡
    
2.59
%
    
3.06
%
    
3.61
%
    
3.25
%
    
2.73
%
After advisory fee waiver
    
2.60
%‡
    
2.61
%
    
3.11
%
    
3.68
%
    
3.31
%
    
2.81
%
Portfolio turnover rate
    
24
%†
    
80
%
    
100
%
    
77
%
    
61
%
    
65
%

†
Not annualized.
‡
Annualized.
(1)
Based on average shares outstanding.
(2)
Amount is less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.
90
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period
 
Class C
   
Six Months
                                
   
Ended
                                
   
March 31,
    

 
   
2022
    
Year Ended September 30,
  
   
(Unaudited)
    
2021
    
2020
    
2019
    
2018
    
2017
  
PER SHARE DATA:
                                    
Net asset value,
                                    
  beginning of period
  
$
10.06
    
$
9.90
    
$
10.03
    
$
9.97
    
$
10.04
    
$
9.94
  
                                                 
Income from
                                                
  investment operations:
                                                
Net investment income
    
0.09
(1) 
    
0.19
(1) 
    
0.23
(1) 
    
0.29
      
0.25
      
0.21
  
Net realized and
                                                
  unrealized gain/(loss)
                                                
  on investments
    
(0.20
)
    
0.15
      
(0.12
)
    
0.06
      
(0.07
)
    
0.09
  
Total from
                                                
  investment operations
    
(0.11
)
    
0.34
      
0.11
      
0.35
      
0.18
      
0.30
  
                                                 
Less distributions:
                                                
From net
                                                
  investment income
    
(0.09
)
    
(0.18
)
    
(0.24
)
    
(0.29
)
    
(0.25
)
    
(0.20
)
Total distributions
    
(0.09
)
    
(0.18
)
    
(0.24
)
    
(0.29
)
    
(0.25
)
    
(0.20
)
Redemption fees retained
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
—
      
0.00
(2) 
    
—
  
                                                 
Net asset value,
                                                
  end of period
  
$
9.86
    
$
10.06
    
$
9.90
    
$
10.03
    
$
9.97
    
$
10.04
  
                                                 
TOTAL RETURN
    
-1.09
%†
    
3.49
%
    
1.10
%
    
3.57
%
    
1.80
%
    
3.01
%
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of
                                                
  period (thousands)
  
$
17,644
    
$
16,546
    
$
13,615
    
$
11,406
    
$
11,112
    
$
11,538
  
Ratio of expenses
                                                
  to average net assets:
                                                
Before advisory fee waiver
    
1.71
%‡
    
1.73
%
    
1.77
%
    
1.77
%
    
1.76
%
    
1.77
%
After advisory fee waiver
    
1.70
%‡
    
1.71
%
    
1.72
%
    
1.70
%
    
1.70
%
    
1.68
%
Ratio of net investment
                                                
  income to average net assets:
                                                
Before advisory fee waiver
    
1.84
%‡
    
1.84
%
    
2.32
%
    
2.87
%
    
2.46
%
    
1.99
%
After advisory fee waiver
    
1.85
%‡
    
1.86
%
    
2.37
%
    
2.94
%
    
2.52
%
    
2.08
%
Portfolio turnover rate
    
24
%†
    
80
%
    
100
%
    
77
%
    
61
%
    
65
%

†
Not annualized.
‡
Annualized.
(1)
Based on average shares outstanding.
(2)
Amount is less than $0.01 per share.
   
The accompanying notes are an integral part of these financial statements.
91
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period
 
Class F
   
Six Months
                                
   
Ended
                                
   
March 31,
    

 
   
2022
    
Year Ended September 30,
  
   
(Unaudited)
    
2021
    
2020
    
2019
    
2018
    
2017
  
PER SHARE DATA:
                                    
Net asset value,
                                    
  beginning of period
  
$
10.06
    
$
9.91
    
$
10.04
    
$
9.97
    
$
10.04
    
$
9.95
  
                                                 
Income from
                                                
  investment operations:
                                                
Net investment income
    
0.14
(1) 
    
0.28
(1) 
    
0.33
(1) 
    
0.39
      
0.34
      
0.29
  
Net realized and
                                                
  unrealized gain/(loss)
                                                
  on investments
    
(0.20
)
    
0.15
      
(0.13
)
    
0.07
      
(0.07
)
    
0.09
  
Total from
                                                
  investment operations
    
(0.06
)
    
0.43
      
0.20
      
0.46
      
0.27
      
0.38
  
                                                 
Less distributions:
                                                
From net
                                                
  investment income
    
(0.14
)
    
(0.28
)
    
(0.33
)
    
(0.39
)
    
(0.34
)
    
(0.29
)
Total distributions
    
(0.14
)
    
(0.28
)
    
(0.33
)
    
(0.39
)
    
(0.34
)
    
(0.29
)
Redemption fees retained
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(2) 
    
0.00
(2) 
    
0.00
(2) 
                                                 
Net asset value,
                                                
  end of period
  
$
9.86
    
$
10.06
    
$
9.91
    
$
10.04
    
$
9.97
    
$
10.04
  
                                                 
TOTAL RETURN
    
-0.71
%†
    
4.49
%
    
2.09
%
    
4.68
%
    
2.81
%
    
3.89
%
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of
                                                
  period (thousands)
  
$
702,268
    
$
671,520
    
$
446,802
    
$
289,716
    
$
211,941
    
$
139,324
  
Ratio of expenses
                                                
  to average net assets:
                                                
Before advisory fee waiver
    
0.75
%‡
    
0.76
%
    
0.79
%
    
0.80
%
    
0.79
%
    
0.82
%
After advisory fee waiver
    
0.74
%‡
    
0.74
%
    
0.74
%
    
0.73
%
    
0.73
%
    
0.74
%
Ratio of net investment
                                                
  income to average net assets:
                                                
Before advisory fee waiver
    
2.81
%‡
    
2.81
%
    
3.29
%
    
3.83
%
    
3.48
%
    
2.95
%
After advisory fee waiver
    
2.82
%‡
    
2.83
%
    
3.34
%
    
3.90
%
    
3.54
%
    
3.03
%
Portfolio turnover rate
    
24
%†
    
80
%
    
100
%
    
77
%
    
61
%
    
65
%

†
Not annualized.
‡
Annualized.
(1)
Based on average shares outstanding.
(2)
Amount is less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.
92
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

FINANCIAL HIGHLIGHTS


For a share outstanding throughout each period
 
Institutional Class
   
Six Months
                                
   
Ended
                                
   
March 31,
    

 
   
2022
    
Year Ended September 30,
  
   
(Unaudited)
    
2021
    
2020
    
2019
    
2018
    
2017
  
PER SHARE DATA:
                                    
Net asset value,
                                    
  beginning of period
  
$
10.07
    
$
9.92
    
$
10.05
    
$
9.98
    
$
10.05
    
$
9.96
  
                                                 
Income from
                                                
  investment operations:
                                                
Net investment income
    
0.14
(1) 
    
0.29
(1) 
    
0.34
(1) 
    
0.40
      
0.36
      
0.30
  
Net realized and
                                                
  unrealized gain/(loss)
                                                
  on investments
    
(0.20
)
    
0.15
      
(0.13
)
    
0.06
      
(0.08
)
    
0.09
  
Total from
                                                
  investment operations
    
(0.06
)
    
0.44
      
0.21
      
0.46
      
0.28
      
0.39
  
                                                 
Less distributions:
                                                
From net
                                                
  investment income
    
(0.14
)
    
(0.29
)
    
(0.34
)
    
(0.39
)
    
(0.35
)
    
(0.30
)
Total distributions
    
(0.14
)
    
(0.29
)
    
(0.34
)
    
(0.39
)
    
(0.35
)
    
(0.30
)
Redemption fees retained
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(2) 
    
0.00
(2) 
    
0.00
(2) 
                                                 
Net asset value,
                                                
  end of period
  
$
9.87
    
$
10.07
    
$
9.92
    
$
10.05
    
$
9.98
    
$
10.05
  
                                                 
TOTAL RETURN
    
-0.57
%†
    
4.47
%
    
2.18
%
    
4.77
%
    
2.88
%
    
3.97
%
                                                 
SUPPLEMENTAL DATA AND RATIOS:
  
Net assets, end of
                                                
  period (thousands)
  
$
767,309
    
$
620,753
    
$
274,166
    
$
259,009
    
$
342,454
    
$
372,013
  
Ratio of expenses
                                                
  to average net assets:
                                                
Before advisory fee waiver
    
0.66
%‡
    
0.67
%
    
0.70
%
    
0.72
%
    
0.71
%
    
0.73
%
After advisory fee waiver
    
0.65
%‡
    
0.65
%
    
0.65
%
    
0.65
%
    
0.65
%
    
0.65
%
Ratio of net investment
                                                
  income to average net assets:
                                                
Before advisory fee waiver
    
2.89
%‡
    
2.89
%
    
3.38
%
    
3.91
%
    
3.51
%
    
3.04
%
After advisory fee waiver
    
2.90
%‡
    
2.91
%
    
3.43
%
    
3.98
%
    
3.57
%
    
3.12
%
Portfolio turnover rate
    
24
%†
    
80
%
    
100
%
    
77
%
    
61
%
    
65
%
                                                 

†
Not Annualized.
‡
Annualized.
(1)
Based on average shares outstanding.
(2)
Amount is less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.
93
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS
March 31, 2022 (Unaudited)

NOTE 1 – ORGANIZATION
 
The Shenkman Capital Short Duration High Income Fund (the “Short Duration High Income Fund”) and the Shenkman Capital Floating Rate High Income Fund (the “Floating Rate High Income Fund”) (each a “Fund” and collectively, the “Funds”) are diversified series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company.  The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.”
 
The Short Duration High Income Fund commenced operations on October 31, 2012. The Floating Rate High Income Fund commenced operations on October 15, 2014. The primary investment objective of the Funds is to seek a high level of current income.  The Short Duration High Income Fund currently offers Class A, Class C, Class F, and Institutional Class shares.  Class F shares became available for purchase on May 17, 2013, while Class C shares became available for purchase on January 28, 2014.
 
The Floating Rate High Income Fund currently offers Class F and Institutional Class shares. Institutional Class shares became available for purchase on October 15, 2014 and Class F shares became available for purchase on March 1, 2017.
 
Each class of shares differs principally in its respective distribution expenses, service fees and sales charges on Class A and contingent deferred sales charge (“CDSC”) for Class C.  Each class of shares has identical rights to earnings, assets and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes.
 
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.
 
Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.
 
Federal Income Taxes – It is the Funds’ policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders.  Therefore, no Federal income or excise tax provision is required.
 
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The tax returns of the Funds’ prior three fiscal years are
94
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)
 
open for examination. Management has reviewed all open tax years in major jurisdictions and concluded that there is no impact on the Funds’ net assets and no tax liability resulting from unrecognized tax events relating to uncertain income tax positions taken or expected to be taken on a tax return. The Funds identify their major tax jurisdictions as U.S. Federal and the state of Wisconsin. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
 
Securities Transactions, Income, and Distributions – Securities transactions are accounted for on the trade date.  Securities sold are determined on a specific identification process.  Interest income is recorded on an accrual basis.  Discounts and premiums on securities purchased are accreted/amortized over the life of the respective security using the effective interest method, except for premiums on certain callable debt securities that are amortized to the earliest call date.  Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received.  Dividend income and distributions to shareholders are recorded on the ex-dividend date.  Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
 
Each Fund distributes substantially all of its net investment income, if any, monthly, and net realized capital gains, if any, annually.  The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which differ from accounting principles generally accepted in the United States of America.  To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment.  Distributions from net realized gains for book purposes may include short-term capital gains.  All short-term capital gains are included in ordinary income for tax purposes.
 
Investment income, expenses (other than those specific to the class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of a Fund based upon their relative net assets on the date income is earned or expensed and realized and unrealized gains and losses are incurred.
 
Each Fund is charged for those expenses that are directly attributable to that Fund, such as investment advisory, custody and transfer agent fees.  Expenses that are not attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets.  Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund’s respective net assets, or by other equitable means.
95
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)
 
Securities Purchased on a When-Issued Basis – The Funds may purchase securities on a when-issued basis, for payment and delivery at a later date, generally within one month. The price and yield are generally fixed on the date of commitment to purchase, and the value of the security is thereafter reflected in a Fund’s net asset value. During the period between purchase and settlement, no payment is made by the Funds and no interest accrues to the Funds. At the time of settlement, the market value of the security may be more or less than the purchase price.
 
Redemption Fees – The Funds charge a 1% redemption fee to shareholders who redeem shares held for 30 days or less.  Such fees are retained by the Funds and accounted for as an addition to paid-in capital.  Redemption fees retained are disclosed in the statements of changes.
 
Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operation during the reporting period.  Actual results could differ from those estimates.
 
Reclassification of Capital Accounts – Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting.  These reclassifications have no effect on net assets or net asset value per share.
 
Bridge Loan Commitments – In connection with floating rate loan interests, the Funds may also enter into bridge loan commitments.  Bridge loan commitments may obligate the Funds to furnish temporary financing to a borrower until permanent financing can be arranged. At March 31, 2022, the Funds did not have any outstanding bridge loan commitments.
 
Unfunded Loan Commitments – Unfunded loan commitments are contractual obligations for funding to a borrower.  At March 31, 2022, the Floating Rate High Income Fund and the Short Duration High Income Fund had $395,307 and $0, respectively, in outstanding unfunded loan commitments.
 
Events Subsequent to the Fiscal Period End – In preparing the financial statements as of March 31, 2022, management considered the impact of subsequent events for the potential recognition or disclosure in these financial statements.  Management has determined there were no subsequent events that would need to be disclosed in the Funds’ financial statements.
96
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)

NOTE 3 – SECURITIES VALUATION
 
The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types.  These inputs are summarized in the three broad levels listed below:
 
Level 1 –
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 Funds’ 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.

Following is a description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis.
 
Each Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).
 
Bank Loan Obligations – Bank loan obligations are valued at market on the basis of valuations furnished by an independent pricing service which utilizes quotations obtained from dealers in bank loans.  These securities will generally be classified in Level 2 of the fair value hierarchy.
 
Debt Securities – Debt securities, such as corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries and U.S. government agency issues are valued at market on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate market observable data such as reported sales of
97
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)
 
similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued principally using dealer quotations.  Debt securities having a maturity of 60 days or less are valued at the evaluated mean between the bid and asked price.  These securities will generally be classified in Level 2 of the fair value hierarchy.
 
Equity Securities – Equity securities that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices.  Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”).  If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices.  Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price.  To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
 
Investment Companies – Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in Level 1 of the fair value hierarchy.
 
Short-Term Securities – Short-term securities having a maturity of less than 60 days are valued at the evaluated mean between bid and asked price.  To the extent the inputs are observable and timely, these securities would be classified in Level 2 of the fair value hierarchy.
 
Restricted Securities – The Funds may invest in securities that are subject to legal or contractual restrictions on resale (“restricted securities”). Restricted securities may be resold in transactions that are exempt from registration under the Federal securities laws. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. The sale or other disposition of these securities may involve additional expenses and the prompt sale of these securities at an acceptable price may be difficult. At March 31, 2022, the Funds held securities issued pursuant to Rule 144A under the Securities Act of 1933. All Rule 144A securities have been classified as liquid under the Funds’ liquidity risk management program.
 
Accounting Pronouncement – In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark
98
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)
 
interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (“LIBOR”) quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.
 
Rule 18f-4 Accounting Pronouncement – In October 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”).  Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.  The Funds do not currently enter into derivatives transactions. Management is currently evaluating the potential impact of Rule 18f-4 on the Funds.
 
Rule 2a-5 Accounting Pronouncement – In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”).  Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act.  Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions.  Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security.  In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments.  The Funds will be required to comply with the rules by September 8, 2022.  Management is currently assessing the potential impact of the new rules on the Funds’ financial statements.
 
The Board of Trustees (“Board”) has delegated day-to-day valuation issues to a Valuation Committee of the Trust which is comprised of representatives from the Funds’ administrator, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”).  The function
99
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)
 
of the Valuation Committee is to value securities where current and reliable market quotations are not readily available, or the closing price does not represent fair value by following procedures approved by the Board.  These procedures consider many factors, including the type of security, size of holding, trading volume and news events.  All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board.
 
Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used to value the Funds’ securities as of March 31, 2022:
 
Floating Rate High Income Fund
                        
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
  Bank Loan
                        
    Obligations
  
$
—
    
$
275,600,820
    
$
—
    
$
275,600,820
  
  Corporate Bonds
    
—
      
33,506,564
      
—
      
33,506,564
  
Total Fixed Income
    
—
      
309,107,384
      
—
      
309,107,384
  
Equities
                                
  Electric Power
                                
    Generation
    
—
      
1,437
      
—
      
1,437
  
  Information
    
83,948
      
—
      
—
      
83,948
  
Total Equities
    
83,948
      
1,437
      
—
      
85,385
  
Warrants
    
—
      
16,323
      
—
      
16,323
  
Money Market Fund
    
23,087,498
      
—
      
—
      
23,087,498
  
Total Investments
  
$
23,171,446
    
$
309,125,144
    
$
—
    
$
332,296,590
  
                                 
Short Duration High Income Fund
                                

 
Level 1
    
Level 2
     Level 3     Total
 
Fixed Income
                                
  Corporate Bonds
  
$
—
    
$
1,366,538,050
    
$
—
    
$
1,366,538,050
  
  Bank Loan
                                
    Obligations
    
—
      
53,927,086
      
—
      
53,927,086
  
  Convertible Bonds
    
—
      
5,339,435
      
—
      
5,339,435
  
Total Fixed Income
    
—
      
1,425,804,571
      
—
      
1,425,804,571
  
Money Market Fund
    
36,687,065
      
—
      
—
      
36,687,065
  
Total Investments
  
$
36,687,065
    
$
1,425,804,571
    
$
—
    
$
1,462,491,636
  
100

SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)

Refer to the Funds’ schedules of investments for a detailed break-out of securities.
 
The following is a reconciliation of the Floating Rate High Income Fund’s Level 3 investments for which significant unobservable inputs were used in determining fair value.  The Short Duration High Income Fund did not hold Level 3 investments at March 31, 2022, and as such no reconciliation is presented.
 
Shenkman Capital Floating Rate High Income Fund
 
Level 3 Reconciliation Disclosure

   
Equities
  
Balance as of September 30, 2021
  
$
1,048
  
  Change in unrealized appreciation
    
389
  
  Transfer out at March 31, 2022
    
(1,437
)
Balance as of March 31, 2022
  
$
—
  
Change in unrealized appreciation/(depreciation) during the
        
  period for Level 3 investments held at March 31, 2022
  
$
—
  

The Shenkman Capital Floating Rate High Income Fund did not hold any Level 3 investments at March 31, 2022.
 
The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are becoming more widely available, the ultimate economic fallout from the pandemic, amid the spread of COVID-19 variants, and the long-term impact on economies, markets, industries and individual companies are not known. The operational and financial performance of individual companies and the market in general depends on future developments, including the duration and spread of any future outbreaks and the pace of recovery which may vary from market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.
 
NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Funds have an investment advisory agreement with Shenkman Capital Management, Inc. (the “Advisor”) pursuant to which the Advisor is responsible for providing investment management services to each Fund.  The Advisor furnishes all investment advice, office space and facilities, and provides most of the personnel needed by the Funds.  As compensation for its services, the Advisor is entitled to a fee, computed daily and payable monthly, based upon the average daily net assets of the Funds at the annual rates of:
 
Floating Rate High Income Fund
    
0.50
%
  
Short Duration High Income Fund
    
0.55
%
  
101
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)

For the six months ended March 31, 2022, the Floating Rate High Income Fund and the Short Duration High Income Fund incurred $729,148 and $3,763,915, respectively, in advisory fees. Advisory fees payable to the Advisor at March 31, 2022 for the Floating Rate High Income Fund and the Short Duration High Income Fund were $80,057 and $647,934, respectively.  The amounts shown on the statements of assets and liabilities are net amounts due to the Advisor.
 
Each Fund is responsible for its own operating expenses, including Rule 12b-1 fees, shareholder servicing plan fees, custodian fees, taxes, transfer agency fees, interest and other customary Fund expenses.  However, the Advisor has contractually agreed to waive all or a portion of its management fees and pay Floating Rate High Income Fund and Short Duration High Income Fund expenses in order to limit each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, taxes, interest expense, dividends on securities sold short, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class-specific expenses) to the following amounts of the average daily net assets:
 
Floating Rate High Income Fund:
    
0.54
%
  
Short Duration High Income Fund:
    
0.65
%
  

Any such reduction made by the Advisor in its fees or payment of expenses which are the Funds’ obligation are subject to reimbursement by the Funds to the Advisor, if so requested by the Advisor, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment  if the aggregate amount actually paid by the Funds toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause a Fund to exceed the lesser of:  (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board review and approval. Such reimbursement may not be paid prior to the Funds’ payment of current ordinary operating expenses. For the six months ended March 31, 2022, the Advisor reduced its fees in the amount of $304,397 for the Floating Rate High Income Fund and in the amount of $40,656 for the Short Duration High Income Fund.  No amounts were reimbursed to the Advisor for either Fund.  The Advisor may recapture portions of the amounts shown below no later than the corresponding dates:
 
   
9/30/2022
    
9/30/2023
    
9/30/2024
    
3/31/2025
    
Total
  
Floating Rate High
                              
  Income Fund
  
$
241,194
    
$
499,945
    
$
595,808
    
$
304,397
    
$
1,641,344
  
Short Duration
                                        
  High Income Fund
    
163,221
      
318,992
      
167,019
      
40,656
      
689,888
  

102
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)
 
Fund Services serves as the Funds’ administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as custodian (the “Custodian”) to the Funds.  The Custodian is an affiliate of Fund Services.  Fund Services maintains the Funds’ books and records, calculates the Funds’ NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board.  The officers of the Trust, including the Chief Compliance Officer, are employees of Fund Services.  Fees paid by the Funds for administration and accounting, transfer agency, custody and compliance services for the six months ended March 31, 2022, are disclosed in the statements of operations.
 
Quasar Distributors, LLC (“Quasar”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. Quasar is a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC (“Foreside”).
 
NOTE 5 – DISTRIBUTION AGREEMENT AND PLAN
 
The Short Duration High Income Fund adopted a Distribution Plan pursuant to Rule 12b-1 (the “Plan”).  The Plan permits the Short Duration High Income Fund to pay for distribution and related expenses at an annual rate of up to 0.25% of the average daily net assets of the Short Duration High Income Fund’s Class A shares and up to 1.00% of the average daily net assets of the Short Duration High Income Fund’s Class C shares.  The expenses covered by the Plan may include the cost in connection with the promotion and distribution of shares and the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, and the printing and mailing of sales literature.  Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred.  For the six months ended March 31, 2022, the Short Duration High Income Fund incurred distribution expenses on its Class A and Class C shares of $28,583 and $85,452, respectively.
 
NOTE 6 – SHAREHOLDER SERVICING FEE
 
The Funds entered into a shareholder servicing agreement (the “Agreement”) with the Advisor, under which the Advisor will provide, or arrange for others to provide, certain specified shareholder services.  As compensation for the provision of shareholder services, the Funds may pay servicing fees at an annual rate of up to 0.10% of the average daily net assets of the Class A, Class C, and Class F shares. Payments to the Advisor under the Agreement may reimburse the Advisor for payments it makes to selected brokers, dealers and administrators which have entered into service
103
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)
 
agreements with the Advisor for services provided to shareholders of the Funds.  The services provided by such intermediaries are primarily designed to assist shareholders of each Fund and include the furnishing of office space and equipment, telephone facilities, personnel, and assistance to the Funds in servicing such shareholders.  Services provided by such intermediaries also include the provision of support services to the Funds and include establishing and maintaining shareholders’ accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request. For the six months ended March 31, 2022, the Floating Rate High Income Fund’s Class F shares incurred $828 in shareholder servicing fees. For the six months ended March 31, 2022, the Class A, Class C and Class F shares of the Short Duration High Income Fund incurred $7,389, $4,554 and $289,562, respectively, in shareholder servicing fees.
 
NOTE 7 – PURCHASES AND SALES OF SECURITIES
 
For the six months ended March 31, 2022, the cost of purchases and the proceeds from sales of securities (excluding short-term securities) were as follows:
 
   
Purchases
    
Sales
  
Floating Rate High Income Fund
  
$
96,555,118
    
$
64,717,717
  
Short Duration High Income Fund
    
495,592,733
      
318,889,042
  

The Funds had no purchases or sales of U.S. government obligations during the six months ended March 31, 2022. The Floating Rate High Income Fund and the Short Duration High Income Fund had $0 and $13,153,748, respectively, in Rule 17a-7 transactions during the six months ended March 31, 2022.
 
NOTE 8 – LINES OF CREDIT
 
The Floating Rate High Income Fund and the Short Duration High Income Fund have secured lines of credit in the amount of $40,000,000 and $120,000,000, respectively.  These lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds’ custodian, U.S. Bank N.A.  The Floating Rate High Income Fund and the Short Duration High Income Fund did not draw upon their lines of credit during the six months ended March 31, 2022.  At March 31, 2022, neither of the Funds had any outstanding loan amounts.
104
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)

NOTE 9 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
 
As of September 30, 2021, the most recently completed fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:
 
   
Floating Rate
    
Short Duration
  
   
High Income Fund
    
High Income Fund
  
Cost of investments(a)
  
$
291,225,112
    
$
1,304,684,359
  
Gross unrealized appreciation
    
3,208,847
      
12,782,026
  
Gross unrealized depreciation
    
(1,671,617
)
    
(1,452,038
)
Net unrealized appreciation(a)
    
1,537,230
      
11,329,988
  
Undistributed ordinary income
    
147,737
      
1,650,271
  
Total distributable earnings
    
147,737
      
1,650,271
  
Other accumulated losses
    
(14,598,974
)
    
(11,706,256
)
Total accumulated earnings/(losses)
  
$
(12,914,007
)
  
$
1,274,003
  

(a)
Any differences between book basis and tax basis net unrealized appreciation and cost are attributable primarily to the tax deferral of losses on wash sales and partnership adjustments.

At September 30, 2021, the Funds had tax basis capital losses to offset future gains as follows:
 
 
Capital Loss Carryover
    
 
Long-Term
Short-Term
Total
Expiration Date
Floating Rate
        
  High Income
        
  Fund
$12,772,171
$1,705,005
$14,477,176
No Expiration
Short Duration
        
  High Income
        
  Fund
   2,354,849
 7,804,897
 10,159,746
No Expiration

The tax character of distributions paid during the six months ended March 31, 2022 and the year ended September 30, 2021 was as follows:
 
Floating Rate High Income Fund
            
   
Six Months Ended
    
Year Ended
  
   
March 31, 2022
    
September 30, 2021
  
Ordinary income
  
$
4,802,109
    
$
8,843,108
  
Total distributions paid
  
$
4,802,109
    
$
8,843,108
  
                 
Short Duration High Income Fund
                
   
Six Months Ended
    
Year Ended
  
   
March 31, 2022
    
September 30, 2021
  
Ordinary income
  
$
19,637,575
    
$
30,592,320
  
Total distributions paid
  
$
19,637,575
    
$
30,592,320
  
105
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)

The Funds designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ended September 30, 2021.
 
NOTE 10 – CONTROL OWNERSHIP
 
The beneficial ownership, either directly or indirectly of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2022, each Fund’s percentage of control ownership positions greater than 25% are as follows:
 
   
Percent of
Fund
Shareholder
Shares Held
Floating Rate High
    
  Income Fund
National Financial Services, LLC
39.26%
Short Duration High
    
  Income Fund
Merrill Lynch Pierce Fenner & Smith
30.21%

NOTE 11 – PRINCIPAL RISKS
 
Below is a summary of some, but not all, of the principal risk of investing in the Funds, each of which may adversely affect a Fund’s net asset value and total return. The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks. The following risks apply to both Funds.
 
Bank Loan Risk. A Fund’s investments in assignments of secured and unsecured bank loans may create substantial risk. In making investments in such loans, which are made by banks or other financial intermediaries to borrowers, a Fund will depend primarily upon the creditworthiness of the borrower, whose financial condition may be troubled or highly leveraged, for payment of principal and interest. If a Fund does not receive scheduled interest or principal payments on such indebtedness, such Fund’s share price could be adversely affected. A Fund may invest in loans that are rated by a nationally recognized statistical rating organization or are unrated, and may invest in loans of any credit quality, including “distressed” companies with respect to which there is a substantial risk of losing the entire amount invested. In addition, certain bank loans in which a Fund may invest may be illiquid and, therefore, difficult to value and/or sell at a price that is beneficial to the Fund. A Fund, as a participant in a loan, has no direct claim on the loan and would be a creditor of the lender, and not the borrower, in the event of a borrower’s insolvency or default. Transactions in many loans settle on a delayed basis, and a Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale (i.e., more than seven days after the sale). As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund’s redemption obligations until potentially a substantial period after the sale of
106
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)
 
the loans. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities.
 
LIBOR Risk. The Funds invest in certain debt securities, derivatives or other financial instruments that utilize the London Inter-bank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for variable interest rate calculations. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, global consensus is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include enhanced provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, decreased values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting a Fund’s performance or net asset value. Uncertainty and volatility arising from the transition may result in a reduction in the value of certain LIBOR-based instruments held by a Fund or reduce the effectiveness of related transactions. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund and may adversely affect a Fund’s performance or net asset value.
 
Credit Risk. A company may not be able to repay its debt. The Funds invest primarily in “high yield” securities and loans (i.e., rated below Baa3 or BBB- by one or more nationally recognized statistical rating organizations or are unrated but are of comparable credit quality to obligations rated below investment-grade). High yield securities and loans have greater credit risk than more highly rated debt obligations and have a greater possibility that an adverse change in the financial condition of the issuer or the economy may impair the ability of the issuer to make payments of principal and interest. Bankruptcy and similar laws applicable to issuers of the high yield securities and loans may also limit the amount of a Fund’s recovery if the issuer becomes insolvent. High yield securities and loans have historically experienced greater default rates than has been the case for investment-grade securities.
 
High Yield Risk. Bonds and loans rated below BBB by S&P or Baa by Moody’s (commonly referred to as “junk bonds or loans”) typically carry higher coupon rates than investment grade bonds, but also are described as
107
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)
 
speculative by both S&P and Moody’s and may be subject to greater market price fluctuations, less liquidity and greater risk of income or principal including greater possibility of default and bankruptcy of the issuer of such instruments than more highly rated bonds and loans. Lower-rated bonds and loans also are more likely to be sensitive to adverse economic or company developments and more subject to price fluctuations in response to changes in interest rates. The market for lower-rated debt issues generally is thinner and less active than that for higher quality instruments, which may limit a Fund’s ability to sell such instruments at fair value in response to changes in the economy or financial markets. During periods of economic downturn or rising interest rates, highly leveraged issuers of lower-rated instruments may experience financial stress which could adversely affect their ability to make payments of interest and principal and increase the possibility of default.
 
Interest Rate Risk. Each Fund’s investments in fixed-income instruments will change in value based on changes in interest rates. When interest rates decline, the value of a portfolio invested in fixed-rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a portfolio investment in fixed-rate obligations can be expected to decline. Although the value of each Fund’s investments will vary, the fluctuations in value of a Fund’s investments in floating rate instruments should be minimized as a result of changes in market interest rates. However, because floating rates on loans and other instruments only reset periodically, changes in prevailing interest rates can still be expected to cause some fluctuation in the value of a Fund. Similarly, it is likely there will be less governmental action in the near future to maintain low interest rates. The negative impact on fixed income securities from the resulting rate increases for that and other reasons could be swift and significant, which could cause a decline in the value of a Fund’s portfolio. Other economic factors (such as large downward movement in stock prices, a disparity in supply and demand of certain securities or market conditions that reduce liquidity) can also adversely impact the markets for loans and other debt obligations. Rating downgrades of holdings or their issuers will generally reduce the value of such holdings. Consequently, changes in the values of a Fund’s portfolio likely will cause fluctuation in the value of each partner’s capital account.
 
Investment Risk. Neither Fund is a complete investment program and you may lose money by investing in the Funds. Each Fund invests primarily in debt obligations issued by non-investment grade companies that may have significant risks as a result of business, financial, market or legal uncertainties. There can be no assurance that the Advisor will correctly evaluate the nature and magnitude of the various factors that could affect the value of, and return on, a Fund’s investments. Prices of the investments held by the Funds may be volatile, and a variety of other factors that are
108
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2022 (Unaudited)
 
inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of a Fund’s activities and the value of its investments.
 
Liquidity Risk. Low or lack of trading volume may make it difficult to sell securities held by the Funds at quoted market prices. The Funds’ investments may at any time consist of significant amounts of securities that are thinly traded or for which no market exists. For example, the investments held by a Fund may not be liquid in all circumstances so that, in volatile markets, the Advisor may not be able to close out a position without incurring a loss. The foregoing risks may be accentuated when the Funds are required to liquidate positions to meet withdrawal requests. Additionally, floating rate loans generally are subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Funds need to liquidate such loans. High yield bonds and loans generally trade only in the over-the-counter market rather than on an organized exchange and may be more difficult to purchase or sell at a fair price, which could have a negative impact on a Fund’s performance.
 
Market and Regulatory Risk. Events in the financial markets and economy may cause volatility and uncertainty and adversely impact the Funds’ performance. Market events may affect a single issuer, industry, sector, or the market as a whole. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments. The Funds’ investments may decline in value due to factors affecting individual issuers (such as the results of supply and demand), or sectors within the securities markets. The value of a security or other investment also may go up or down due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in interest rates or exchange rates, or adverse investor sentiment generally. In addition, unexpected events and their aftermaths, such as the spread of deadly diseases; natural, environmental or man-made disasters; financial, political or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.
 
Rule 144A Securities Risk. The market for Rule 144A securities typically is less active than the market for publicly-traded securities. Rule 144A securities carry the risk that the liquidity of these securities may become impaired, making it more difficult for the Funds to sell these bonds.
 
NOTE 12 – TRUSTEES
 
Gail Duree retired as an Independent Trustee effective December 31, 2021.
 
109
SHENKMAN CAPITAL FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited)

At meetings held on October 18 and December 7-8, 2021, the Board (which is comprised of four persons, all of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved, for another annual term, the continuance of the investment advisory agreement (the “Advisory Agreement”) between Advisors Series Trust (the “Trust”) and Shenkman Capital Management, Inc. (the “Advisor”) on behalf of the Shenkman Capital Short Duration High Income Fund (the “Short Duration Fund”) and the Shenkman Capital Floating Rate High Income Fund (the “Floating Rate Fund”) (each, a “Fund,” and together, the “Funds”).  At both meetings, the Board received and reviewed substantial information regarding the Funds, the Advisor, and the services provided by the Advisor to the Funds under the Advisory Agreement.  This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board’s determinations.  Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board’s approval of the continuance of the Advisory Agreement:
 
 
1.
THE NATURE, EXTENT AND QUALITY OF THE SERVICES PROVIDED AND TO BE PROVIDED BY THE ADVISOR UNDER THE ADVISORY AGREEMENT.  The Board considered the nature, extent and quality of the Advisor’s overall services provided to the Funds, as well as its specific responsibilities in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Advisor involved in the day-to-day activities of the Funds.  The Board also considered the resources and compliance structure of the Advisor, including information regarding its compliance program, its chief compliance officer and the Advisor’s compliance record, as well as the Advisor’s cybersecurity program, liquidity risk management program, business continuity plan, and risk management process. Additionally, the Board considered how the Advisor’s business continuity plan has operated throughout the COVID-19 pandemic. The Board further considered the prior relationship between the Advisor and the Trust, as well as the Board’s knowledge of the Advisor’s operations, and noted that during the course of the prior year they had met with certain personnel of the Advisor via videoconference to discuss the Funds’ performance and investment outlook as well as various marketing and compliance topics.  The Board concluded that the Advisor had the quality and depth of personnel, resources, investment processes, and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that they were satisfied with the nature, overall quality and extent of such management services.
110
SHENKMAN CAPITAL FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENT – Continued
(Unaudited)
 
 
2.
THE FUNDS’ HISTORICAL PERFORMANCE AND THE OVERALL PERFORMANCE OF THE ADVISOR.  In assessing the quality of the portfolio management delivered by the Advisor, the Board reviewed the performance of each Fund as of June 30, 2021 on both an absolute basis and a relative basis in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market benchmarks, a cohort that is comprised of similarly managed funds selected by an independent third-party consulting firm engaged by the Board to assist it in its 15(c) review (the “Cohort”), and the Advisor’s similarly managed accounts.  While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance.  When reviewing performance against the comparative peer group universe, the Board took into account that the investment objectives and strategies of each Fund, as well as its level of risk tolerance, may differ significantly from funds in the peer universe.  When reviewing a Fund’s performance against broad market benchmarks, the Board took into account the differences in portfolio construction between the Fund and such benchmarks as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance may be transitory in nature while others may reflect more significant underlying issues.

   
Short Duration Fund: The Board noted that the Fund underperformed each of the Morningstar peer group and Cohort average for the one-, three-, and five-year periods ended June 30, 2021. The Board reviewed the performance of the Fund against broad-based securities market benchmarks, noting that it had underperformed its primary and secondary benchmark over the one-, three-, and five-year periods ended June 30, 2021.
     
   
Floating Rate Fund: The Board noted that the Fund underperformed each of the Morningstar peer group and Cohort average for the one-year period and outperformed for the three- and five-year periods ended June 30, 2021. The Board also reviewed the performance of the Fund against broad-based securities market benchmarks, noting that it had underperformed its primary and secondary benchmark over the one-, three- and five-year periods ended June 30, 2021.
     
 
3.
THE COSTS OF THE SERVICES TO BE PROVIDED BY THE ADVISOR AND THE STRUCTURE OF THE ADVISOR’S FEE UNDER THE ADVISORY AGREEMENT.  In considering each Fund’s advisory fee and total fees and expenses, the Board reviewed comparisons to the
111
SHENKMAN CAPITAL FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENT – Continued
(Unaudited)
 
   
Morningstar peer funds, the Cohort, and the Advisor’s similarly managed separate accounts for other types of clients, as well as all expense waivers and reimbursements.  When reviewing fees charged to other separately managed accounts, the Board took into account the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts.
     
   
Short Duration Fund: The Board noted that the Advisor had contractually agreed to maintain an annual expense ratio for the Fund of 0.65% (the “Expense Cap”), excluding certain operating expenses and class-level expenses.  The Board noted that the Fund’s contractual management fee was in line with the average and median of the Morningstar peer group and the total net expense ratio was below the peer group median and average.  Additionally, the Board noted that compared to the Cohort the contractual management fee and total net expense ratio were both above the median and average.  The Board also took into consideration the services the Advisor provides to its similarly managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund.  The Board found that the management fees charged to the Fund were generally within the range of the fees charged to the Advisor’s similarly managed account clients and that to the extent fees charged to the Fund were higher than for similarly managed accounts, it was largely a reflection of the nature of the client and services provided.
     
   
Floating Rate Fund: The Board noted that the Advisor had contractually agreed to maintain an annual expense ratio for the Fund of 0.55% (the “Expense Cap”).  The Board noted that both the Fund’s total net expense ratio and contractual management fee were below the Morningstar peer group and Cohort median and average.  The Board also took into consideration the services the Advisor provides to its similarly managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund.  The Board found that the management fees charged to the Fund were generally within the range of the fees charged to the Advisor’s similarly managed account clients and that to the extent fees charged to the Fund were higher than for similarly managed accounts, it was largely a reflection of the nature of the client and services provided.
     
   
The Board determined that it would continue to monitor the appropriateness of the advisory fees for the Funds and concluded that, at this time, the fees to be paid to the Advisor were fair and reasonable.
112
SHENKMAN CAPITAL FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENT – Continued
(Unaudited)
 
 
4.
ECONOMIES OF SCALE.  The Board also considered whether economies of scale were being realized by the Advisor that should be shared with shareholders.  The Board further noted that the Advisor has contractually agreed to reduce its advisory fees or reimburse Fund expenses so that the Funds do not exceed the specified Expense Caps.  The Board noted that at current asset levels, it did not appear that there were additional significant economies of scale being realized by the Advisor that should be shared with shareholders and concluded that it would continue to monitor economies of scale in the future as circumstances changed and assuming asset levels increase.
     
 
5.
THE PROFITS TO BE REALIZED BY THE ADVISOR AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUNDS.  The Board reviewed the Advisor’s financial information and took into account both the direct benefits and the indirect benefits to the Advisor from advising the Funds.  The Board considered the profitability to the Advisor from its relationship with the Funds and considered any additional material benefits derived by the Advisor from its relationship with the Funds, such as Rule 12b-1 fees and shareholder servicing plan fees received from the Class A and Class C shares of the Short Duration Fund.  The Board also considered that the Funds do not generate “soft dollar” benefits that may be used by the Advisor in exchange for Fund brokerage.  After such review, the Board determined that the profitability to the Advisor with respect to the Advisory Agreement was not excessive, and that the Advisor had maintained adequate profit levels to support the services it provides to the Funds.

No single factor was determinative of the Board’s decision to approve the continuance of the Advisory Agreement for the Short Duration Fund and the Floating Rate Fund, but rather the Trustees based their determination on the total mix of information available to them. Based on a consideration of all the factors in their totality, the Trustees determined that the advisory arrangement with the Advisor, including the advisory fees, was fair and reasonable to the Funds.  The Board, including a majority of the Independent Trustees, therefore determined that the continuance of the Advisory Agreement for the Short Duration Fund and the Floating Rate Fund would be in the best interest of each Fund and its shareholders.
113
SHENKMAN CAPITAL FUNDS

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)

Each Fund has adopted a liquidity risk management program (the “program”). The Board has designated a committee at the Advisor to serve as the administrator of the program. The Advisor’s committee conducts the day-to-day operation of the programs pursuant to policies and procedures administered by the committee.
 
Under the program, the Advisor’s committee manages each Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of each Fund’s investments, limiting the amount of each Fund’s illiquid investments, and utilizing various risk management tools and facilities available to each Fund for meeting shareholder redemptions, among other means. The committee’s process of determining the degree of liquidity of each Fund’s investments is supported by one or more third-party liquidity assessment vendors.
 
The Board reviewed a report prepared by the committee regarding the operation and effectiveness of the program for the period July 1, 2020 through June 30, 2021. No significant liquidity events impacting the Fund were noted in the report. In addition, the committee provided its assessment that the program had been effective in managing each Fund’s liquidity risk.
 
114
SHENKMAN CAPITAL FUNDS

NOTICE TO SHAREHOLDERS
March 31, 2022 (Unaudited)

How to Obtain a Copy of the Funds’ Proxy Voting Policies
 
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-855-SHENKMAN (1-855-743-6562) or on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
 
How to Obtain a Copy of the Funds’ Proxy Voting Records for the 12-Month Period Ended June 30
 
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-855-SHENKMAN (1-855-743-6562). Furthermore, you can obtain the Funds’ proxy voting records on the SEC’s website at http://www.sec.gov.
 
Quarterly Filings on Form N-PORT
 
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT.  The Funds’ Form N-PORT is available on the SEC’s website at http://www.sec.gov.  Information included in the Funds’ Form N-PORT is also available, upon request, by calling 1-855-SHENKMAN (1-855-743-6562).
 
Householding
 
In an effort to decrease costs, the Funds will reduce the number of duplicate prospectuses, supplements, and certain other shareholder documents that you receive by sending only one copy of each to those addresses shown by two or more accounts. Please call the Funds’ transfer agent toll free at 1-855-SHENKMAN (1-855-743-6562) to request individual copies of these documents. The Funds will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.
115
SHENKMAN CAPITAL FUNDS

PRIVACY NOTICE


The Funds collect non-public information about you from the following sources:
 
 
•
Information we receive about you on applications or other forms;
     
 
•
Information you give us orally; and/or
     
 
•
Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities.  We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Funds.  We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities.  We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.
 
In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.
 
116







 
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Advisor
Shenkman Capital Management, Inc.
461 Fifth Avenue, 22nd Floor
New York, NY  10017

Distributor
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, WI  53202

Transfer Agent
U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI  53202
(855) 743-6562

Custodian
U.S. Bank N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, WI  53212

Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, PA  19102

Legal Counsel
Sullivan & Worcester LLP
1633 Broadway, 32nd Floor
New York, NY  10019







This report is intended for shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus.
 
Past performance results shown in this report should not be considered a representation of future performance.  Share price and returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.  Statements and other information herein are dated and are subject to change.
 
SJ-SEMI
 

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

(b) Not applicable.

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
 
(b) Not applicable.
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.


Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)
The Registrant’s President/Chief Executive Officer/Principal Executive Officer and Vice President/Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934.  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.


(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant.  There was no change in the registrant’s independent public accountant for the period covered by this report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)  Advisors Series Trust 

By (Signature and Title)*     /s/ Jeffrey T. Rauman
 Jeffrey T. Rauman, President/Chief Executive Officer/Principal
 Executive Officer

Date   6/6/2022



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*     /s/ Jeffrey T. Rauman
 Jeffrey T. Rauman, President/Chief Executive Officer/Principal
 Executive Officer

Date   6/6/2022

By (Signature and Title)*    /s/ Cheryl L. King
   Cheryl L. King, Vice President/Treasurer/Principal Financial Officer

Date   6/3/2022

* Print the name and title of each signing officer under his or her signature.