N-CSRS 1 scf-ncsrs.htm SHENKMAN CAPITAL FUNDS SEMIANNUAL REPORT 3-31-23


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, 2023



Date of reporting period: March 31, 2023


Item 1. Reports to Stockholders.

(a)





Semi-Annual
SHENKMAN CAPITAL FLOATING
Report
RATE HIGH INCOME FUND
 
 
March 31, 2023
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, 2023 (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 with the best chance of providing superior risk-adjusted returns. For the semi-annual period ended March 31, 2023 (the “Period”), the Morningstar LSTA US Leveraged Loan Index (the “Index”) and Morningstar LSTA US B- Ratings and Above Loan Index (the “B- & Above Index”) returned 5.94% and 6.36%, respectively, as fixed-income assets cautiously rebounded following a rate-driven selloff over the prior period. Both the Fund’s institutional class shares (SFHIX) and F class shares (SFHFX) had a net return of 5.77% for the Period.
 
The primary driver of Fund performance relative to the Index during the Period was the underweight and positive selection in CCCs as the cohort significantly underperformed higher-rated loans. For further context, over the Period, Index returns by rating exhibited differentiation, with BB-rated, B-rated, and CCC & Below-rated loans returning +5.97%, +6.61%, and -1.53%, respectively. The Fund had a lower weight than the Index in riskier credit profiles, including CCC-rated/below and second-lien loans, both of which contributed to relative performance. Negative selection in BB rated credits was a detractor for the Period. From a sector attribution standpoint, the Fund benefitted from positive selection in Software & Services and Health Care Equipment & Services.  Main detractors were negative selection in Telecommunication Services and Diversified Financials.

The Fund remained well-diversified, with investments in approximately 350 issuers across more than 50 industries.  For liquidity purposes, the Fund targets an allocation of approximately 15% of assets to cash and bonds.
 
Market Commentary
 
Following a record $614 billion in leveraged loan issuance in 2021, primary loan market activity slowed significantly in 2022 amid increased market volatility and sharply higher rates. Full year 2022 issuance of $225 billion represents a 63% decline in volume versus the prior year. The limited issuance theme carried over into the first quarter of 2023 as just $70.3 billion in loans came to market during the Period. Lenders who typically tap the leveraged loan market have approximately $23 billion in underwritten loans on their balance sheets that have yet to hit the market, according to Deutsche Bank. We believe investors can now push for attractive original issue discounts (OIDs), higher spreads, and more robust covenant protections to get deals to clear the market, which is costly for dealers but has created an opportunity for investors. From a demand perspective, CLO formations totaled $33.6 billion in the first quarter, an increase of approximately 50% from the
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SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2023 (Unaudited)

previous quarter, following issuance totals of $183.7 billion and $130.3 billion in 2021 and 2022, respectively, the highest and second-highest annual volume totals on record. Despite the tailwind of rising rates, robust CLO formations, and tepid issuance, retail demand for leveraged loans has been tempered by recession fears. Leveraged loan mutual funds experienced outflows of $9.3 billion in the quarter. There were 11 loan issuer defaults totaling $11 billion in the first quarter following just 13 loan issuer defaults affecting $14.1 billion in leveraged loans for full year 2022. According to J.P. Morgan Research, the trailing twelve-month par-weighted default rate ended the quarter at 1.72%, up from 0.97% at the end of 2022. The J.P. Morgan Research group recently raised its default rate forecast to 3.5% for 2023. For context, the historical leveraged loan default rate is 3%.
 
Outlook
 
After two years of global markets largely focused on the global pandemic and subsequent reopening of global economies, 2022 ushered in a new era of interest rate hikes, a Fed balance sheet wind-down, historically high inflation, and armed conflict that is threatening to reverse decades of globalization. Investors continue to grapple with the downstream effects of these factors and how they may impact earnings in the coming quarters, with intense focus on corporate results and earnings outlooks. The collapse of Silicon Valley Bank could be a case study of the unforeseen consequences of sharply higher rates as many high-flying tech companies tapped their deposits amid a downturn in valuations, forcing the bank to sell $21 billion in holdings at a loss of $1.8 billion. Recent CPI data has shown inflation has been easing, though the headline figure of 6.0% remains well above the Fed’s target of 2%, and recent pronouncements show little deviation from their stated intent to contain it. With the terminal rate still in question, we believe the coming months may test market resolve as these initiatives continue to unfold, potentially pressuring both consumer finances and corporate earnings, while geopolitical risks remain prevalent. We continue to monitor developments on all fronts to assess the potential impacts across industries and the overall economy. The relatively benign default environment and upward trend in rates could remain a tailwind for the asset class. We believe the leveraged loan market offers compelling relative value, especially with the Fed’s determination to combat inflation. We will remain vigilant, proactively managing the portfolio and trading exposures across our global platform with the goal of seeking to protect the downside and maximize returns.
 
We remain constructive on the loan market overall; however, we believe credit selection will continue to drive performance differentiation this year. If there are further bouts of volatility, we believe there is potential for increased dispersion between better quality and riskier credits after a period of significant compression. Therefore, we remain cautious as we continuously review the relative value of the Fund’s positions. Our core philosophy
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SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2023 (Unaudited)

remains the preservation of capital and to strive to deliver, or beat, market returns throughout the cycle with a lower risk profile. 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.
 
Thank you again for your continued support and trust in the Fund.  We look forward to growing with you.
 

Sources: LCD, JPM Research

 
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.  The Shenkman Group focuses on the leveraged finance market and is dedicated to providing in-depth, bottom-up, fundamental credit analysis.
 
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.  EEA Investors: This material is provided to you because you have been classified as a professional client in accordance with the Markets in Financial Instruments Directive (Directive 2014/65/EU) (known as “MiFID II”) or as otherwise defined under applicable local regulations. If you are unsure about your classification or believe that you may be a retail client under these rules, please contact the Shenkman Group and disregard this information.
 
Past performance does not guarantee 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
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SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2023 (Unaudited)

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.
 
Investments in CLOs carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest payments and that the quality of the collateral may decline in value or default. 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.
 
The Morningstar® LSTA US Leveraged Loan Index is a market-value weighted index designed to measure the performance of the US leveraged loan market.
 
The Morningstar® LSTA US B- Ratings and Above Loan Index tracks the current outstanding balance and spread over LIBOR for fully funded institutional term loans that are rated B- or above and syndicated to U.S. loan investors. The Morningstar® LSTA US B- Ratings and Above Loan Index is unmanaged, not available for direct investment and does not reflect deductions for fees or expenses.
 
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.
 
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.
 
The credit rating is a financial indicator to potential investors of debt securities such as bonds. These are assigned by credit rating agencies such as Moody’s and Standard & Poor’s to have letter designations (such as AAA, B, CC) which represent the quality of a bond. Moody’s assigns bond credit ratings of Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C, with WR and NR as withdrawn and not rated. Standard & Poor’s assigns bond credit ratings of AAA, AA, A, BBB, BB, B, CCC, CC, C, D.
 
These materials may contain information obtained from third parties, and may include ratings from credit ratings agencies such as Standard & Poor’s.  Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third party.  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, completeness, timeliness or availability of such
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SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2023 (Unaudited)

information, including ratings.  Neither the Shenkman Group nor any third-party content provider is responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content.  NEITHER THE SHENKMAN GROUP NOR ANY THIRD-PARTY CONTENT PROVIDERS GIVE ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  NEITHER THE SHENKMAN GROUP NOR ANY THIRD-PARTY CONTENT PROVIDERS SHALL 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, INCLUDING RATINGS.  Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities.  They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.
 
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 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, 2023 (Unaudited)

Dear Shareholder,
 
During the fiscal six months ended March 31, 2023 (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 5.61% 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 5.44% (without sales load) and 2.26% (with maximum sales load imposed on purchases of 3.00%) for the Period, and the Class F shares returned 5.58%. Additionally, the Class C shares returned 5.08% (without sales load) and 4.08% (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 4.99% for the Period while the ICE BofA 0-3 Year U.S. Treasury Index (G1QA) returned 2.20%.
 
In what was a strong period for the broader high yield market, the Fund participated materially in the rally despite its more defensive shorter tenor positioning.  The broader high yield market as measured by the ICE BofA U.S. High Yield Index (H0A0) posted a return 7.85% for the Period. Given the significant downward price movement in the high yield market since beginning of 2022, the impact of duration-based index rebalancing for the Benchmark has resulted in greater performance dispersion relative to the Fund.  That having been said, SCFIX outperformance versus the Benchmark was largely attributable to its overweight in maturities beyond three years and positive selection in BB rated credits, while on a sector basis, positive selection in Industrials and positive selection and underweight in Consumer Staples Discretionary were also contributors. Negative selection in B rated credits, negative selection in Utilities, and an underweight and selection in Financials were the three largest detractors over the period.  The Fund’s sector positioning is largely a function of its focus on bottom-up, individual security selection and fundamental analysis and less driven by top-down, sector-driven allocations.  The Fund’s top three broader sector exposures are concentrated in Leisure, Gaming & Travel, Industrials and Healthcare. We believe our Leisure, Gaming & Travel exposure is well diversified, including subsegments that have been more stable such as fast-food franchisors and regional theme parks as well as those subsegments we believe are better positioned for an ultimate recovery in travel and entertainment such as Hotels & Gaming. The Industrials sector exposure captures a wide range of sub-industries and holdings that are broadly diversified and include service companies that in our view have attractive business models and competitive positions. The Healthcare sector is historically among the most stable and defensive sectors given its consistent/recurring revenues, solid free cash flow generation and strong asset coverage. Additionally, we have intentionally avoided the Oil & Gas sector given the unfavorable risk/reward for shorter
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SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2023 (Unaudited)

maturities in the space and the asymmetric downside volatility associated with the volatile swings in commodity prices.  The Fund’s exposure to bank loans was also a positive contributor to performance as bank loan returns outpaced short duration for the Period.  The Fund’s bank loan weighting increased during the Period from 5.03% to 8.04%.  As of March 31, 2023, the Fund’s average price was $97.57 (up from $94.67 at the beginning of the period), with a current yield of 6.40%, yield-to-maturity of 7.15% and a yield-to-worst of 7.04%.  As we believe diversification remains a key factor in helping to mitigate risk, the portfolio was well-diversified, ending the period with investments in 188 issuers across 15 sectors as of March 31, 2023.
 
Market Commentary
 
Despite volatility within the Period, the broader high yield market, as measured by the H0A0, rallied 7.85% over the six months ended March 31, 2023 as the longer duration tiers of the high yield market outperformed shorter duration tiers given the movement in the rates market, while risk appetite fluctuated within the Period, ultimately ending with B rated credits posting the strongest performance, followed by BB rated credits, while gains in CCC rated credits lagged behind.
 
The J.P. Morgan U.S. high yield bond par-weighted trailing 12 month default rate remained low and below its historical average, ending the Period at 1.27%.  Amid significant market volatility, high yield capital market activity was sporadic with total new issuance of $57 billion over the Period.  Issuance of $16.5 billion in the fourth quarter of 2022 represented the lowest quarterly issuance since first quarter of 2009, whereas issuance of $40.5 billion in the first quarter of 2023 was the highest quarterly issuance since first quarter of 2022, with March representing the slowest month of the period at $5.6 billion.
 
Outlook
 
Unknowns and uncertainty increased in the financial markets during March; however, with minimal direct exposure to financials/banking, the High Yield bond market remained resilient. While volatility may increase, in our opinion, the yields being offered in the better-quality portion of the market could help cushion much of this volatility. Additionally, we believe the relatively low average price in the market relative to historical levels offers potential upside optionality should rates decline further, and/or spreads tighten. Building from this, in our opinion, a higher volatility market this year would lead to credit selection making a bigger impact on returns. From a broad credit quality perspective, the market benefits from having relatively low levels of debt maturities due this year and next, which, in our opinion, could help decrease credit risks in the near term, versus other cycles that have experienced relatively slow growth. We continue to believe the higher-quality short duration segment of the high yield market remains well
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SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2023 (Unaudited)

positioned as a lower volatility solution with the ability to seek to capture attractive risk-adjusted returns in the current environment.
 
Thank you again for your continued support and trust in our strategy. 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.  The Shenkman Group focuses on the leveraged finance market and is dedicated to providing in-depth, bottom-up, fundamental credit analysis.
 
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.  EEA Investors: This material is provided to you because you have been classified as a professional client in accordance with the Markets in Financial Instruments Directive (Directive 2014/65/EU) (known as “MiFID II”) or as otherwise defined under applicable local regulations. If you are unsure about your classification or believe that you may be a retail client under these rules, please contact the Shenkman Group and disregard this information.
 
Any third-party information contained herein was obtained from sources that Shenkman considers to be reliable; however, no representation is made as to, and Shenkman accepts no responsibility, warranty or liability for the accuracy or completeness of such information. Past performance does not guarantee 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.
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SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2023 (Unaudited)

Diversification does not assure a profit, nor does it protect against a loss in a declining market.
 
The ICE BofA U.S. High Yield Index (H0A0) has an inception date of August 31, 1986 and tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market.
 
The ICE BofA 0-2 Year Duration BB-B U.S. HY Constrained Index (H42C) consists of all securities in the ICE BofA BB-B U.S. High Yield Index (HUC4) that have a duration-to-worst of 2 years or less. The ICE BofA U.S. High Yield, BB-B Rated, Constrained Index (HUC4) has an inception date of December 31, 1996, and is a subset of the ICE BofA U.S. High Yield Index (H0A0) that consists of all securities rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, but caps issuer exposure at 2%. 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.
 
You cannot invest directly in an index.
 
Basis points (bps) are equivalent to one-one hundredths of a percentage point.
 
Yield to Maturity is the total return anticipated on a bond if the bond is held until it matures.
 
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.
 
Yield is defined as the income return on an investment. This refers to the interest or dividends received from a security and is usually expressed annually as a percentage based on the investment’s cost, its current market value or its face value.
 
Yield-to-worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting.
 
Spread-to-worst is the difference between the yield-to-worst of a bond and yield-to-worst of a U.S. Treasury with a similar duration.
 
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 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.
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SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SHAREHOLDER LETTER – Continued
March 31, 2023 (Unaudited)

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.
 
The credit rating is a financial indicator to potential investors of debt securities such as bonds. These are assigned by credit rating agencies such as Moody’s and Standard & Poor’s to have letter designations (such as AAA, B, CC) which represent the quality of a bond. Moody’s assigns bond credit ratings of Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C, with WR and NR as withdrawn and not rated. Standard & Poor’s assigns bond credit ratings of AAA, AA, A, BBB, BB, B, CCC, CC, C, D.
 
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 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 Shenkman Capital Short Duration High Income Fund is distributed by Quasar Distributors, LLC, which is not affiliated with Shenkman Capital Management, Inc.
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SHENKMAN CAPITAL FUNDS

EXPENSE EXAMPLE
March 31, 2023 (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, 2022 to March 31, 2023.
 
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
11
SHENKMAN CAPITAL FUNDS

EXPENSE EXAMPLE – Continued
March 31, 2023 (Unaudited)

useful in comparing ongoing costs only and will not help you determine the 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
$1,057.70
$2.82
Institutional Class
$1,000.00
$1,057.70
$2.77
       
Hypothetical (5% return
      
  before expenses)
      
Class F
$1,000.00
$1,022.19
$2.77
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 0.55% 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 5.77% for Class F and 5.77% for the Institutional Class as of March 31, 2023.

 
Beginning
Ending
Expenses Paid
 
Account Value
Account Value
During Period(2)
Shenkman Capital Short Duration High Income Fund
      
Actual
      
Class A
$1,000.00
$1,054.40
$4.92
Class C
$1,000.00
$1,050.80
$8.69
Class F
$1,000.00
$1,055.80
$3.74
Institutional Class
$1,000.00
$1,056.10
$3.33
       
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
$1,021.29
$3.68
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%, 0.73% 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 5.44% for Class A, 5.08% for Class C, 5.58% for Class F, and 5.61% for the Institutional Class as of March 31, 2023.
12
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

PORTFOLIO ALLOCATION
March 31, 2023 (Unaudited)


 
% Net
TOP TEN HOLDINGS
Assets
Stars Group Holdings B.V., Senior Secured First Lien Term
  
  Loan 7.409% (3 Month LIBOR USD + 2.25%), 07/21/2026
1.04%
Asurion, LLC, Senior Secured First Lien Term Loan 8.09%
  
  (1 Month LIBOR USD + 3.25%), 12/23/2026
1.04%
Maxar Technologies, Ltd.,
  
  Senior Secured First Lien Term Loan 9.157%
  
  (1 Month SOFR USD + 4.25%, 0.500% Floor), 06/14/2029
0.99%
Optiv Security, Inc., Senior Secured First Lien Term Loan 8.09%
  
  (3 Month LIBOR USD + 3.25%, 1.000% Floor), 02/01/2024
0.85%
Verscend Holding Corp., Senior Secured First Lien Term
  
  Loan 8.84% (1 Month LIBOR USD + 4.00%), 08/27/2025
0.80%
Almonde, Inc., Senior Secured First Lien Term Loan 8.325%
  
  (3 Month LIBOR USD + 3.50%, 1.000% Floor), 06/13/2024
0.77%
Project Alpha Intermediate Holding, Inc.,
  
  Senior Secured First Lien Term Loan 8.85%
  
  (1 Month LIBOR USD + 4.00%), 04/26/2024
0.77%
Caesars Entertainment, Inc. 6.25%, 07/01/2025
0.74%
Cambrex Corp., Senior Secured First Lien Term Loan 8.407%
  
  (1 Month SOFR USD + 3.50%, 0.750% Floor), 12/04/2026
0.73%
Triton Water Holdings, Inc.,
  
  Senior Secured First Lien Term Loan 8.659%
  
  (3 Month LIBOR USD + 3.50%, 0.500% Floor), 03/31/2028
0.72%

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, 2023.
13
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k)
            
             
AEROSPACE & DEFENSE – 0.20%
            
Spirit Aerosystems, Inc.,
            
  Senior Secured First Lien Term Loan
            
    9.176% (3 Month SOFR USD + 4.50%,
            
    0.500% Floor), 01/15/2027 (a)
  
$
597,000
    
$
597,299
  
                 
AUTO RETAIL – 0.91%
                
CWGS Group, LLC
                
  Senior Secured First Lien Term Loan
                
    7.209% (1 Month LIBOR USD + 2.50%,
                
    0.750% Floor), 06/05/2028 (a)
    
687,529
      
636,135
  
  Senior Secured First Lien Term Loan
                
    7.34% (1 Month LIBOR USD + 2.50%,
                
    0.750% Floor), 06/05/2028 (a)
    
53,627
      
49,619
  
LS Group Opco Acquisition, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.064% (3 Month LIBOR USD + 3.25%,
                
    0.750% Floor), 11/02/2027 (a)
    
997,050
      
990,823
  
Mavis Tire Express Services Topco Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.922% (1 Month SOFR USD + 4.00%,
                
    0.750% Floor), 05/04/2028 (a)
    
1,065,045
      
1,046,903
  
             
2,723,480
  
                 
AUTOMOTIVE – 0.38%
                
American Axle & Manufacturing, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.447% (1 Month SOFR USD + 3.50%,
                
    0.500% Floor), 12/13/2029 (a)
    
509,723
      
507,492
  
Autokiniton U.S. Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.28% (1 Month SOFR USD + 4.50%,
                
    0.500% Floor), 04/06/2028 (a)
    
661,223
      
643,866
  
             
1,151,358
  
                 
BUILDING PRODUCTS – 2.27%
                
Cornerstone Building Brands, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.934% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 04/12/2028 (a)
    
750,401
      
664,668
  
                 
The accompanying notes are an integral part of these financial statements.
14
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
BUILDING PRODUCTS – 2.27% – Continued
            
CPG International, LLC,
            
  Senior Secured First Lien Term Loan
            
    7.407% (1 Month SOFR USD + 2.50%,
            
    0.500% Floor), 04/30/2029 (a)
  
$
1,252,705
    
$
1,241,218
  
Griffon Corp.,
                
  Senior Secured First Lien Term Loan
                
    7.548% (3 Month SOFR USD + 2.50%,
                
    0.500% Floor), 01/24/2029 (a)
    
406,968
      
405,544
  
QUIKRETE Holdings, Inc.
                
  Senior Secured First Lien Term Loan
                
    7.465% (1 Month LIBOR USD + 2.625%),
                
    02/01/2027 (a)
    
1,380,973
      
1,362,634
  
  Senior Secured First Lien Term Loan
                
    7.84% (1 Month LIBOR USD + 3.00%),
                
    03/18/2029 (a)
    
1,133,550
      
1,122,016
  
SRS Distribution, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 06/02/2028 (a)
    
775,000
      
750,394
  
TAMKO Building Products, LLC
                
  Senior Secured First Lien Term Loan
                
    7.776% (3 Month SOFR USD + 3.00%),
                
    05/29/2026 (a)
    
338,171
      
329,982
  
  Senior Secured First Lien Term Loan
                
    7.965% (6 Month SOFR USD + 3.00%),
                
    05/29/2026 (a)
    
153,739
      
150,016
  
  Senior Secured First Lien Term Loan
                
    7.99% (3 Month SOFR USD + 3.00%),
                
    05/29/2026 (a)
    
166,287
      
162,261
  
VC GB Holdings I Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 07/21/2028 (a)
    
654,713
      
623,885
  
             
6,812,618
  

The accompanying notes are an integral part of these financial statements.
15
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
CHEMICALS – 4.47%
            
Axalta Coating Systems U.S. Holdings, Inc.,
            
  Senior Secured First Lien Term Loan
            
    7.898% (1 Month SOFR USD + 3.00%,
            
    0.500% Floor), 12/20/2029 (a)
  
$
878,959
    
$
881,341
  
Discovery Purchaser Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.962% (3 Month SOFR USD + 4.375%,
                
    0.500% Floor), 10/04/2029 (a)
    
630,420
      
598,637
  
Ineos U.S. Finance, LLC
                
  Senior Secured First Lien Term Loan
                
    7.407% (1 Month SOFR USD + 2.50%,
                
    0.500% Floor), 11/06/2028 (a)
    
712,800
      
701,566
  
  Senior Secured First Lien Term Loan
                
    8.407% (1 Month SOFR USD + 3.50%),
                
    02/19/2030 (a)
    
1,010,000
      
1,006,213
  
Ineos U.S. Petrochem, LLC
                
  Senior Secured First Lien Term Loan
                
    7.59% (1 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 01/29/2026 (a)
    
491,250
      
487,074
  
  Senior Secured First Lien Term Loan
                
    8.657% (1 Month SOFR USD + 3.75%),
                
    03/01/2030 (a)
    
239,000
      
238,701
  
Koppers, Inc.,
                
  Senior Secured First Lien Term Loan
                
    4.00%, 04/01/2030 (a)(g)
    
234,265
      
230,165
  
LSF11 A5 Holdco, LLC
                
  Senior Secured First Lien Term Loan
                
    9.157% (1 Month SOFR USD + 4.25%,
                
    0.500% Floor), 10/13/2028 (a)
    
325,000
      
319,314
  
  Senior Secured First Lien Term Loan
                
    8.422% (1 Month SOFR USD + 3.50%,
                
    0.500% Floor), 10/16/2028 (a)
    
455,404
      
442,313
  
LSF11 Skyscraper Holdco SARL,
                
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%,
                
    0.750% Floor), 09/29/2027 (a)
    
1,505,818
      
1,503,937
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
CHEMICALS – 4.47% – Continued
            
Lummus Technology Holdings V, LLC,
            
  Senior Secured First Lien Term Loan
            
    8.34% (1 Month LIBOR USD + 3.50%),
            
    06/30/2027 (a)
  
$
470,275
    
$
463,002
  
Nouryon Finance B.V.,
                
  Senior Secured First Lien Term Loan
                
    8.99% (3 Month SOFR USD + 4.00%),
                
    04/03/2028 (a)
    
309,000
      
308,614
  
Olympus Water U.S. Holding Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.938% (3 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 11/09/2028 (a)
    
478,703
      
454,770
  
Orion Engineered Carbons GmbH,
                
  Senior Secured First Lien Term Loan
                
    7.409% (3 Month LIBOR USD + 2.25%,
                
    0.500% Floor), 09/22/2028 (a)
    
283,680
      
278,361
  
PMHC II, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.076% (3 Month SOFR USD + 4.25%,
                
    0.500% Floor), 04/23/2029 (a)
    
1,819,737
      
1,608,857
  
Polar U.S. Borrower, LLC,
                
  Senior Secured First Lien Term Loan
                
    9.021% (6 Month SOFR USD + 4.75%),
                
    10/15/2025 (a)
    
481,310
      
402,837
  
PQ Corp.,
                
  Senior Secured First Lien Term Loan
                
    7.325% (3 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 06/09/2028 (a)
    
352,718
      
350,513
  
PQ Performance Chemicals,
                
  Senior Secured First Lien Term Loan
                
    7.919% (1 Month LIBOR USD + 3.25%,
                
    0.750% Floor), 08/02/2028 (a)
    
522,388
      
518,143
  
SCIH Salt Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.825% (3 Month LIBOR USD + 4.00%,
                
    0.750% Floor), 03/16/2027 (a)
    
809,962
      
792,026
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
CHEMICALS – 4.47% – Continued
            
Spectrum Holdings III Corp.,
            
  Senior Secured First Lien Term Loan
            
    8.09% (1 Month LIBOR USD + 3.25%,
            
    1.000% Floor), 01/31/2025 (a)
  
$
704,567
    
$
662,998
  
Tronox Finance, LLC
                
  Senior Secured First Lien Term Loan
                
    7.075% (1 Month LIBOR USD + 2.25%),
                
    03/10/2028 (a)
    
346,154
      
339,231
  
  Senior Secured First Lien Term Loan
                
    7.09% (1 Month LIBOR USD + 2.25%),
                
    03/10/2028 (a)
    
70,154
      
68,751
  
Vantage Specialty Chemicals, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.597% (1 Month SOFR USD + 4.75%,
                
    0.500% Floor), 10/26/2026 (a)
    
769,652
      
741,367
  
             
13,398,731
  
                 
COMMERCIAL SERVICES – 5.52%
                
AlixPartners, LLP,
                
  Senior Secured First Lien Term Loan
                
    7.609% (1 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 02/04/2028 (a)
    
1,538,921
      
1,535,674
  
Allied Universal Holdco, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.657% (1 Month SOFR USD + 3.75%,
                
    0.500% Floor), 05/12/2028 (a)
    
1,240,995
      
1,180,391
  
American Auto Auction Group, LLC,
                
  Senior Secured First Lien Term Loan
                
    10.048% (3 Month SOFR USD + 5.00%,
                
    0.750% Floor), 12/30/2027 (a)
    
881,838
      
768,080
  
Apex Group Treasury, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.556% (3 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 07/27/2028 (a)
    
1,247,149
      
1,221,165
  
Camelot U.S. Acquisition 1 Co.
                
  Senior Secured First Lien Term Loan
                
    7.84% (1 Month LIBOR USD + 3.00%),
                
    10/30/2026 (a)
    
664,537
      
663,913
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
COMMERCIAL SERVICES – 5.52% – Continued
            
Camelot U.S. Acquisition 1 Co. – Continued
            
  Senior Secured First Lien Term Loan
            
    7.84% (1 Month LIBOR USD + 3.00%,
            
    1.000% Floor), 10/30/2026 (a)
  
$
1,856,813
    
$
1,855,078
  
Corelogic, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.375% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 06/02/2028 (a)
    
828,907
      
709,607
  
Deerfield Dakota Holding, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.557% (3 Month SOFR USD + 3.75%,
                
    1.000% Floor), 04/09/2027 (a)
    
2,003,761
      
1,945,322
  
Dun & Bradstreet Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.095% (1 Month LIBOR USD + 3.25%),
                
    02/06/2026 (a)
    
1,775,878
      
1,775,505
  
EAB Global, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 08/16/2028 (a)
    
495,152
      
485,125
  
Galaxy U.S. Opco, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.557% (1 Month SOFR USD + 4.75%,
                
    0.500% Floor), 04/30/2029 (a)
    
355,215
      
315,697
  
Garda World Security Corp.,
                
  Senior Secured First Lien Term Loan
                
    9.109% (1 Month SOFR USD + 4.25%),
                
    10/30/2026 (a)
    
575,876
      
571,200
  
Indy U.S. BIDCO, LLC
                
  Senior Secured First Lien Term Loan
                
    8.385% (1 Month LIBOR USD + 3.75%),
                
    03/06/2028 (a)
    
674,677
      
572,635
  
  Senior Secured First Lien Term Loan
                
    8.59% (1 Month LIBOR USD + 3.75%),
                
    03/06/2028 (a)
    
390,359
      
331,319
  
  Senior Secured First Lien Term Loan
                
    8.59%, 03/06/2028 (a)(g)
    
178,950
      
151,885
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
COMMERCIAL SERVICES – 5.52% – Continued
            
Pre-Paid Legal Services, Inc.,
            
  Senior Secured First Lien Term Loan
            
    8.59% (1 Month LIBOR USD + 3.75%,
            
    0.500% Floor), 12/15/2028 (a)
  
$
705,870
    
$
695,797
  
Spin Holdco, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.986% (3 Month LIBOR USD + 4.00%,
                
    0.750% Floor), 03/06/2028 (a)
    
511,972
      
431,885
  
Trans Union, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.09% (1 Month LIBOR USD + 2.25%,
                
    0.500% Floor), 12/01/2028 (a)
    
1,356,627
      
1,348,711
  
             
16,558,989
  
CONSTRUCTION & ENGINEERING – 1.93%
                
Amentum Government Services Holdings, LLC
                
  Senior Secured First Lien Term Loan
                
    8.84% (1 Month LIBOR USD + 4.00%),
                
    02/01/2027 (a)
    
930,683
      
915,559
  
  Senior Secured First Lien Term Loan
                
    8.827% (6 Month SOFR USD + 4.00%,
                
    0.500% Floor), 02/15/2029 (a)
    
319,728
      
313,333
  
  Senior Secured First Lien Term Loan
                
    9.033% (3 Month SOFR USD + 4.00%,
                
    0.500% Floor), 02/15/2029 (a)
    
360,135
      
352,932
  
American Residential Services, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.659% (3 Month LIBOR USD + 3.50%,
                
    0.750% Floor), 10/15/2027 (a)
    
663,723
      
658,744
  
Api Group, Inc.
                
  Senior Secured First Lien Term Loan
                
    4.84% (1 Month LIBOR USD + 0.00%),
                
    10/01/2026 (a)
    
506,738
      
507,055
  
  Senior Secured First Lien Term Loan
                
    7.59% (1 Month LIBOR USD + 2.75%),
                
    01/03/2029 (a)
    
499,308
      
499,932
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
CONSTRUCTION & ENGINEERING – 1.93% – Continued
            
Brand Industrial Services, Inc.
            
  Senior Secured First Lien Term Loan
            
    9.062% (3 Month LIBOR USD + 4.25%,
            
    1.000% Floor), 06/21/2024 (a)
  
$
84,036
    
$
78,434
  
  Senior Secured First Lien Term Loan
                
    9.065% (3 Month LIBOR USD + 4.25%,
                
    1.000% Floor), 06/21/2024 (a)
    
344,146
      
321,203
  
Centuri Group, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.453% (3 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 08/28/2028 (a)
    
667,382
      
663,421
  
Tecta America Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.922% (1 Month SOFR USD + 4.00%,
                
    0.750% Floor), 04/06/2028 (a)
    
910,229
      
894,756
  
Tiger Acquisition, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.157% (1 Month SOFR USD + 3.25%,
                
    0.500% Floor), 06/01/2028 (a)
    
586,075
      
571,423
  
             
5,776,792
  
                 
CONSUMER DISCRETIONARY – 1.53%
                
Champ Acquisition Corp.,
                
  Senior Secured First Lien Term Loan
                
    10.71% (6 Month LIBOR USD + 5.50%),
                
    12/19/2025 (a)
    
165,519
      
165,457
  
Hanesbrands, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.557% (1 Month SOFR USD + 3.75%,
                
    0.500% Floor), 03/08/2030 (a)
    
506,000
      
504,735
  
Houghton Mifflin Harcourt Co.,
                
  Senior Secured First Lien Term Loan
                
    10.157% (1 Month SOFR USD + 5.25%,
                
    0.500% Floor), 04/09/2029 (a)
    
1,218,875
      
1,096,074
  
Prometric Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.85% (1 Month LIBOR USD + 3.00%,
                
    1.000% Floor), 01/29/2025 (a)
    
951,304
      
893,631
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
CONSUMER DISCRETIONARY – 1.53% – Continued
            
Renaissance Holding Corp.,
            
  Senior Secured First Lien Term Loan
            
    9.234% (1 Month SOFR USD + 4.50%,
            
    0.500% Floor), 04/01/2027 (a)
  
$
730,869
    
$
729,195
  
Renaissance Learning, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.526%, 03/31/2030 (a)(g)
    
730,000
      
711,235
  
Tory Burch, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 04/14/2028 (a)
    
368,438
      
344,452
  
WW International, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.35% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 04/13/2028 (a)
    
233,415
      
136,256
  
             
4,581,035
  
                 
CONSUMER NON-DISCRETIONARY – 0.25%
                
Kronos Acquisition Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.703% (3 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 12/22/2026 (a)
    
767,338
      
739,414
  
                 
ENVIRONMENTAL SERVICES – 1.08%
                
Belfor Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.84% (1 Month LIBOR USD + 4.00%),
                
    04/06/2026 (a)
    
496,459
      
496,459
  
Brightview Landscapes, LLC
                
  Senior Secured First Lien Term Loan
                
    7.926% (3 Month SOFR USD + 3.25%,
                
    0.500% Floor), 04/20/2029 (a)
    
632,500
      
619,325
  
  Senior Secured First Lien Term Loan
                
    8.057% (1 Month SOFR USD + 3.25%,
                
    0.500% Floor), 04/20/2029 (a)
    
120,808
      
118,291
  
Covanta Holding Corp.
                
  Senior Secured First Lien Term Loan
                
    7.118% (1 Month SOFR USD + 2.50%,
                
    0.500% Floor), 11/30/2028 (a)
    
611,551
      
609,765
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
ENVIRONMENTAL SERVICES – 1.08% – Continued
            
Covanta Holding Corp. – Continued
            
  Senior Secured First Lien Term Loan
            
    7.307% (1 Month SOFR USD + 2.50%,
            
    0.500% Floor), 11/30/2028 (a)
  
$
46,272
    
$
46,137
  
WIN Waste Innovations Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.672% (1 Month SOFR USD + 2.75%,
                
    0.500% Floor), 03/24/2028 (a)
    
1,429,538
      
1,358,175
  
             
3,248,152
  
                 
FINANCIALS – DIVERSIFIED – 1.77%
                
Amynta Agency Borrower, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.99% (3 Month SOFR USD + 5.00%),
                
    02/28/2028 (a)
    
329,000
      
317,074
  
Blackstone Mortgage Trust, Inc.
                
  Senior Secured First Lien Term Loan
                
    7.09% (1 Month LIBOR USD + 2.25%),
                
    04/23/2026 (a)
    
564,525
      
520,774
  
  Senior Secured First Lien Term Loan
                
    8.307% (1 Month SOFR USD + 3.50%,
                
    0.500% Floor), 05/09/2029 (a)
    
764,225
      
703,087
  
Castlelake Aviation One, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.783% (3 Month SOFR USD + 2.75%,
                
    0.500% Floor), 10/22/2027 (a)
    
524,685
      
518,210
  
Citco Group, Ltd.,
                
  Senior Secured First Lien Term Loan
                
    8.169% (3 Month SOFR USD + 3.50%,
                
    0.500% Floor), 04/26/2028 (a)
    
431,830
      
432,370
  
Corp. Service Co.,
                
  Senior Secured First Lien Term Loan
                
    8.157% (1 Month SOFR USD + 3.25%,
                
    0.500% Floor), 11/02/2029 (a)
    
574,500
      
574,233
  
Focus Financial Partners, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.057% (1 Month SOFR USD + 3.25%,
                
    0.500% Floor), 06/30/2028 (a)
    
758,550
      
752,755
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
FINANCIALS – DIVERSIFIED – 1.77% – Continued
            
Thevelia (U.S.), LLC,
            
  Senior Secured First Lien Term Loan
            
    9.577%, 06/18/2029 (a)(g)
  
$
463,000
    
$
456,923
  
VFH Parent, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.859% (1 Month SOFR USD + 3.00%,
                
    0.500% Floor), 01/12/2029 (a)
    
1,064,250
      
1,029,497
  
             
5,304,923
  
                 
FINANCIALS – INSURANCE – 3.35%
                
Acrisure, LLC
                
  Senior Secured First Lien Term Loan
                
    10.447% (3 Month SOFR USD + 5.75%,
                
    1.000% Floor), 02/15/2027 (a)
    
573,563
      
570,695
  
  Senior Secured First Lien Term Loan
                
    9.09% (1 Month LIBOR USD + 4.25%,
                
    0.500% Floor), 02/16/2027 (a)
    
261,688
      
257,108
  
AssuredPartners, Inc.
                
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%),
                
    02/12/2027 (a)
    
635,275
      
630,272
  
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 02/12/2027 (a)
    
358,613
      
354,913
  
Asurion, LLC
                
  Senior Secured First Lien Term Loan
                
    7.84% (1 Month LIBOR USD + 3.00%),
                
    11/04/2024 (a)
    
272,586
      
272,416
  
  Senior Secured First Lien Term Loan
                
    8.09% (1 Month LIBOR USD + 3.25%),
                
    12/23/2026 (a)
    
3,356,723
      
3,122,961
  
  Senior Secured First Lien Term Loan
                
    8.09% (1 Month LIBOR USD + 3.25%),
                
    07/30/2027 (a)
    
1,066,415
      
981,102
  
  Senior Secured Second Lien Term Loan
                
    10.09% (1 Month LIBOR USD + 5.25%),
                
    01/31/2028 (a)
    
340,000
      
284,495
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
FINANCIALS – INSURANCE – 3.35% – Continued
            
Asurion, LLC – Continued
            
  Senior Secured Second Lien Term Loan
            
    10.09% (1 Month LIBOR USD + 5.25%),
            
    01/19/2029 (a)
  
$
820,000
    
$
681,010
  
HUB International, Ltd.,
                
  Senior Secured First Lien Term Loan
                
    8.058% (3 Month LIBOR USD + 3.25%,
                
    0.750% Floor), 04/25/2025 (a)
    
1,957,173
      
1,955,079
  
USI, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.648% (3 Month SOFR USD + 3.75%,
                
    0.500% Floor), 11/14/2029 (a)
    
953,042
      
951,512
  
             
10,061,563
  
                 
FOOD & BEVERAGE – 1.32%
                
H-Food Holdings, LLC
                
  Senior Secured First Lien Term Loan
                
    8.528% (1 Month LIBOR USD + 3.6875%),
                
    05/23/2025 (a)
    
866,775
      
747,931
  
  Senior Secured First Lien Term Loan
                
    8.84% (1 Month LIBOR USD + 4.00%),
                
    05/23/2025 (a)
    
119,688
      
103,649
  
Pegasus Bidco B.V.,
                
  Senior Secured First Lien Term Loan
                
    9.011% (3 Month SOFR USD + 4.25%,
                
    0.500% Floor), 07/12/2029 (a)
    
988,523
      
976,576
  
Triton Water Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.659% (3 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 03/31/2028 (a)
    
2,378,593
      
2,144,457
  
             
3,972,613
  
                 
HEALTHCARE – EQUIPMENT & SUPPLIES – 2.93%
                
athenahealth Group, Inc.
                
  Senior Secured First Lien Delayed-Draw
                
    Term Loan 7.821%, 02/15/2029 (a)(g)(i)
    
206,413
      
193,770
  
  Senior Secured First Lien Term Loan
                
    8.259% (1 Month SOFR USD + 3.50%,
                
    0.500% Floor), 02/15/2029 (a)
    
1,680,236
      
1,577,321
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
HEALTHCARE – EQUIPMENT & SUPPLIES – 2.93% – Continued
            
Azalea TopCo, Inc.
            
  Senior Secured First Lien Term Loan
            
    8.135% (1 Month LIBOR USD + 3.50%),
            
    07/24/2026 (a)
  
$
219,864
    
$
205,917
  
  Senior Secured First Lien Term Loan
                
    8.468% (1 Month SOFR USD + 3.75%,
                
    0.750% Floor), 07/24/2026 (a)
    
153,835
      
144,605
  
  Senior Secured First Lien Term Loan
                
    8.59% (1 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 07/24/2026 (a)
    
109,411
      
102,573
  
Bausch & Lomb Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.457% (3 Month SOFR USD + 3.25%,
                
    0.500% Floor), 05/10/2027 (a)
    
755,293
      
735,360
  
Cvet Midco 2, LP,
                
  Senior Secured First Lien Term Loan
                
    9.898% (3 Month SOFR USD + 5.00%,
                
    0.500% Floor), 10/15/2029 (a)
    
235,000
      
222,663
  
Embecta Corp.,
                
  Senior Secured First Lien Term Loan
                
    7.791% (6 Month SOFR USD + 3.00%,
                
    0.500% Floor), 03/30/2029 (a)
    
407,277
      
401,969
  
Greenway Health, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.96% (6 Month LIBOR USD + 3.75%,
                
    1.000% Floor), 02/16/2024 (a)
    
612,625
      
463,527
  
Insulet Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.172% (1 Month SOFR USD + 3.25%,
                
    0.500% Floor), 05/04/2028 (a)
    
766,350
      
766,230
  
Medline Borrower, LP,
                
  Senior Secured First Lien Term Loan
                
    8.09% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 10/23/2028 (a)
    
931,471
      
909,423
  
Milano Acquisition Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.998% (3 Month SOFR USD + 4.00%,
                
    0.750% Floor), 10/01/2027 (a)
    
1,553,490
      
1,487,467
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
HEALTHCARE – EQUIPMENT & SUPPLIES – 2.93% – Continued
            
Navicure, Inc.,
            
  Senior Secured First Lien Term Loan
            
    8.84% (1 Month LIBOR USD + 4.00%),
            
    10/22/2026 (a)
  
$
1,571,870
    
$
1,569,174
  
             
8,779,999
  
                 
HEALTHCARE – FACILITIES – 3.18%
                
ADMI Corp.
                
  Senior Secured First Lien Term Loan
                
    8.215% (1 Month LIBOR USD + 3.375%,
                
    0.500% Floor), 12/23/2027 (a)
    
640,052
      
594,580
  
  Senior Secured First Lien Term Loan
                
    8.59% (1 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 12/23/2027 (a)
    
640,250
      
596,034
  
CHG Healthcare Services, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.09% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 09/29/2028 (a)
    
604,541
      
599,629
  
Electron Bidco, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.84% (1 Month LIBOR USD + 3.00%,
                
    0.500% Floor), 11/01/2028 (a)
    
1,213,383
      
1,197,767
  
Global Medical Response, Inc.
                
  Senior Secured First Lien Term Loan
                
    9.203% (1 Month LIBOR USD + 4.25%,
                
    1.000% Floor), 03/14/2025 (a)
    
523,358
      
370,276
  
  Senior Secured First Lien Term Loan
                
    9.236% (3 Month LIBOR USD + 4.25%,
                
    1.000% Floor), 10/02/2025 (a)
    
321,024
      
227,392
  
Heartland Dental, LLC
                
  Senior Secured First Lien Term Loan
                
    8.59% (1 Month LIBOR USD + 3.75%),
                
    04/30/2025 (a)
    
800,770
      
750,862
  
  Senior Secured First Lien Term Loan
                
    8.84% (1 Month LIBOR USD + 4.00%),
                
    04/30/2025 (a)
    
491,873
      
464,001
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
HEALTHCARE – FACILITIES – 3.18% – Continued
            
Option Care Health, Inc.,
            
  Senior Secured First Lien Term Loan
            
    7.59% (1 Month LIBOR USD + 2.75%,
            
    0.500% Floor), 10/27/2028 (a)
  
$
766,300
    
$
764,384
  
Pluto Acquisition I, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.953% (3 Month LIBOR USD + 4.00%),
                
    06/22/2026 (a)
    
1,049,078
      
749,215
  
Premier Dental Services, Inc.
                
  Senior Secured First Lien Delayed-Draw
                
    Term Loan 9.34% (1 Month
                
    LIBOR USD + 4.50%, 0.750% Floor),
                
    08/18/2028 (a)
    
31,399
      
29,091
  
  Senior Secured First Lien Term Loan
                
    9.34% (1 Month LIBOR USD + 4.50%,
                
    0.750% Floor), 08/18/2028 (a)
    
307,351
      
284,760
  
Sotera Health Holdings, LLC
                
  Senior Secured First Lien Term Loan
                
    7.575% (3 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 12/11/2026 (a)
    
1,136,000
      
1,098,370
  
  Senior Secured First Lien Term Loan
                
    8.816% (3 Month SOFR USD + 3.75%,
                
    0.500% Floor), 12/11/2026 (a)
    
325,000
      
320,531
  
Surgery Center Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.46% (1 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 09/03/2026 (a)
    
810,000
      
806,274
  
U.S. Radiology Specialists, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.885% (1 Month LIBOR USD + 5.25%,
                
    0.500% Floor), 12/15/2027 (a)
    
718,900
      
677,204
  
             
9,530,370
  
                 
HEALTHCARE – LIFE SCIENCES – 2.16%
                
Avantor Funding, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.09% (1 Month LIBOR USD + 2.25%,
                
    0.500% Floor), 11/08/2027 (a)
    
1,024,707
      
1,025,270
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
HEALTHCARE – LIFE SCIENCES – 2.16% – Continued
            
Cambrex Corp.,
            
  Senior Secured First Lien Term Loan
            
    8.407% (1 Month SOFR USD + 3.50%,
            
    0.750% Floor), 12/04/2026 (a)
  
$
2,222,492
    
$
2,202,490
  
Curia Global, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.411% (3 Month SOFR USD + 3.75%,
                
    0.750% Floor), 08/31/2026 (a)
    
1,642,914
      
1,408,289
  
ICON Luxembourg SARL,
                
  Senior Secured First Lien Term Loan
                
    7.41% (3 Month SOFR USD + 2.25%,
                
    0.500% Floor), 07/03/2028 (a)
    
972,243
      
971,096
  
Parexel International,
                
  Senior Secured First Lien Term Loan
                
    7.885% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 11/15/2028 (a)
    
622,774
      
616,664
  
PRA Health Sciences, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.00% (3 Month LIBOR USD + 2.25%,
                
    0.500% Floor), 07/03/2028 (a)
    
257,562
      
257,258
  
             
6,481,067
  
                 
HEALTHCARE – MANAGED HEALTH CARE – 0.80%
                
Verscend Holding Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.84% (1 Month LIBOR USD + 4.00%),
                
    08/27/2025 (a)
    
2,397,730
      
2,398,485
  
                 
HEALTHCARE – PHARMACEUTICALS & BIOTECHNOLOGY – 0.91%
                
Jazz Pharmaceuticals, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 05/05/2028 (a)
    
1,555,609
      
1,551,557
  
Organon & Co.,
                
  Senior Secured First Lien Term Loan
                
    8.00% (3 Month LIBOR USD + 3.00%,
                
    0.500% Floor), 06/02/2028 (a)
    
1,173,426
      
1,174,400
  
             
2,725,957
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
HEALTHCARE – REITs – 0.15%
            
AHP Health Partners, Inc.,
            
  Senior Secured First Lien Term Loan
            
    8.34% (1 Month LIBOR USD + 3.50%,
            
    0.500% Floor), 08/24/2028 (a)
  
$
460,868
    
$
452,994
  
                 
INDUSTRIAL MACHINERY – 4.85%
                
AI Aqua Merger Sub, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.484% (1 Month SOFR USD + 3.75%,
                
    0.500% Floor), 07/31/2028 (a)
    
903,175
      
874,391
  
Ali Group North America Corp.,
                
  Senior Secured First Lien Term Loan
                
    6.922% (1 Month SOFR USD + 2.00%),
                
    07/30/2029 (a)
    
597,700
      
590,079
  
ASP Blade Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.159% (3 Month LIBOR USD + 4.00%,
                
    0.500% Floor), 10/13/2028 (a)
    
993,176
      
832,615
  
AZZ, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.968% (1 Month SOFR USD + 4.25%,
                
    0.500% Floor), 05/11/2029 (a)
    
555,543
      
556,120
  
Brookfield WEC Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.59% (1 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 08/01/2025 (a)
    
1,692,174
      
1,686,014
  
Chart Industries, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.593% (1 Month SOFR USD + 3.75%,
                
    0.500% Floor), 10/19/2026 (a)
    
1,670,000
      
1,667,912
  
Clark Equipment Co.,
                
  Senior Secured First Lien Term Loan
                
    7.498% (3 Month SOFR USD + 2.50%,
                
    0.500% Floor), 04/20/2029 (a)
    
446,490
      
446,631
  
Columbus McKinnon Corp.,
                
  Senior Secured First Lien Term Loan
                
    7.938% (3 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 05/15/2028 (a)
    
397,459
      
395,720
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
INDUSTRIAL MACHINERY – 4.85% – Continued
            
Conair Holdings, LLC,
            
  Senior Secured First Lien Term Loan
            
    8.909% (3 Month LIBOR USD + 3.75%,
            
    0.500% Floor), 05/17/2028 (a)
  
$
341,913
    
$
314,560
  
CPM Holdings, Inc.,
                
  Senior Secured Second Lien Term Loan
                
    12.912% (1 Month LIBOR USD + 8.25%),
                
    11/16/2026 (a)
    
219,444
      
217,113
  
Filtration Group Corp.
                
  Senior Secured First Lien Term Loan
                
    7.84% (1 Month LIBOR USD + 3.00%),
                
    03/31/2025 (a)
    
1,052,118
      
1,050,471
  
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 10/20/2028 (a)
    
1,577,084
      
1,558,024
  
Gates Global, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.307% (1 Month SOFR USD + 3.50%,
                
    0.500% Floor), 11/16/2029 (a)
    
524,365
      
523,917
  
Madison IAQ, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.302% (6 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 06/21/2028 (a)
    
600,308
      
572,768
  
Penn Engineering & Manufacturing Corp.,
                
  Senior Secured First Lien Term Loan
                
    7.659% (3 Month LIBOR USD + 2.50%,
                
    1.000% Floor), 06/27/2024 (a)
    
582,789
      
582,789
  
Pro Mach Group, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.84% (1 Month LIBOR USD + 4.00%,
                
    1.000% Floor), 08/31/2028 (a)
    
974,938
      
971,687
  
Roper Industrial Products Investment Co., LLC,
                
  Senior Secured First Lien Term Loan
                
    9.398% (3 Month SOFR USD + 4.50%,
                
    0.500% Floor), 11/22/2029 (a)
    
542,000
      
538,710
  
TK Elevator Midco GMBH,
                
  Senior Secured First Lien Term Loan
                
    8.602% (6 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 07/30/2027 (a)
    
612,256
      
598,116
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
INDUSTRIAL MACHINERY – 4.85% – Continued
            
Vertiv Group Corp.,
            
  Senior Secured First Lien Term Loan
            
    7.419% (1 Month LIBOR USD + 2.75%),
            
    03/02/2027 (a)
  
$
574,508
    
$
563,880
  
             
14,541,517
  
                 
LEISURE – CASINOS & GAMING – 3.63%
                
888 Acquisitions, Ltd.,
                
  Senior Secured First Lien Term Loan
                
    9.93% (3 Month SOFR USD + 5.25%,
                
    0.500% Floor), 07/08/2028 (a)
    
163,940
      
138,632
  
Aristocrat Technologies, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.248% (3 Month SOFR USD + 2.25%,
                
    0.500% Floor), 05/24/2029 (a)
    
224,143
      
224,844
  
Bally’s Corp.,
                
  Senior Secured First Lien Term Loan
                
    7.959% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 10/02/2028 (a)
    
418,816
      
400,795
  
Caesars Entertainment, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.157% (1 Month SOFR USD + 3.25%,
                
    0.500% Floor), 02/06/2030 (a)
    
713,000
      
710,622
  
Entain Holdings (Gibraltar), Ltd.
                
  Senior Secured First Lien Term Loan
                
    7.437% (6 Month SOFR USD + 2.50%,
                
    0.500% Floor), 03/29/2027 (a)
    
733,928
      
733,469
  
  Senior Secured First Lien Term Loan
                
    8.437% (6 Month SOFR USD + 3.50%,
                
    0.500% Floor), 10/31/2029 (a)
    
758,100
      
759,878
  
Everi Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.34% (1 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 08/03/2028 (a)
    
454,538
      
454,006
  
Fertitta Entertainment, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.807% (1 Month SOFR USD + 4.00%,
                
    0.500% Floor), 01/29/2029 (a)
    
1,052,228
      
1,038,360
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
LEISURE – CASINOS & GAMING – 3.63% – Continued
            
Golden Entertainment, Inc.,
            
  Senior Secured First Lien Term Loan
            
    7.86% (1 Month LIBOR USD + 3.00%,
            
    0.750% Floor), 10/21/2024 (a)
  
$
440,765
    
$
440,765
  
Penn National Gaming, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.657% (1 Month SOFR USD + 2.75%,
                
    0.500% Floor), 05/03/2029 (a)
    
1,502,248
      
1,501,031
  
Scientific Games International, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.96% (1 Month SOFR USD + 3.00%,
                
    0.500% Floor), 04/16/2029 (a)
    
861,490
      
856,282
  
Stars Group Holdings B.V.
                
  Senior Secured First Lien Term Loan
                
    7.409% (3 Month LIBOR USD + 2.25%),
                
    07/21/2026 (a)
    
3,125,280
      
3,127,405
  
  Senior Secured First Lien Term Loan
                
    8.41% (3 Month SOFR USD + 3.25%,
                
    0.500% Floor), 07/21/2028 (a)
    
507,450
      
508,135
  
             
10,894,224
  
                 
LEISURE – HOTELS – 1.72%
                
Alterra Mountain Co.,
                
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 08/17/2028 (a)
    
1,804,891
      
1,802,635
  
Carnival Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.09% (1 Month LIBOR USD + 3.25%,
                
    0.750% Floor), 10/18/2028 (a)
    
484,863
      
474,862
  
Herschend Entertainment Co., LLC,
                
  Senior Secured First Lien Term Loan
                
    8.625% (1 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 08/28/2028 (a)
    
1,185,698
      
1,180,760
  
Hilton Grand Vacations Borrower, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.84% (1 Month LIBOR USD + 3.00%,
                
    0.500% Floor), 08/02/2028 (a)
    
437,340
      
437,723
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
LEISURE – HOTELS – 1.72% – Continued
            
Lakeland Tours, LLC
            
  Senior Secured First Lien Term Loan
            
    10.825% (3 Month LIBOR USD + 6.00%,
            
    1.250% Floor), 09/25/2025 (a)
  
$
239,052
    
$
212,756
  
  Senior Unsecured First Lien Term Loan
                
    13.25% PIK, 09/27/2027
    
312,403
      
207,748
  
United PF Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    9.159% (3 Month LIBOR USD + 4.00%),
                
    12/30/2026 (a)
    
1,036,318
      
852,371
  
             
5,168,855
  
                 
LEISURE – RESTAURANTS – 1.37%
                
Dave & Buster’s, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.938% (1 Month SOFR USD + 5.00%,
                
    0.500% Floor), 06/29/2029 (a)
    
544,265
      
545,095
  
IRB Holding Corp.,
                
  Senior Secured First Lien Term Loan
                
    7.687% (1 Month SOFR USD + 3.00%,
                
    0.750% Floor), 12/15/2027 (a)
    
1,573,526
      
1,549,812
  
Tacala, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%,
                
    0.750% Floor), 02/05/2027 (a)
    
1,129,752
      
1,111,862
  
Whatabrands, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.09% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 08/03/2028 (a)
    
899,613
      
891,494
  
             
4,098,263
  
                 
MEDIA – BROADCASTING – 1.70%
                
EW Scripps Co.,
                
  Senior Secured First Lien Term Loan
                
    7.484% (1 Month SOFR USD + 2.5625%,
                
    0.750% Floor), 05/01/2026 (a)
    
862,670
      
843,196
  
Gray Television, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.662% (1 Month LIBOR USD + 3.00%),
                
    12/01/2028 (a)
    
1,723,188
      
1,680,116
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
MEDIA – BROADCASTING – 1.70% – Continued
            
Hubbard Radio, LLC,
            
  Senior Secured First Lien Term Loan
            
    9.10% (1 Month LIBOR USD + 4.25%,
            
    1.000% Floor), 03/28/2025 (a)
  
$
472,263
    
$
414,410
  
Nexstar Broadcasting, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.34% (1 Month LIBOR USD + 2.50%),
                
    09/18/2026 (a)
    
700,890
      
700,189
  
Sinclair Television Group, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.35% (1 Month LIBOR USD + 2.50%),
                
    09/30/2026 (a)
    
911,925
      
838,972
  
Univision Communications, Inc.
                
  Senior Secured First Lien Term Loan
                
    7.59% (1 Month LIBOR USD + 2.75%,
                
    1.000% Floor), 03/15/2024 (a)
    
107,264
      
107,360
  
  Senior Secured First Lien Term Loan
                
    9.148% (3 Month SOFR USD + 4.25%,
                
    0.500% Floor), 06/24/2029 (a)
    
519,078
      
516,352
  
             
5,100,595
  
                 
MEDIA – CABLE & SATELLITE – 4.10%
                
Connect U.S. Finco, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.14% (1 Month LIBOR USD + 3.50%,
                
    1.000% Floor), 12/11/2026 (a)
    
1,795,282
      
1,786,872
  
Coral-U.S. Co-Borrower, LLC,
                
  Senior Secured First Lien Term Loan
                
    6.934% (1 Month LIBOR USD + 2.25%),
                
    01/31/2028 (a)
    
585,000
      
568,287
  
DIRECTV Financing, LLC,
                
  Senior Secured First Lien Term Loan
                
    9.84% (1 Month LIBOR USD + 5.00%,
                
    0.750% Floor), 08/02/2027 (a)
    
1,385,452
      
1,336,490
  
Iridium Satellite, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.407% (1 Month SOFR USD + 2.50%,
                
    0.750% Floor), 11/04/2026 (a)
    
548,133
      
548,476
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
MEDIA – CABLE & SATELLITE – 4.10% – Continued
            
Maxar Technologies, Ltd.,
            
  Senior Secured First Lien Term Loan
            
    9.157% (1 Month SOFR USD + 4.25%,
            
    0.500% Floor), 06/14/2029 (a)
  
$
2,952,727
    
$
2,955,650
  
Radiate Holdco, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.09% (1 Month LIBOR USD + 3.25%,
                
    0.750% Floor), 09/25/2026 (a)
    
963,379
      
792,249
  
Telenet Financing USD, LLC,
                
  Senior Secured First Lien Term Loan
                
    6.684% (1 Month LIBOR USD + 2.00%),
                
    04/28/2028 (a)
    
1,330,000
      
1,307,556
  
Telesat Canada,
                
  Senior Secured First Lien Term Loan
                
    7.58% (3 Month LIBOR USD + 2.75%),
                
    12/07/2026 (a)
    
1,292,907
      
680,392
  
Virgin Media Bristol, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.184% (1 Month LIBOR USD + 2.50%),
                
    01/31/2028 (a)
    
630,000
      
621,180
  
WideOpenWest Finance, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.898% (3 Month SOFR USD + 3.00%,
                
    0.500% Floor), 12/20/2028 (a)
    
735,688
      
725,417
  
Xplornet Communications, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.84% (1 Month LIBOR USD + 4.00%,
                
    0.500% Floor), 10/02/2028 (a)
    
1,194,319
      
972,904
  
             
12,295,473
  
                 
MEDIA – DIVERSIFIED – 1.27%
                
ABG Intermediate Holdings 2 LLC
                
  Senior Secured First Lien Delayed-Draw
                
    Term Loan 8.322%, 12/21/2028 (a)(g)(i)
    
138,025
      
136,748
  
  Senior Secured First Lien Term Loan
                
    9.407% (3 Month SOFR USD + 4.00%),
                
    12/21/2028 (a)
    
420,975
      
417,081
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
MEDIA – DIVERSIFIED – 1.27% – Continued
            
Arches Buyer, Inc.,
            
  Senior Secured First Lien Term Loan
            
    7.968% (1 Month SOFR USD + 3.25%,
            
    0.500% Floor), 12/06/2027 (a)
  
$
1,314,806
    
$
1,242,078
  
Buzz Finco, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.557% (1 Month LIBOR USD + 2.75%),
                
    01/29/2027 (a)
    
611,100
      
608,045
  
Dotdash Meredith, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.765% (1 Month SOFR USD + 4.00%,
                
    0.500% Floor), 12/01/2028 (a)
    
529,188
      
478,915
  
Getty Images, Inc.
                
  Senior Secured First Lien Term Loan
                
    9.398% (3 Month SOFR USD + 4.50%),
                
    02/19/2026 (a)
    
858,334
      
859,046
  
  Senior Secured First Lien Term Loan
                
    9.407% (1 Month SOFR USD + 4.50%),
                
    02/19/2026 (a)
    
53,247
      
53,291
  
             
3,795,204
  
                 
MEDIA – ENTERTAINMENT – 3.40%
                
Cirque du Soleil Holding U.S.A. Newco, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.148% (3 Month SOFR USD + 4.25%,
                
    0.500% Floor), 03/08/2030 (a)
    
1,737,000
      
1,723,972
  
Creative Artists Agency, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.307% (1 Month SOFR USD + 3.50%),
                
    11/27/2028 (a)
    
1,237,000
      
1,234,810
  
Crown Finance U.S., Inc.
                
  Senior Secured First Lien Term Loan
                
    14.667% (1 Month SOFR USD + 10.00%,
                
    1.000% Floor), 09/07/2023 (a)
    
56,631
      
57,525
  
  Senior Secured First Lien Term Loan
                
    14.843% (1 Month SOFR USD + 10.00%,
                
    1.000% Floor), 09/07/2023 (a)
    
673,904
      
684,548
  
                 
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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
MEDIA – ENTERTAINMENT – 3.40% – Continued
            
Crown Finance U.S., Inc. – Continued
            
  Senior Secured First Lien Term Loan
            
    5.487% (6 Month LIBOR USD + 2.75%,
            
    1.000% Floor), 09/30/2026 (a)(j)
  
$
1,489,347
    
$
234,982
  
Delta 2 (Lux) SARL,
                
  Senior Secured First Lien Term Loan
                
    8.057% (1 Month SOFR USD + 3.25%,
                
    0.500% Floor), 01/15/2030 (a)
    
850,000
      
851,420
  
Hoya Midco, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.926% (3 Month SOFR USD + 3.25%,
                
    0.500% Floor), 01/26/2029 (a)
    
560,249
      
553,246
  
Nascar Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.34% (1 Month LIBOR USD + 2.50%),
                
    10/19/2026 (a)
    
357,002
      
357,561
  
Playtika Holding Corp.,
                
  Senior Secured First Lien Term Loan
                
    7.59% (1 Month LIBOR USD + 2.75%),
                
    03/13/2028 (a)
    
1,631,077
      
1,622,628
  
Pug, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%),
                
    02/12/2027 (a)
    
909,450
      
663,903
  
UFC Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.57% (3 Month LIBOR USD + 2.75%,
                
    0.750% Floor), 04/29/2026 (a)
    
739,868
      
736,805
  
William Morris Endeavor Entertainment, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.60% (1 Month LIBOR USD + 2.75%),
                
    05/16/2025 (a)
    
977,624
      
971,107
  
WMG Acquisition Corp.,
                
  Senior Secured First Lien Term Loan
                
    6.965% (1 Month LIBOR USD + 2.125%),
                
    01/20/2028 (a)
    
498,077
      
493,804
  
             
10,186,311
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
METALS & MINING – 0.39%
            
Atkore International, Inc.,
            
  Senior Secured First Lien Term Loan
            
    7.293% (6 Month SOFR USD + 2.00%,
            
    0.500% Floor), 05/26/2028 (a)
  
$
386,988
    
$
387,229
  
Grinding Media, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.701% (1 Month LIBOR USD + 4.00%,
                
    0.750% Floor), 10/12/2028 (a)
    
823,460
      
778,170
  
             
1,165,399
  
                 
MIDSTREAM – STORAGE & TRANSPORT – 1.82%
                
Buckeye Partners, LP,
                
  Senior Secured First Lien Term Loan
                
    7.09% (1 Month LIBOR USD + 2.25%),
                
    11/02/2026 (a)
    
674,267
      
673,519
  
ITT Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.672% (1 Month SOFR USD + 2.75%,
                
    0.500% Floor), 07/10/2028 (a)
    
571,300
      
558,803
  
Northriver Midstream Finance, LP,
                
  Senior Secured First Lien Term Loan
                
    8.004% (3 Month LIBOR USD + 3.25%),
                
    10/01/2025 (a)
    
721,025
      
719,597
  
Oryx Midstream Services Permian Basin, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.063% (1 Month SOFR USD + 3.25%,
                
    0.500% Floor), 10/05/2028 (a)
    
1,510,979
      
1,487,748
  
TransMontaigne Operating Co., LP
                
  Senior Secured First Lien Term Loan
                
    8.279% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 11/17/2028 (a)
    
512,019
      
505,847
  
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 11/17/2028 (a)
    
512,019
      
505,846
  
Traverse Midstream Partners, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.726% (3 Month SOFR USD + 3.75%,
                
    0.500% Floor), 02/16/2028 (a)
    
652,652
      
643,678
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
MIDSTREAM – STORAGE & TRANSPORT – 1.82% – Continued
            
UGI Energy Services, LLC,
            
  Senior Secured First Lien Term Loan
            
    8.157% (1 Month SOFR USD + 3.25%,
            
    0.500% Floor), 02/22/2030 (a)
  
$
376,058
    
$
372,690
  
             
5,467,728
  
                 
OIL & GAS – EQUIPMENT & SERVICES – 0.13%
                
U.S. Silica Co.,
                
  Senior Secured First Lien Term Loan
                
    9.632% (1 Month SOFR USD + 4.75%,
                
    0.500% Floor), 03/24/2030 (a)
    
414,000
      
403,650
  
                 
PACKAGING – 2.00%
                
Clydesdale Acquisition Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.082% (1 Month SOFR USD + 4.175%,
                
    0.500% Floor), 04/13/2029 (a)
    
621,305
      
608,180
  
LABL, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.84% (1 Month LIBOR USD + 5.00%,
                
    0.500% Floor), 10/30/2028 (a)
    
827,525
      
803,477
  
Mauser Packaging Solutions Holding Co.,
                
  Senior Secured First Lien Term Loan
                
    8.776% (1 Month SOFR USD + 4.00%),
                
    08/13/2026 (a)
    
1,656,000
      
1,645,650
  
Pregis Topco, LLC
                
  Senior Secured First Lien Term Loan
                
    8.59% (1 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 07/31/2026 (a)
    
541,750
      
528,377
  
  Senior Secured First Lien Term Loan
                
    8.672% (1 Month SOFR USD + 3.75%),
                
    07/31/2026 (a)
    
527,288
      
515,687
  
RLG Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.84% (1 Month LIBOR USD + 4.00%,
                
    0.750% Floor), 07/07/2028 (a)
    
580,650
      
561,343
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
PACKAGING – 2.00% – Continued
            
Sabert Corp.,
            
  Senior Secured First Lien Term Loan
            
    9.375% (1 Month LIBOR USD + 4.50%,
            
    1.000% Floor), 12/10/2026 (a)
  
$
435,615
    
$
435,071
  
Trident TPI Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.159% (3 Month LIBOR USD + 4.00%,
                
    0.500% Floor), 09/15/2028 (a)
    
917,562
      
889,319
  
             
5,987,104
  
                 
RETAIL – FOOD & DRUG – 0.32%
                
BJ’s Wholesale Club, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.448% (1 Month SOFR USD + 2.75%),
                
    02/03/2027 (a)
    
645,834
      
648,559
  
JP Intermediate B, LLC,
                
  Senior Secured First Lien Term Loan
                
    10.325% (3 Month LIBOR USD + 5.50%,
                
    1.000% Floor), 11/20/2025 (a)
    
508,825
      
301,904
  
             
950,463
  
                 
RETAILING – 1.63%
                
Belron Finance U.S., LLC,
                
  Senior Secured First Lien Term Loan
                
    7.30% (3 Month LIBOR USD + 2.425%,
                
    0.500% Floor), 04/13/2028 (a)
    
1,200,821
      
1,200,442
  
Great Outdoors Group, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.59% (1 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 03/06/2028 (a)
    
1,146,739
      
1,133,844
  
Harbor Freight Tools U.S.A., Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.59% (1 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 10/19/2027 (a)
    
489,720
      
475,743
  
Michaels Cos., Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.409% (3 Month LIBOR USD + 4.25%,
                
    0.750% Floor), 04/14/2028 (a)
    
581,640
      
535,508
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
RETAILING – 1.63% – Continued
            
PetSmart, Inc.,
            
  Senior Secured First Lien Term Loan
            
    8.657% (1 Month SOFR USD + 3.75%,
            
    0.750% Floor), 02/11/2028 (a)
  
$
455,000
    
$
452,063
  
Restoration Hardware, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.34% (1 Month LIBOR USD + 2.50%,
                
    0.500% Floor), 10/20/2028 (a)
    
277,689
      
260,750
  
Sally Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.306% (1 Month SOFR USD + 2.50%),
                
    02/28/2030 (a)
    
481,000
      
480,399
  
Topgolf Callaway Brands Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.16% (3 Month LIBOR USD + 3.50%),
                
    03/09/2030 (a)
    
341,000
      
339,430
  
             
4,878,179
  
                 
TECHNOLOGY – SOFTWARE & SERVICES – 13.77%
                
Access CIG, LLC
                
  Senior Secured First Lien Term Loan
                
    8.731% (3 Month LIBOR USD + 3.75%),
                
    02/27/2025 (a)
    
1,896,544
      
1,880,736
  
  Senior Secured Second Lien Term Loan
                
    12.731% (1 Month LIBOR USD + 7.75%),
                
    02/27/2026 (a)
    
616,742
      
569,457
  
Almonde, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.325% (3 Month LIBOR USD + 3.50%,
                
    1.000% Floor), 06/13/2024 (a)
    
2,468,915
      
2,317,472
  
Barracuda Parent, LLC,
                
  Senior Secured First Lien Term Loan
                
    9.176% (3 Month SOFR USD + 4.50%,
                
    0.500% Floor), 08/15/2029 (a)
    
1,037,400
      
1,001,418
  
Boxer Parent Co., Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.59% (1 Month LIBOR USD + 3.75%),
                
    10/02/2025 (a)
    
2,003,789
      
1,981,877
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
TECHNOLOGY – SOFTWARE & SERVICES – 13.77% – Continued
            
CCC Information Services, Inc.,
            
  Senior Secured First Lien Term Loan
            
    7.09% (1 Month LIBOR USD + 2.25%,
            
    0.500% Floor), 09/21/2028 (a)
  
$
618,175
    
$
614,441
  
Central Parent, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.148% (3 Month SOFR USD + 4.25%,
                
    0.500% Floor), 07/06/2029 (a)
    
952,613
      
951,150
  
Cloud Software Group, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.498% (3 Month SOFR USD + 4.50%,
                
    0.500% Floor), 03/30/2029 (a)
    
600,000
      
547,500
  
CommerceHub, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.777% (6 Month SOFR USD + 4.00%,
                
    0.750% Floor), 12/29/2027 (a)
    
661,768
      
619,580
  
Connectwise, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 09/29/2028 (a)
    
1,890,125
      
1,831,059
  
Dawn Acquisition, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.909% (3 Month LIBOR USD + 3.75%),
                
    12/31/2025 (a)
    
482,488
      
282,738
  
DCert Buyer, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.696% (6 Month SOFR USD + 4.00%),
                
    10/16/2026 (a)
    
1,039,476
      
1,020,152
  
E2Open, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.201% (1 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 02/04/2028 (a)
    
811,031
      
805,455
  
EagleView Technology Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.659% (6 Month LIBOR USD + 3.50%),
                
    08/14/2025 (a)
    
852,175
      
734,315
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
TECHNOLOGY – SOFTWARE & SERVICES – 13.77% – Continued
            
Ensono, LP,
            
  Senior Secured First Lien Term Loan
            
    9.151% (6 Month LIBOR USD + 4.00%,
            
    0.750% Floor), 05/19/2028 (a)
  
$
770,904
    
$
710,400
  
Gen Digital, Inc.,
                
  Senior Secured First Lien Term Loan
                
    6.907% (1 Month SOFR USD + 2.00%,
                
    0.500% Floor), 09/12/2029 (a)
    
785,246
      
778,474
  
GI Consilio Parent, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.84% (1 Month LIBOR USD + 4.00%,
                
    0.500% Floor), 05/12/2028 (a)
    
294,738
      
276,107
  
Greeneden U.S. Holdings II, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.84% (1 Month LIBOR USD + 4.00%,
                
    0.750% Floor), 12/01/2027 (a)
    
554,956
      
547,888
  
Hyland Software, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.34% (1 Month LIBOR USD + 3.50%,
                
    0.750% Floor), 07/01/2024 (a)
    
807,996
      
800,587
  
McAfee Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.515% (1 Month SOFR USD + 3.75%,
                
    0.500% Floor), 03/01/2029 (a)
    
1,881,977
      
1,775,174
  
Mitchell International, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.502% (3 Month LIBOR USD + 3.75%,
                
    0.500% Floor), 10/16/2028 (a)
    
1,989,813
      
1,886,362
  
NAB Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.048% (3 Month SOFR USD + 3.00%,
                
    0.500% Floor), 11/24/2028 (a)
    
499,376
      
492,924
  
N-Able International Holdings II, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.953% (3 Month LIBOR USD + 3.00%,
                
    0.500% Floor), 07/19/2028 (a)
    
505,305
      
500,252
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
TECHNOLOGY – SOFTWARE & SERVICES – 13.77% – Continued
            
Open Text Corp.,
            
  Senior Secured First Lien Term Loan
            
    8.157% (1 Month SOFR USD + 3.25%,
            
    0.500% Floor), 01/31/2030 (a)
  
$
1,405,542
    
$
1,403,637
  
Optiv Security, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.09% (3 Month LIBOR USD + 3.25%,
                
    1.000% Floor), 02/01/2024 (a)
    
2,595,865
      
2,557,577
  
Peraton Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.59% (1 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 02/01/2028 (a)
    
1,967,079
      
1,946,592
  
Project Alpha Intermediate Holding, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.85% (1 Month LIBOR USD + 4.00%),
                
    04/26/2024 (a)
    
2,316,242
      
2,305,622
  
Proofpoint, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.09% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 08/31/2028 (a)
    
1,432,863
      
1,403,804
  
RealPage, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.84% (1 Month LIBOR USD + 3.00%,
                
    0.500% Floor), 04/24/2028 (a)
    
1,203,905
      
1,170,599
  
Rocket Software, Inc.
                
  Senior Secured First Lien Term Loan
                
    9.09% (1 Month LIBOR USD + 4.25%),
                
    11/28/2025 (a)
    
329,982
      
324,661
  
  Senior Secured First Lien Term Loan
                
    9.09% (1 Month LIBOR USD + 4.25%,
                
    0.500% Floor), 11/28/2025 (a)
    
215,987
      
212,545
  
Sedgwick Claims Management Services, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.557% (1 Month SOFR USD + 3.75%),
                
    02/17/2028 (a)
    
1,323,000
      
1,309,221
  
SolarWinds Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.807% (1 Month SOFR USD + 4.00%),
                
    02/05/2027 (a)
    
1,064,301
      
1,062,455
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
TECHNOLOGY – SOFTWARE & SERVICES – 13.77% – Continued
            
Sovos Compliance, LLC,
            
  Senior Secured First Lien Term Loan
            
    9.34% (1 Month LIBOR USD + 4.50%,
            
    0.500% Floor), 08/11/2028 (a)
  
$
492,775
    
$
467,828
  
SS&C Technologies, Inc.
                
  Senior Secured First Lien Term Loan
                
    7.157% (1 Month SOFR USD + 2.25%,
                
    0.500% Floor), 03/22/2029 (a)
    
602,985
      
599,114
  
  Senior Secured First Lien Term Loan
                
    7.157% (1 Month SOFR USD + 2.25%,
                
    0.500% Floor), 03/22/2029 (a)
    
400,128
      
397,559
  
TierPoint, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.59% (1 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 05/05/2026 (a)
    
432,545
      
414,162
  
UKG, Inc.
                
  Senior Secured First Lien Term Loan
                
    8.032% (3 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 05/04/2026 (a)
    
972,277
      
949,035
  
  Senior Secured First Lien Term Loan
                
    8.575% (3 Month LIBOR USD + 3.75%),
                
    05/04/2026 (a)
    
722,785
      
712,489
  
VS Buyer, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.70% (2 Month LIBOR USD + 3.00%),
                
    02/26/2027 (a)
    
454,656
      
451,055
  
WEX, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.09% (1 Month LIBOR USD + 2.25%),
                
    03/31/2028 (a)
    
702,660
      
699,150
  
             
41,312,623
  
                 
TECHNOLOGY HARDWARE – 1.61%
                
EOS U.S. Finco, LLC,
                
  Senior Secured First Lien Term Loan
                
    10.604% (3 Month SOFR USD + 6.00%,
                
    0.500% Floor), 10/05/2029 (a)
    
422,266
      
417,691
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
TECHNOLOGY HARDWARE – 1.61% – Continued
            
II-VI, Inc.,
            
  Senior Secured First Lien Term Loan
            
    7.672% (1 Month SOFR USD + 2.75%,
            
    0.500% Floor), 06/29/2029 (a)
  
$
606,655
    
$
602,105
  
Ingram Micro, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.659% (3 Month LIBOR USD + 3.50%,
                
    0.500% Floor), 06/30/2028 (a)
    
530,550
      
527,815
  
MKS Instruments, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.609% (1 Month SOFR USD + 2.75%,
                
    0.500% Floor), 08/17/2029 (a)
    
1,280,565
      
1,275,897
  
Presidio Holdings, Inc.
                
  Senior Secured First Lien Term Loan
                
    8.276% (3 Month SOFR USD + 3.50%),
                
    01/22/2027 (a)
    
448,776
      
447,165
  
  Senior Secured First Lien Term Loan
                
    8.407% (1 Month SOFR USD + 3.50%),
                
    01/22/2027 (a)
    
17,500
      
17,437
  
World Wide Technology Holding Co., LLC,
                
  Senior Secured First Lien Term Loan
                
    8.015% (1 Month SOFR USD + 3.25%,
                
    0.500% Floor), 03/01/2030 (a)
    
1,546,000
      
1,544,068
  
             
4,832,178
  
                 
TELECOMMUNICATION SERVICES – DIVERSIFIED – 1.88%
                
Cincinnati Bell, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.157% (1 Month SOFR USD + 3.25%,
                
    0.500% Floor), 11/22/2028 (a)
    
572,750
      
561,745
  
Consolidated Communications, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.375% (1 Month LIBOR USD + 3.50%,
                
    0.750% Floor), 10/04/2027 (a)
    
553,868
      
442,887
  
Eagle Broadband Investments, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.188% (3 Month LIBOR USD + 3.00%,
                
    0.750% Floor), 11/12/2027 (a)
    
614,419
      
604,281
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
TELECOMMUNICATION SERVICES – DIVERSIFIED – 1.88% – Continued
            
Guardian U.S. Holdco, LLC,
            
  Senior Secured First Lien Term Loan
            
    8.676% (3 Month SOFR USD + 4.00%,
            
    0.500% Floor), 01/31/2030 (a)
  
$
355,000
    
$
350,784
  
Lumen Technologies, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.172% (1 Month SOFR USD + 2.25%),
                
    03/15/2027 (a)
    
1,069,876
      
710,799
  
Numericable U.S., LLC,
                
  Senior Secured First Lien Term Loan
                
    10.17% (3 Month SOFR USD + 5.50%),
                
    08/15/2028 (a)
    
753,733
      
717,931
  
Voyage U.S., LLC,
                
  Senior Secured First Lien Term Loan
                
    8.401% (3 Month SOFR USD + 3.50%,
                
    0.500% Floor), 07/20/2028 (a)
    
473,785
      
468,455
  
Zayo Group Holdings, Inc.
                
  Senior Secured First Lien Term Loan
                
    7.84% (1 Month LIBOR USD + 3.00%),
                
    03/09/2027 (a)
    
1,272,474
      
1,040,826
  
  Senior Secured First Lien Term Loan
                
    9.057% (1 Month SOFR USD + 4.25%,
                
    0.500% Floor), 03/09/2027 (a)
    
366,300
      
291,575
  
Ziggo Financing Partnership,
                
  Senior Secured First Lien Term Loan
                
    7.184% (1 Month LIBOR USD + 2.50%),
                
    04/28/2028 (a)
    
455,000
      
450,261
  
             
5,639,544
  
                 
TELECOMMUNICATION SERVICES – WIRELESS – 0.47%
                
CCI Buyer, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.898% (3 Month SOFR USD + 4.00%,
                
    0.750% Floor), 12/17/2027 (a)
    
534,100
      
528,091
  
Crown Subsea Communications Holding, Inc.,
                
  Senior Secured First Lien Term Loan
                
    10.03% (1 Month SOFR USD + 5.25%,
                
    0.750% Floor), 04/27/2027 (a)
    
897,000
      
886,631
  
             
1,414,722
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
TRANSPORTATION – 2.77%
            
AAdvantage Loyalty IP, Ltd.,
            
  Senior Secured First Lien Term Loan
            
    9.558% (3 Month LIBOR USD + 4.75%,
            
    0.750% Floor), 04/20/2028 (a)
  
$
727,184
    
$
739,507
  
Atlas CC Acquisition Corp.
                
  Senior Secured First Lien Term Loan
                
    9.402% (3 Month SOFR USD + 4.25%,
                
    0.750% Floor), 05/25/2028 (a)
    
1,099,743
      
951,278
  
  Senior Secured First Lien Term Loan
                
    9.402% (3 Month SOFR USD + 4.25%,
                
    0.750% Floor), 05/25/2028 (a)
    
232,497
      
201,110
  
Avis Budget Car Rental, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.218% (1 Month SOFR USD + 3.50%,
                
    0.500% Floor), 03/15/2029 (a)
    
210,948
      
211,081
  
Brown Group Holding, LLC
                
  Senior Secured First Lien Term Loan
                
    8.368%, 07/02/2029 (a)(g)
    
374,060
      
374,393
  
  Senior Secured First Lien Term Loan
                
    8.426% (3 Month SOFR USD + 3.75%,
                
    0.500% Floor), 07/02/2029 (a)
    
385,664
      
386,007
  
  Senior Secured First Lien Term Loan
                
    8.557% (1 Month SOFR USD + 3.75%,
                
    0.500% Floor), 07/02/2029 (a)
    
148,651
      
148,784
  
Hertz Corp.
                
  Senior Secured First Lien Term Loan
                
    7.89% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 06/30/2028 (a)
    
380,282
      
378,500
  
  Senior Secured First Lien Term Loan
                
    7.89% (1 Month LIBOR USD + 3.25%,
                
    0.500% Floor), 06/30/2028 (a)
    
72,945
      
72,603
  
Kenan Advantage Group, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.59% (1 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 03/24/2026 (a)
    
481,509
      
478,902
  
Lasership, Inc.,
                
  Senior Secured First Lien Term Loan
                
    9.659% (3 Month LIBOR USD + 4.50%,
                
    0.750% Floor), 05/08/2028 (a)
    
1,584,629
      
1,358,819
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
TRANSPORTATION – 2.77% – Continued
            
Mileage Plus Holdings, LLC,
            
  Senior Secured First Lien Term Loan
            
    10.213% (3 Month LIBOR USD + 5.25%,
            
    1.000% Floor), 06/21/2027 (a)
  
$
63,436
    
$
65,938
  
PODS, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.922% (1 Month SOFR USD + 3.00%,
                
    0.750% Floor), 03/31/2028 (a)
    
1,859,001
      
1,809,811
  
Uber Technologies, Inc.
                
  Senior Secured First Lien Term Loan
                
    7.656% (3 Month SOFR USD + 2.75%),
                
    03/04/2030 (a)
    
400,737
      
400,392
  
  Senior Secured First Lien Term Loan
                
    7.87% (3 Month SOFR USD + 2.75%),
                
    03/04/2030 (a)
    
172,826
      
172,677
  
WWEX UNI TopCo Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    9.17% (3 Month SOFR USD + 4.00%,
                
    0.750% Floor), 07/26/2028 (a)
    
565,838
      
549,570
  
             
8,299,372
  
                 
UTILITIES – POWER – 0.68%
                
Calpine Construction Finance Co., LP,
                
  Senior Secured First Lien Term Loan
                
    6.84% (1 Month LIBOR USD + 2.00%),
                
    01/15/2025 (a)
    
831,040
      
830,810
  
Calpine Corp.,
                
  Senior Secured First Lien Term Loan
                
    7.35% (1 Month LIBOR USD + 2.50%),
                
    12/16/2027 (a)
    
371,450
      
370,348
  
Eastern Power, LLC,
                
  Senior Secured First Lien Term Loan
                
    8.909% (3 Month LIBOR USD + 3.75%,
                
    1.000% Floor), 10/02/2025 (a)
    
115,228
      
106,271
  
Lightstone Holdco, LLC
                
  Senior Secured First Lien Term Loan
                
    10.557% (1 Month SOFR USD + 5.75%,
                
    1.000% Floor), 02/01/2027 (a)
    
785,922
      
677,465
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 84.62% (k) – Continued
            
             
UTILITIES – POWER – 0.68% – Continued
            
Lightstone Holdco, LLC – Continued
            
  Senior Secured First Lien Term Loan
            
    10.557% (1 Month SOFR USD + 5.75%,
            
    1.000% Floor), 02/01/2027 (a)
  
$
44,451
    
$
38,317
  
New Frontera Holdings, LLC,
                
  Senior Secured Second Lien Term Loan
                
    6.659% (3 Month LIBOR USD + 1.50%,
                
    1.000% Floor), 07/28/2028 (a)
    
57,484
      
21,557
  
             
2,044,768
  
TOTAL BANK LOANS
                
  (Cost $262,426,685)
            
253,772,011
  
                 
                 
CORPORATE BONDS – 11.19% (f)
                
                 
AEROSPACE & DEFENSE – 0.62%
                
TransDigm, Inc. 6.25%, 03/15/2026 (h)
    
1,850,000
      
1,856,290
  
                 
BUILDING PRODUCTS – 0.16%
                
Standard Industries, Inc.
                
  3.375%, 01/15/2031 (h)
    
600,000
      
483,116
  
                 
CHEMICALS – 0.15%
                
Olympus Water U.S. Holding Corp.
                
  7.125%, 10/01/2027 (h)
    
490,000
      
460,551
  
                 
COMMERCIAL SERVICES – 0.68%
                
Garda World Security Corp.
                
  4.625%, 02/15/2027 (c)(h)
    
710,000
      
638,195
  
KAR Auction Services, Inc.
                
  5.125%, 06/01/2025 (h)
    
790,000
      
781,112
  
Tempo Acquisition, LLC / Tempo Acquisition
                
  Finance Corp. 5.75%, 06/01/2025 (h)
    
625,000
      
620,257
  
             
2,039,564
  
                 
CONSTRUCTION & ENGINEERING – 0.19%
                
Pike Corp. 5.50%, 09/01/2028 (h)
    
638,000
      
558,926
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 11.19% (f) – Continued
            
             
ENVIRONMENTAL SERVICES – 0.39%
            
GFL Environmental, Inc.
            
  4.00%, 08/01/2028 (c)(h)
  
$
541,000
    
$
490,092
  
Stericycle, Inc. 5.375%, 07/15/2024 (h)
    
679,000
      
674,524
  
             
1,164,616
  
                 
HEALTHCARE – EQUIPMENT & SUPPLIES – 0.21%
                
Garden Spinco Corp.
                
  8.625%, 07/20/2030 (h)
    
589,000
      
629,910
  
                 
HEALTHCARE – FACILITIES – 1.38%
                
Fresenius Medical Care U.S. Finance III, Inc.
                
  2.375%, 02/16/2031 (h)
    
925,000
      
695,476
  
Global Medical Response, Inc.
                
  6.50%, 10/01/2025 (h)
    
650,000
      
475,413
  
Legacy LifePoint Health, LLC
                
  4.375%, 02/15/2027 (h)
    
177,000
      
145,093
  
RegionalCare Hospital Partners
                
  Holdings, Inc. / LifePoint Health, Inc.
                
  9.75%, 12/01/2026 (h)
    
1,577,000
      
1,277,035
  
Tenet Healthcare Corp. 6.25%, 02/01/2027
    
1,570,000
      
1,545,664
  
             
4,138,681
  
                 
HEALTHCARE – MANAGED HEALTH CARE – 0.33%
                
Verscend Escrow Corp.
                
  9.75%, 08/15/2026 (h)
    
1,010,000
      
1,010,964
  
                 
HEALTHCARE – PHARMACEUTICALS & BIOTECHNOLOGY – 0.46%
                
Teva Pharmaceutical Finance
                
  Netherlands III B.V. 3.15%, 10/01/2026 (c)
    
1,515,000
      
1,372,560
  
                 
HEALTHCARE – REITs – 0.28%
                
MPT Operating Partnership, LP /
                
  MPT Finance Corp. 3.50%, 03/15/2031
    
1,270,000
      
846,950
  
                 
INDUSTRIAL MACHINERY – 0.24%
                
WESCO Distribution, Inc.
                
  7.125%, 06/15/2025 (h)
    
715,000
      
727,513
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 11.19% (f) – Continued
            
             
LEISURE – CASINOS & GAMING – 1.69%
            
Caesars Entertainment, Inc.
            
  6.25%, 07/01/2025 (h)
  
$
2,225,000
    
$
2,226,996
  
International Game Technology PLC
                
  6.50%, 02/15/2025 (c)(h)
    
931,000
      
938,922
  
Premier Entertainment Sub, LLC / Premier
                
  Entertainment Finance Corp.
                
  5.625%, 09/01/2029 (h)
    
561,000
      
414,789
  
  5.875%, 09/01/2031 (h)
    
562,000
      
401,682
  
VICI Properties, LP / VICI Note Co., Inc.
                
  3.50%, 02/15/2025 (h)
    
1,145,000
      
1,086,219
  
             
5,068,608
  
                 
LEISURE – HOTELS – 0.66%
                
NCL Corp., Ltd. 8.375%, 02/01/2028 (c)(h)
    
444,000
      
445,921
  
Sabre GLBL, Inc. 7.375%, 09/01/2025 (h)
    
1,025,000
      
916,863
  
Six Flags Entertainment Corp.
                
  4.875%, 07/31/2024 (h)
    
615,000
      
606,374
  
             
1,969,158
  
                 
LEISURE – RESTAURANTS – 0.21%
                
CEC Entertainment, LLC
                
  6.75%, 05/01/2026 (h)
    
660,000
      
627,594
  
                 
MEDIA – CABLE & SATELLITE – 0.31%
                
DISH DBS Corp. 5.125%, 06/01/2029
    
575,000
      
307,522
  
Hughes Satellite Systems Corp.
                
  6.625%, 08/01/2026
    
675,000
      
638,277
  
             
945,799
  
                 
MEDIA – ENTERTAINMENT – 0.31%
                
Playtika Holding Corp.
                
  4.25%, 03/15/2029 (h)
    
1,130,000
      
942,109
  
                 
METALS & MINING – 0.04%
                
GrafTech Finance, Inc.
                
  4.625%, 12/15/2028 (h)
    
127,000
      
106,058
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 11.19% (f) – Continued
            
             
MIDSTREAM – STORAGE & TRANSPORT – 0.1%
            
Venture Global Calcasieu Pass, LLC
            
  6.25%, 01/15/2030 (h)
  
$
290,000
    
$
292,459
  
                 
PACKAGING – 0.25%
                
Ball Corp. 5.25%, 07/01/2025
    
758,000
      
753,560
  
                 
RETAIL – FOOD & DRUG – 0.16%
                
U.S. Foods, Inc. 6.25%, 04/15/2025 (h)
    
465,000
      
469,669
  
                 
TECHNOLOGY – SOFTWARE & SERVICES – 0.85%
                
Boxer Parent Co., Inc.
                
  7.125%, 10/02/2025 (h)
    
385,000
      
383,724
  
Elastic N.V. 4.125%, 07/15/2029 (c)(h)
    
844,000
      
721,468
  
Gen Digital, Inc. 5.00%, 04/15/2025 (h)
    
1,440,000
      
1,415,712
  
             
2,520,904
  
                 
TECHNOLOGY HARDWARE – 0.32%
                
Entegris Escrow Corp.
                
  4.75%, 04/15/2029 (h)
    
1,005,000
      
950,745
  
                 
TELECOMMUNICATION SERVICES – DIVERSIFIED – 0.74%
                
Frontier Communications Holdings, LLC
                
  5.00%, 05/01/2028 (h)
    
1,000,000
      
868,879
  
Level 3 Financing, Inc.
                
  3.875%, 11/15/2029 (h)
    
840,000
      
607,891
  
Northwest Fiber, LLC / Northwest
                
  Fiber Finance Sub, Inc.
                
  4.75%, 04/30/2027 (h)
    
349,000
      
297,665
  
  6.00%, 02/15/2028 (h)
    
622,000
      
459,788
  
             
2,234,223
  
                 
TRANSPORTATION – 0.46%
                
Uber Technologies, Inc.
                
  8.00%, 11/01/2026 (h)
    
1,350,000
      
1,385,371
  
TOTAL CORPORATE BONDS
                
  (Cost $35,923,588)
            
33,555,898
  

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, 2023 (Unaudited)

         
Fair
  
   
Shares
    
Value
  
             
EQUITY – 0.00%
            
             
UTILITIES – POWER – 0.00%
            
Frontera Generation Holdings, LLC (b)
    
479
    
$
7
  
TOTAL EQUITY
                
  (Cost $2,668)
            
7
  
                 
WARRANT – 0.00%
                
                 
MEDIA – ENTERTAINMENT – 0.00%
                
Crown Finance U.S., Inc. (b)(d)
    
98,930
      
3,356
  
TOTAL WARRANT
                
  (Cost $30,928)
            
3,356
  
                 
MONEY MARKET FUND – 0.07%
                
First American Government
                
  Obligations Fund – Class X, 4.65% (e)
    
220,530
      
220,530
  
TOTAL MONEY MARKET FUND
                
  (Cost $220,530)
            
220,530
  
Total Investments (Cost $298,604,399) – 95.88%
            
287,551,802
  
Other Assets in Excess of  Liabilities – 4.12%
            
12,352,135
  
TOTAL NET ASSETS – 100.00%
          
$
299,903,937
  

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
SOFR
Secured Overnight Funding Rate
(a)
Variable rate securities.  The coupon rate shown is the effective interest rate as of March 31, 2023.
(b)
Non-income producing security.
(c)
U.S. traded security of a foreign issuer.
(d)
Foreign issued security.
(e)
Rate shown is the 7-day annualized yield as of March 31, 2023.
(f)
All or a portion is posted as collateral for delayed settlement securities.
(g)
Final terms of the bank loan are not yet known, so reference index and spread information may not be presented.
(h)
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, 2023, the value of these investments was $28,091,365 or 9.37% of total net assets.

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, 2023 (Unaudited)



(i)
All or a portion of the loan is unfunded.
(j)
Security in default.
(k)
Rates for senior loans will typically have interest rates that redetermine periodically by reference to a base lending rate plus a spread.  Senior loans that reference SOFR may be subject to a credit spread adjustment, particularly to legacy LIBOR bank loans that have transitioned to SOFR as the base lending rate.

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.
56
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

PORTFOLIO ALLOCATION
March 31, 2023 (Unaudited)


 
% Net
TOP TEN HOLDINGS
Assets
Aramark Services, Inc. 6.375%, 05/01/2025
1.57%
Verscend Escrow Corp. 9.75%, 08/15/2026
1.56%
U.S. Foods, Inc. 6.25%, 04/15/2025
1.48%
Caesars Entertainment, Inc. 6.25%, 07/01/2025
1.43%
MGM Resorts International 6.75%, 05/01/2025
1.29%
Gen Digital, Inc. 5.00%, 04/15/2025
1.16%
Univision Communications, Inc. 5.125%, 02/15/2025
1.13%
CCO Holdings, LLC / CCO Holdings Capital Corp.
  
  5.50%, 05/01/2026
1.09%
Scientific Games International, Inc. 8.625%, 07/01/2025
1.06%
Stericycle, Inc. 5.375%, 07/15/2024
1.02%

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, 2023.
57
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e)
            
             
AEROSPACE & DEFENSE – 3.23%
            
Howmet Aerospace, Inc.
            
  5.125%, 10/01/2024
  
$
3,073,000
    
$
3,088,857
  
Spirit AeroSystems, Inc.
                
  7.50%, 04/15/2025 (c)
    
2,200,000
      
2,202,156
  
TransDigm, Inc.
                
  8.00%, 12/15/2025 (c)
    
6,058,000
      
6,182,841
  
  6.25%, 03/15/2026 (c)
    
14,009,000
      
14,056,631
  
  6.375%, 06/15/2026
    
10,860,000
      
10,627,107
  
  6.75%, 08/15/2028 (c)
    
4,245,000
      
4,298,062
  
TransDigm UK Holdings PLC
                
  6.875%, 05/15/2026 (b)
    
5,796,000
      
5,714,711
  
Triumph Group, Inc.
                
  9.00%, 03/15/2028 (c)
    
3,960,000
      
3,964,950
  
             
50,135,315
  
                 
AUTO RETAIL – 0.74%
                
Lithia Motors, Inc.
                
  4.625%, 12/15/2027 (c)
    
5,910,000
      
5,502,071
  
Penske Automotive Group, Inc.
                
  3.50%, 09/01/2025
    
6,370,000
      
5,996,879
  
             
11,498,950
  
                 
AUTOMOTIVE – 6.4%
                
Adient Global Holdings, Ltd.
                
  4.875%, 08/15/2026 (b)(c)
    
920,000
      
887,667
  
  7.00%, 04/15/2028 (b)(c)
    
3,035,000
      
3,123,045
  
Allison Transmission, Inc.
                
  4.75%, 10/01/2027 (c)
    
2,450,000
      
2,317,093
  
American Axle & Manufacturing, Inc.
                
  6.25%, 03/15/2026
    
3,727,000
      
3,582,517
  
  6.50%, 04/01/2027
    
7,872,000
      
7,253,497
  
Clarios Global, LP / Clarios U.S. Finance Co.
                
  6.25%, 05/15/2026 (b)(c)
    
8,672,000
      
8,616,803
  
  8.50%, 05/15/2027 (b)(c)
    
9,724,000
      
9,778,697
  
Dana Financing Luxembourg SARL
                
  5.75%, 04/15/2025 (b)(c)
    
7,085,000
      
7,005,650
  

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

SCHEDULE OF INVESTMENTS – Continued
March 31, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
AUTOMOTIVE – 6.4% – Continued
            
Ford Motor Credit Co., LLC
            
  3.664%, 09/08/2024
  
$
1,855,000
    
$
1,782,496
  
  5.125%, 06/16/2025
    
7,695,000
      
7,543,966
  
  3.375%, 11/13/2025
    
8,955,000
      
8,405,297
  
  7.501% (3 Month SOFR USD + 2.95%),
                
    03/06/2026 (a)
    
3,675,000
      
3,704,510
  
  2.70%, 08/10/2026
    
4,195,000
      
3,738,794
  
  4.95%, 05/28/2027
    
2,035,000
      
1,944,036
  
Goodyear Tire & Rubber Co.
                
  9.50%, 05/31/2025
    
7,100,000
      
7,303,567
  
  5.00%, 05/31/2026
    
7,622,000
      
7,378,172
  
IHO Verwaltungs GmbH 4.75% Cash or
                
  6.00% PIK, 09/15/2026 (b)(c)(f)
    
3,135,000
      
2,796,375
  
Jaguar Land Rover Automotive PLC
                
  7.75%, 10/15/2025 (b)(c)
    
4,846,000
      
4,756,591
  
Patrick Industries, Inc.
                
  7.50%, 10/15/2027 (c)
    
3,819,000
      
3,786,749
  
ZF North America Capital, Inc.
                
  4.75%, 04/29/2025 (c)
    
3,790,000
      
3,719,487
  
             
99,425,009
  
                 
BUILDING PRODUCTS – 0.13%
                
Summit Materials, LLC / Summit Materials
                
  Finance Corp. 6.50%, 03/15/2027 (c)
    
2,110,000
      
2,094,626
  
                 
CHEMICALS – 3.47%
                
Avient Corp. 5.75%, 05/15/2025 (c)
    
10,971,000
      
10,865,995
  
Celanese U.S. Holdings, LLC
                
  6.05%, 03/15/2025
    
6,012,000
      
6,041,668
  
Consolidated Energy Finance SA
                
  6.50%, 05/15/2026 (b)(c)
    
890,000
      
839,096
  
INEOS Finance PLC
                
  6.75%, 05/15/2028 (b)(c)
    
5,345,000
      
5,165,920
  
INEOS Quattro Finance 2 PLC
                
  3.375%, 01/15/2026 (b)(c)
    
2,400,000
      
2,183,356
  
Methanex Corp. 4.25%, 12/01/2024 (b)
    
4,941,000
      
4,782,013
  
NOVA Chemicals Corp.
                
  4.875%, 06/01/2024 (b)(c)
    
13,969,000
      
13,797,880
  

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

SCHEDULE OF INVESTMENTS – Continued
March 31, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
CHEMICALS – 3.47% – Continued
            
SCIL IV, LLC / SCIL, U.S.A. Holdings, LLC
            
  5.375%, 11/01/2026 (c)
  
$
2,910,000
    
$
2,661,593
  
SPCM SA 3.125%, 03/15/2027 (b)(c)
    
2,617,000
      
2,297,130
  
Trinseo Materials Operating SCA /
                
  Trinseo Materials Finance, Inc.
                
  5.375%, 09/01/2025 (b)(c)
    
6,541,000
      
5,281,269
  
             
53,915,920
  
                 
COMMERCIAL SERVICES – 4.07%
                
Allied Universal Holdco, LLC /
                
  Allied Universal Finance Corp.
                
  6.625%, 07/15/2026 (c)
    
5,840,000
      
5,618,080
  
Aramark Services, Inc.
                
  5.00%, 04/01/2025 (c)
    
2,430,000
      
2,394,076
  
  6.375%, 05/01/2025 (c)
    
24,155,000
      
24,354,520
  
Brink’s Co. 5.50%, 07/15/2025 (c)
    
5,365,000
      
5,320,444
  
Camelot Finance SA
                
  4.50%, 11/01/2026 (b)(c)
    
3,220,000
      
3,046,877
  
Garda World Security Corp.
                
  9.50%, 11/01/2027 (b)(c)
    
2,814,000
      
2,672,653
  
  7.75%, 02/15/2028 (b)(c)
    
1,420,000
      
1,400,834
  
Iron Mountain, Inc.
                
  4.875%, 09/15/2027 (c)
    
5,170,000
      
4,893,431
  
KAR Auction Services, Inc.
                
  5.125%, 06/01/2025 (c)
    
8,543,000
      
8,446,891
  
Tempo Acquisition, LLC / Tempo
                
  Acquisition Finance Corp.
                
  5.75%, 06/01/2025 (c)
    
5,142,000
      
5,102,978
  
             
63,250,784
  
                 
CONSTRUCTION & ENGINEERING – 0.42%
                
Williams Scotsman International, Inc.
                
  6.125%, 06/15/2025 (c)
    
6,649,000
      
6,605,545
  
                 
CONSUMER NON-DISCRETIONARY – 0.27%
                
Spectrum Brands, Inc. 5.75%, 07/15/2025
    
4,324,000
      
4,274,197
  

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

SCHEDULE OF INVESTMENTS – Continued
March 31, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
ENVIRONMENTAL SERVICES – 2.11%
            
Clean Harbors, Inc.
            
  4.875%, 07/15/2027 (c)
  
$
2,495,000
    
$
2,408,019
  
GFL Environmental, Inc.
                
  4.25%, 06/01/2025 (b)(c)
    
8,008,000
      
7,821,614
  
  3.75%, 08/01/2025 (b)(c)
    
5,850,000
      
5,627,846
  
  5.125%, 12/15/2026 (b)(c)
    
1,055,000
      
1,032,581
  
Stericycle, Inc. 5.375%, 07/15/2024 (c)
    
15,956,000
      
15,850,801
  
             
32,740,861
  
                 
FINANCIALS – CONSUMER FINANCE – 2.84%
                
Ally Financial, Inc. 5.75%, 11/20/2025
    
4,460,000
      
4,200,663
  
goeasy, Ltd.
                
  5.375%, 12/01/2024 (b)(c)
    
5,709,000
      
5,385,044
  
  4.375%, 05/01/2026 (b)(c)
    
1,945,000
      
1,703,801
  
Navient Corp.
                
  7.25%, 09/25/2023
    
3,506,000
      
3,496,570
  
  6.125%, 03/25/2024
    
10,300,000
      
10,206,064
  
  5.875%, 10/25/2024
    
1,000,000
      
972,615
  
  6.75%, 06/25/2025
    
1,755,000
      
1,707,364
  
OneMain Finance Corp.
                
  8.25%, 10/01/2023
    
3,206,000
      
3,218,985
  
  6.125%, 03/15/2024
    
6,050,000
      
5,919,592
  
  6.875%, 03/15/2025
    
1,850,000
      
1,785,087
  
  7.125%, 03/15/2026
    
2,000,000
      
1,924,600
  
SLM Corp. 3.125%, 11/02/2026
    
4,285,000
      
3,647,371
  
             
44,167,756
  
                 
FINANCIALS – DIVERSIFIED – 0.71%
                
AerCap Ireland Capital DAC / AerCap
                
  Global Aviation Trust
                
  4.875%, 01/16/2024 (b)
    
2,634,000
      
2,605,239
  
Aircastle, Ltd.
                
  4.125%, 05/01/2024 (b)
    
1,459,000
      
1,428,742
  
  5.25%, 08/11/2025 (b)(c)
    
3,485,000
      
3,407,495
  
Starwood Property Trust, Inc.
                
  3.75%, 12/31/2024 (c)
    
1,383,000
      
1,275,952
  
  3.625%, 07/15/2026 (c)
    
2,809,000
      
2,336,779
  
             
11,054,207
  

The accompanying notes are an integral part of these financial statements.
61
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

SCHEDULE OF INVESTMENTS – Continued
March 31, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
FINANCIALS – INSURANCE – 0.92%
            
Acrisure, LLC / Acrisure Finance, Inc.
            
  7.00%, 11/15/2025 (c)
  
$
3,832,000
    
$
3,595,164
  
  10.125%, 08/01/2026 (c)
    
4,271,000
      
4,253,788
  
HUB International, Ltd.
                
  7.00%, 05/01/2026 (c)
    
6,510,000
      
6,401,331
  
             
14,250,283
  
                 
FINANCIALS – THRIFTS & MORTGAGES – 1.05%
                
Nationstar Mortgage Holdings, Inc.
                
  6.00%, 01/15/2027 (c)
    
3,940,000
      
3,579,293
  
PennyMac Financial Services, Inc.
                
  5.375%, 10/15/2025 (c)
    
7,700,000
      
7,199,885
  
Rocket Mortgage, LLC / Rocket Mortgage
                
  Co-Issuer, Inc. 2.875%, 10/15/2026 (c)
    
2,272,000
      
2,043,494
  
United Wholesale Mortgage, LLC
                
  5.50%, 11/15/2025 (c)
    
3,640,000
      
3,449,191
  
             
16,271,863
  
                 
FOOD & BEVERAGE – 0.49%
                
B&G Foods, Inc. 5.25%, 04/01/2025
    
4,835,000
      
4,507,767
  
Post Holdings, Inc. 5.75%, 03/01/2027 (c)
    
3,240,000
      
3,162,511
  
             
7,670,278
  
                 
HEALTHCARE – EQUIPMENT & SUPPLIES – 0.24%
                
Owens & Minor, Inc. 4.375%, 12/15/2024
    
3,870,000
      
3,737,180
  
                 
HEALTHCARE – FACILITIES – 3.89%
                
Global Medical Response, Inc.
                
  6.50%, 10/01/2025 (c)
    
1,105,000
      
808,202
  
HCA, Inc.
                
  7.50%, 12/15/2023
    
2,505,000
      
2,535,353
  
  8.36%, 04/15/2024
    
3,846,000
      
3,974,418
  
  5.375%, 02/01/2025
    
1,805,000
      
1,806,169
  
  7.69%, 06/15/2025
    
658,000
      
680,639
  
  7.58%, 09/15/2025
    
2,251,000
      
2,314,638
  
Legacy LifePoint Health, LLC
                
  6.75%, 04/15/2025 (c)
    
7,124,000
      
6,767,800
  
ModivCare, Inc. 5.875%, 11/15/2025 (c)
    
3,520,000
      
3,379,323
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
HEALTHCARE – FACILITIES – 3.89% – Continued
            
RegionalCare Hospital Partners
            
  Holdings, Inc. / LifePoint Health, Inc.
            
  9.75%, 12/01/2026 (c)
  
$
7,896,000
    
$
6,394,082
  
Select Medical Corp.
                
  6.25%, 08/15/2026 (c)
    
139,000
      
134,970
  
Surgery Center Holdings, Inc.
                
  6.75%, 07/01/2025 (c)
    
5,013,000
      
4,978,311
  
  10.00%, 04/15/2027 (c)
    
3,852,000
      
3,931,543
  
Tenet Healthcare Corp.
                
  4.625%, 07/15/2024
    
1,321,000
      
1,304,448
  
  4.625%, 09/01/2024
    
14,257,000
      
14,020,505
  
  6.25%, 02/01/2027
    
7,621,000
      
7,502,875
  
             
60,533,276
  
                 
HEALTHCARE – LIFE SCIENCES – 0.74%
                
Catalent Pharma Solutions, Inc.
                
  5.00%, 07/15/2027 (c)
    
1,290,000
      
1,260,975
  
IQVIA, Inc. 5.00%, 10/15/2026 (c)
    
10,392,000
      
10,169,091
  
             
11,430,066
  
                 
HEALTHCARE – MANAGED HEALTH CARE – 1.56%
                
Verscend Escrow Corp.
                
  9.75%, 08/15/2026 (c)
    
24,204,000
      
24,227,115
  
                 
HEALTHCARE – PHARMACEUTICALS & BIOTECHNOLOGY – 1.2%
                
Bausch Health Cos., Inc.
                
  5.50%, 11/01/2025 (b)(c)
    
3,694,000
      
3,041,539
  
  9.00%, 12/15/2025 (b)(c)
    
5,874,000
      
4,682,910
  
Teva Pharmaceutical Finance
                
  Netherlands III B.V.
                
  2.80%, 07/21/2023 (b)
    
663,000
      
656,024
  
  6.00%, 04/15/2024 (b)
    
7,850,000
      
7,836,987
  
  7.125%, 01/31/2025 (b)
    
2,400,000
      
2,452,344
  
             
18,669,804
  
                 
HEALTHCARE – REITs – 0.58%
                
MPT Operating Partnership, LP / MPT
                
  Finance Corp. 5.25%, 08/01/2026
    
10,059,000
      
9,064,819
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
INDUSTRIAL MACHINERY – 1.53%
            
EnPro Industries, Inc. 5.75%, 10/15/2026
  
$
6,489,000
    
$
6,318,339
  
Hillenbrand, Inc. 5.75%, 06/15/2025
    
2,105,000
      
2,101,790
  
WESCO Distribution, Inc.
                
  7.125%, 06/15/2025 (c)
    
15,029,000
      
15,292,008
  
             
23,712,137
  
                 
LEISURE – CASINOS & GAMING – 8.28%
                
Caesars Entertainment, Inc.
                
  6.25%, 07/01/2025 (c)
    
22,184,000
      
22,203,888
  
  8.125%, 07/01/2027 (c)
    
5,050,000
      
5,155,545
  
Caesars Resort Collection, LLC / CRC
                
  Finco, Inc. 5.75%, 07/01/2025 (c)
    
9,135,000
      
9,144,738
  
Churchill Downs, Inc.
                
  5.50%, 04/01/2027 (c)
    
7,185,000
      
7,041,300
  
International Game Technology PLC
                
  6.50%, 02/15/2025 (b)(c)
    
4,529,000
      
4,567,542
  
  4.125%, 04/15/2026 (b)(c)
    
7,899,000
      
7,631,619
  
  6.25%, 01/15/2027 (b)(c)
    
4,505,000
      
4,560,163
  
MGM Resorts International
                
  6.75%, 05/01/2025
    
19,830,000
      
20,000,598
  
  5.75%, 06/15/2025
    
8,169,000
      
8,175,021
  
  4.625%, 09/01/2026
    
1,425,000
      
1,349,033
  
Scientific Games International, Inc.
                
  8.625%, 07/01/2025 (c)
    
16,113,000
      
16,511,152
  
VICI Properties, LP / VICI Note Co., Inc.
                
  5.625%, 05/01/2024 (c)
    
7,810,000
      
7,751,425
  
  3.50%, 02/15/2025 (c)
    
1,865,000
      
1,769,256
  
  4.625%, 06/15/2025 (c)
    
5,805,000
      
5,619,816
  
  4.50%, 09/01/2026 (c)
    
2,405,000
      
2,265,057
  
  4.25%, 12/01/2026 (c)
    
5,240,000
      
4,893,931
  
             
128,640,084
  
                 
LEISURE – HOTELS – 7.76%
                
Cedar Fair, LP / Canada’s
                
  Wonderland Co. / Magnum Management
                
  Corp. / Millennium Op
                
  5.50%, 05/01/2025 (c)
    
12,871,000
      
12,874,926
  
  5.375%, 04/15/2027
    
2,655,000
      
2,539,877
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
LEISURE – HOTELS – 7.76% – Continued
            
Expedia Group, Inc.
            
  6.25%, 05/01/2025 (c)
  
$
1,138,000
    
$
1,152,550
  
NCL Corp., Ltd.
                
  3.625%, 12/15/2024 (b)(c)
    
1,150,000
      
1,070,782
  
  5.875%, 02/15/2027 (b)(c)
    
1,000,000
      
940,875
  
  8.375%, 02/01/2028 (b)(c)
    
1,305,000
      
1,310,648
  
Park Intermediate Holdings, LLC /
                
  PK Domestic Property, LLC / PK Finance
                
  Co-Issuer 7.50%, 06/01/2025 (c)
    
8,980,000
      
9,017,200
  
RHP Hotel Properties, LP / RHP
                
  Finance Corp. 4.75%, 10/15/2027
    
1,650,000
      
1,548,224
  
RLJ Lodging Trust, LP
                
  3.75%, 07/01/2026 (c)
    
7,642,000
      
6,978,721
  
Royal Caribbean Cruises, Ltd.
                
  11.50%, 06/01/2025 (b)(c)
    
10,696,000
      
11,414,825
  
Sabre GLBL, Inc.
                
  9.25%, 04/15/2025 (c)
    
6,405,000
      
5,982,526
  
  7.375%, 09/01/2025 (c)
    
1,705,000
      
1,525,123
  
  11.25%, 12/15/2027 (c)
    
1,632,000
      
1,521,783
  
Service Properties Trust
                
  4.65%, 03/15/2024
    
1,230,000
      
1,200,910
  
  4.35%, 10/01/2024
    
8,985,000
      
8,606,552
  
  7.50%, 09/15/2025
    
3,820,000
      
3,773,081
  
  5.25%, 02/15/2026
    
1,590,000
      
1,393,452
  
Six Flags Entertainment Corp.
                
  4.875%, 07/31/2024 (c)
    
9,490,000
      
9,356,886
  
Six Flags Theme Parks, Inc.
                
  7.00%, 07/01/2025 (c)
    
4,865,000
      
4,919,683
  
Travel + Leisure Co.
                
  6.60%, 10/01/2025 (h)
    
3,498,000
      
3,518,189
  
  6.625%, 07/31/2026 (c)
    
5,445,000
      
5,471,735
  
TripAdvisor, Inc. 7.00%, 07/15/2025 (c)
    
12,192,000
      
12,229,658
  
Vail Resorts, Inc. 6.25%, 05/15/2025 (c)
    
12,287,000
      
12,325,137
  
             
120,673,343
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
LEISURE – RESTAURANTS – 0.95%
            
1011778 B.C., ULC / New Red Finance, Inc.
            
  5.75%, 04/15/2025 (b)(c)
  
$
4,685,000
    
$
4,671,905
  
CEC Entertainment, LLC
                
  6.75%, 05/01/2026 (c)
    
2,810,000
      
2,672,029
  
IRB Holding Corp. 7.00%, 06/15/2025 (c)
    
7,330,000
      
7,359,467
  
             
14,703,401
  
                 
MEDIA – BROADCASTING – 4.28%
                
AMC Networks, Inc.
                
  5.00%, 04/01/2024
    
1,757,000
      
1,734,950
  
  4.75%, 08/01/2025
    
10,479,000
      
9,304,566
  
Graham Holdings Co.
                
  5.75%, 06/01/2026 (c)
    
3,645,000
      
3,575,976
  
Gray Television, Inc.
                
  5.875%, 07/15/2026 (c)
    
9,730,000
      
8,426,764
  
Sirius XM Radio, Inc.
                
  3.125%, 09/01/2026 (c)
    
4,478,000
      
4,029,327
  
  5.00%, 08/01/2027 (c)
    
12,551,000
      
11,764,052
  
TEGNA, Inc. 4.75%, 03/15/2026 (c)
    
3,590,000
      
3,409,796
  
Univision Communications, Inc.
                
  5.125%, 02/15/2025 (c)
    
17,823,000
      
17,487,660
  
  6.625%, 06/01/2027 (c)
    
7,180,000
      
6,814,538
  
             
66,547,629
  
                 
MEDIA – CABLE & SATELLITE – 3.71%
                
CCO Holdings, LLC / CCO Holdings Capital
                
  Corp. 5.50%, 05/01/2026 (c)
    
17,381,000
      
16,925,096
  
Connect Finco SARL / Connect
                
  U.S. Finco, LLC 6.75%, 10/01/2026 (b)(c)
    
2,500,000
      
2,352,250
  
CSC Holdings, LLC
                
  5.25%, 06/01/2024
    
7,794,000
      
7,534,070
  
  5.50%, 04/15/2027 (c)
    
5,300,000
      
4,478,063
  
DIRECTV Financing, LLC / DIRECTV
                
  Financing Co-Obligor, Inc.
                
  5.875%, 08/15/2027 (c)
    
4,474,000
      
4,032,897
  
DISH DBS Corp.
                
  5.875%, 11/15/2024
    
3,955,000
      
3,524,458
  
  5.25%, 12/01/2026 (c)
    
2,666,000
      
2,117,804
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
MEDIA – CABLE & SATELLITE – 3.71% – Continued
            
Hughes Satellite Systems Corp.
            
  5.25%, 08/01/2026
  
$
1,435,000
    
$
1,362,870
  
  6.625%, 08/01/2026
    
3,425,000
      
3,238,663
  
Maxar Technologies, Inc.
                
  7.75%, 06/15/2027 (c)
    
1,690,000
      
1,767,585
  
Viasat, Inc. 5.625%, 09/15/2025 (c)
    
7,159,000
      
6,794,106
  
Videotron, Ltd. 5.375%, 06/15/2024 (b)(c)
    
3,510,000
      
3,493,502
  
             
57,621,364
  
                 
MEDIA – DIVERSIFIED – 0.49%
                
Match Group Holdings II, LLC
                
  5.00%, 12/15/2027 (c)
    
2,645,000
      
2,507,896
  
Outfront Media Capital, LLC /
                
  Outfront Media Capital Corp.
                
  6.25%, 06/15/2025 (c)
    
5,200,000
      
5,178,760
  
             
7,686,656
  
                 
MEDIA – ENTERTAINMENT – 1.29%
                
Live Nation Entertainment, Inc.
                
  4.875%, 11/01/2024 (c)
    
10,682,000
      
10,482,781
  
  5.625%, 03/15/2026 (c)
    
9,423,000
      
9,128,107
  
  6.50%, 05/15/2027 (c)
    
500,000
      
506,210
  
             
20,117,098
  
                 
METALS & MINING – 0.78%
                
FMG Resources August 2006 Pty, Ltd.
                
  5.125%, 05/15/2024 (b)(c)
    
12,291,000
      
12,162,939
  
                 
MIDSTREAM – STORAGE & TRANSPORT – 2.12%
                
Antero Midstream Partners, LP /
                
  Antero Midstream Finance Corp.
                
  7.875%, 05/15/2026 (c)
    
4,550,000
      
4,641,356
  
Buckeye Partners, LP
                
  4.15%, 07/01/2023
    
3,537,000
      
3,514,997
  
  4.35%, 10/15/2024
    
3,460,000
      
3,390,177
  
  4.125%, 03/01/2025 (c)
    
4,856,000
      
4,599,540
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
MIDSTREAM – STORAGE & TRANSPORT – 2.12% – Continued
            
Crestwood Midstream Partners, LP /
            
  Crestwood Midstream Finance Corp.
            
  5.75%, 04/01/2025
  
$
2,505,000
    
$
2,449,388
  
  5.625%, 05/01/2027 (c)
    
1,799,000
      
1,735,351
  
EQM Midstream Partners, LP
                
  6.00%, 07/01/2025 (c)
    
714,000
      
706,731
  
  7.50%, 06/01/2027 (c)
    
3,695,000
      
3,713,364
  
NuStar Logistics, LP 5.75%, 10/01/2025
    
3,385,000
      
3,295,996
  
Sunoco, LP / Sunoco Finance Corp.
                
  6.00%, 04/15/2027
    
2,341,000
      
2,314,072
  
Tallgrass Energy Partners, LP / Tallgrass
                
  Energy Finance Corp.
                
  7.50%, 10/01/2025 (c)
    
2,630,000
      
2,631,499
  
             
32,992,471
  
                 
PACKAGING – 2.92%
                
Ardagh Packaging Finance PLC /
                
  Ardagh Holdings U.S.A., Inc.
                
  5.25%, 04/30/2025 (b)(c)
    
10,953,000
      
10,799,056
  
  4.125%, 08/15/2026 (b)(c)
    
5,365,000
      
5,010,132
  
Ball Corp. 5.25%, 07/01/2025
    
3,480,000
      
3,459,618
  
Berry Global, Inc.
                
  4.50%, 02/15/2026 (c)
    
1,500,000
      
1,445,445
  
  4.875%, 07/15/2026 (c)
    
7,581,000
      
7,396,857
  
Canpack SA / Canpack U.S., LLC
                
  3.125%, 11/01/2025 (b)(c)
    
1,604,000
      
1,459,640
  
LABL, Inc. 6.75%, 07/15/2026 (c)
    
4,138,000
      
3,988,311
  
Mauser Packaging Solutions Holding Co.
                
  7.875%, 08/15/2026 (c)
    
5,439,000
      
5,443,922
  
  9.25%, 04/15/2027 (c)
    
2,100,000
      
1,942,500
  
Sealed Air Corp.
                
  5.125%, 12/01/2024 (c)
    
3,503,000
      
3,482,030
  
  5.50%, 09/15/2025 (c)
    
205,000
      
202,913
  
  4.00%, 12/01/2027 (c)
    
810,000
      
756,621
  
             
45,387,045
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
REAL ESTATE – HOMEBUILDING – 0.39%
            
Taylor Morrison Communities, Inc. /
            
  Taylor Morrison Holdings II, Inc.
            
  5.625%, 03/01/2024 (c)
  
$
3,455,000
    
$
3,435,011
  
TRI Pointe Group, Inc. /
                
  TRI Pointe Homes, Inc.
                
  5.875%, 06/15/2024
    
2,670,000
      
2,659,200
  
             
6,094,211
  
                 
REAL ESTATE – MANAGEMENT – 0.64%
                
Greystar Real Estate Partners, LLC
                
  5.75%, 12/01/2025 (c)
    
3,880,000
      
3,784,067
  
Newmark Group, Inc.
                
  6.125%, 11/15/2023
    
6,268,000
      
6,219,518
  
             
10,003,585
  
                 
RETAIL – FOOD & DRUG – 2.82%
                
Albertsons Cos., Inc. / Safeway, Inc. /
                
  New Albertsons, LP / Albertsons, LLC
                
  3.25%, 03/15/2026 (c)
    
3,565,000
      
3,358,123
  
  7.50%, 03/15/2026 (c)
    
11,764,000
      
12,185,563
  
  6.50%, 02/15/2028 (c)
    
5,260,000
      
5,278,699
  
U.S. Foods, Inc. 6.25%, 04/15/2025 (c)
    
22,738,000
      
22,966,290
  
             
43,788,675
  
                 
RETAILING – 0.31%
                
Bath & Body Works, Inc.
                
  9.375%, 07/01/2025 (c)
    
4,552,000
      
4,867,336
  
                 
TECHNOLOGY – SOFTWARE & SERVICES – 3.53%
                
Block, Inc. 2.75%, 06/01/2026
    
1,790,000
      
1,634,252
  
Boxer Parent Co., Inc.
                
  7.125%, 10/02/2025 (c)
    
10,332,000
      
10,297,746
  
  9.125%, 03/01/2026 (c)
    
2,982,000
      
2,902,472
  
Consensus Cloud Solutions, Inc.
                
  6.00%, 10/15/2026 (c)
    
4,975,000
      
4,326,573
  
Gen Digital, Inc.
                
  5.00%, 04/15/2025 (c)
    
18,275,000
      
17,966,756
  
  6.75%, 09/30/2027 (c)
    
2,957,000
      
2,975,481
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
TECHNOLOGY – SOFTWARE & SERVICES – 3.53% – Continued
            
Go Daddy Operating Co., LLC /
            
  GD Finance Co., Inc.
            
  5.25%, 12/01/2027 (c)
  
$
1,430,000
    
$
1,392,891
  
Open Text Corp. 6.90%, 12/01/2027 (b)(c)
    
4,485,000
      
4,630,763
  
PTC, Inc. 3.625%, 02/15/2025 (c)
    
5,480,000
      
5,292,267
  
Shift4 Payments, LLC / Shift4 Payments
                
  Finance Sub, Inc. 4.625%, 11/01/2026 (c)
    
3,596,000
      
3,384,537
  
             
54,803,738
  
                 
TECHNOLOGY HARDWARE – 1.31%
                
CDW, LLC / CDW Finance Corp.
                
  4.125%, 05/01/2025
    
3,945,000
      
3,830,227
  
NCR Corp. 5.75%, 09/01/2027 (c)
    
4,940,000
      
4,859,947
  
Presidio Holdings, Inc.
                
  8.25%, 02/01/2028 (c)
    
3,175,000
      
3,020,504
  
Seagate HDD Cayman
                
  4.75%, 06/01/2023 (b)
    
1,631,000
      
1,624,982
  
  4.875%, 03/01/2024 (b)
    
1,225,000
      
1,212,799
  
Sensata Technologies B.V.
                
  5.625%, 11/01/2024 (b)(c)
    
4,445,000
      
4,436,106
  
Western Digital Corp. 4.75%, 02/15/2026
    
1,371,000
      
1,323,447
  
             
20,308,012
  
                 
TELECOMMUNICATION SERVICES – DIVERSIFIED – 1.95%
                
Altice France SA
                
  8.125%, 02/01/2027 (b)(c)
    
13,623,000
      
12,623,072
  
Cogent Communications Group, Inc.
                
  3.50%, 05/01/2026 (c)
    
3,105,000
      
2,873,696
  
Iliad Holding SASU
                
  6.50%, 10/15/2026 (b)(c)
    
7,353,000
      
7,014,016
  
Level 3 Financing, Inc.
                
  3.40%, 03/01/2027 (c)
    
2,793,000
      
2,213,325
  
Northwest Fiber, LLC / Northwest Fiber
                
  Finance Sub, Inc. 4.75%, 04/30/2027 (c)
    
3,155,000
      
2,690,927
  
Uniti Group, LP / Uniti Group
                
  Finance, Inc. / CSL Capital, LLC
                
  10.50%, 02/15/2028 (c)
    
3,033,000
      
2,940,948
  
             
30,355,984
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
TELECOMMUNICATION SERVICES – WIRELESS – 1.45%
            
Sprint Capital Corp.
            
  6.875%, 11/15/2028
  
$
3,540,000
    
$
3,814,244
  
Sprint, LLC
                
  7.875%, 09/15/2023
    
9,233,000
      
9,309,292
  
  7.125%, 06/15/2024
    
8,505,000
      
8,678,162
  
  7.625%, 03/01/2026
    
660,000
      
698,887
  
             
22,500,585
  
                 
TRANSPORTATION – 1.61%
                
Uber Technologies, Inc.
                
  7.50%, 05/15/2025 (c)
    
6,705,000
      
6,816,726
  
  8.00%, 11/01/2026 (c)
    
13,705,000
      
14,064,071
  
  7.50%, 09/15/2027 (c)
    
1,690,000
      
1,744,384
  
XPO Escrow Sub, LLC
                
  7.50%, 11/15/2027 (c)
    
2,310,000
      
2,404,952
  
             
25,030,133
  
                 
UTILITIES – POWER – 2.52%
                
Calpine Corp. 5.25%, 06/01/2026 (c)
    
5,458,000
      
5,327,812
  
NextEra Energy Operating Partners, LP
                
  4.25%, 07/15/2024 (c)
    
8,158,000
      
8,063,123
  
  4.25%, 09/15/2024 (c)
    
72,000
      
69,335
  
NRG Energy, Inc. 6.625%, 01/15/2027
    
5,815,000
      
5,809,650
  
Vistra Operations Co., LLC
                
  5.50%, 09/01/2026 (c)
    
6,639,000
      
6,455,489
  
  5.625%, 02/15/2027 (c)
    
10,641,000
      
10,342,757
  
  5.00%, 07/31/2027 (c)
    
3,240,000
      
3,067,972
  
             
39,136,138
  
                 
UTILITIES – PROPANE – 1.24%
                
AmeriGas Partners, LP /
                
  AmeriGas Finance Corp.
                
  5.625%, 05/20/2024
    
12,986,000
      
12,742,058
  
  5.50%, 05/20/2025
    
645,000
      
619,437
  
  5.875%, 08/20/2026
    
2,845,000
      
2,725,154
  
  5.75%, 05/20/2027
    
1,515,000
      
1,427,797
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CORPORATE BONDS – 86.94% (e) – Continued
            
             
UTILITIES – PROPANE – 1.24% – Continued
            
Ferrellgas, LP / Ferrellgas Finance Corp.
            
  5.375%, 04/01/2026 (c)
  
$
1,900,000
    
$
1,781,136
  
             
19,295,582
  
TOTAL CORPORATE BONDS
                
  (Cost $1,390,503,039)
            
1,351,446,000
  
                 
                 
BANK LOANS – 8.04% (j)
                
                 
AUTOMOTIVE – 0.85%
                
Clarios Global, LP,
                
  Senior Secured First Lien Term Loan
                
     8.09% (1 Month LIBOR USD + 3.25%),
                
     04/30/2026 (a)
    
6,207,311
      
6,186,609
  
Thor Industries, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.875% (1 Month LIBOR USD + 3.00%),
                
    02/02/2026 (a)
    
7,060,524
      
7,056,111
  
             
13,242,720
  
                 
COMMERCIAL SERVICES – 0.53%
                
Camelot U.S. Acquisition 1 Co.
                
  Senior Secured First Lien Term Loan
                
    7.84% (1 Month LIBOR USD + 3.00%),
                
    10/30/2026 (a)
    
761,363
      
760,647
  
  Senior Secured First Lien Term Loan
                
    7.84% (1 Month LIBOR USD + 3.00%,
                
    1.000% Floor), 10/30/2026 (a)
    
3,954,109
      
3,950,412
  
Dun & Bradstreet Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.095% (1 Month LIBOR USD + 3.25%),
                
    02/06/2026 (a)
    
2,869,908
      
2,869,306
  
Garda World Security Corp.,
                
  Senior Secured First Lien Term Loan
                
    9.109% (1 Month SOFR USD + 4.25%),
                
    10/30/2026 (a)
    
653,158
      
647,854
  
             
8,228,219
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 8.04% (j) – Continued
            
             
CONSTRUCTION & ENGINEERING – 0.20%
            
Api Group, Inc.,
            
  Senior Secured First Lien Term Loan
            
    4.84% (1 Month LIBOR USD + 2.50%),
            
    10/01/2026 (a)
  
$
3,163,086
    
$
3,165,063
  
                 
CONSUMER DISCRETIONARY – 0.11%
                
Wand NewCo 3, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.59% (1 Month LIBOR USD + 2.75%),
                
    02/05/2026 (a)
    
1,820,296
      
1,790,334
  
                 
FINANCIALS – DIVERSIFIED – 0.13%
                
Castlelake Aviation One, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.616% (3 Month LIBOR USD + 2.75%,
                
    0.500% Floor), 10/22/2026 (a)
    
1,975,269
      
1,959,062
  
                 
FINANCIALS – INSURANCE – 1.04%
                
Acrisure, LLC,
                
  Senior Secured First Lien Term Loan
                
    10.447% (3 Month SOFR USD + 5.75%,
                
    1.000% Floor), 02/15/2027 (a)
    
1,327,587
      
1,320,949
  
Asurion, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.84% (1 Month LIBOR USD + 3.00%),
                
    11/04/2024 (a)
    
3,569,155
      
3,566,924
  
HUB International, Ltd.,
                
  Senior Secured First Lien Term Loan
                
    8.058% (3 Month LIBOR USD + 3.25%,
                
    0.750% Floor), 04/25/2025 (a)
    
8,977,805
      
8,968,199
  
NFP Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.09% (1 Month LIBOR USD + 3.25%),
                
    02/15/2027 (a)
    
2,377,209
      
2,324,220
  
             
16,180,292
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 8.04% (j) – Continued
            
             
HEALTHCARE – EQUIPMENT & SUPPLIES – 0.15%
            
Navicure, Inc.,
            
  Senior Secured First Lien Term Loan
            
    8.84% (1 Month LIBOR USD + 4.00%),
            
    10/22/2026 (a)
  
$
2,397,818
    
$
2,393,705
  
                 
HEALTHCARE – FACILITIES – 0.34%
                
Surgery Center Holdings, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.46% (1 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 09/03/2026 (a)
    
5,255,765
      
5,231,589
  
                 
HEALTHCARE – MANAGED HEALTH CARE – 0.57%
                
Verscend Holding Corp.,
                
  Senior Secured First Lien Term Loan
                
    8.84% (1 Month LIBOR USD + 4.00%),
                
    08/27/2025 (a)
    
8,785,498
      
8,788,266
  
                 
LEISURE – RESTAURANTS – 0.34%
                
IRB Holding Corp.,
                
  Senior Secured First Lien Term Loan
                
    7.687% (1 Month SOFR USD + 3.00%,
                
    0.750% Floor), 12/15/2027 (a)
    
5,375,000
      
5,293,999
  
                 
MEDIA – BROADCASTING – 0.01%
                
Univision Communications, Inc.,
                
  Senior Secured First Lien Term Loan
                
    7.59% (1 Month LIBOR USD + 2.75%,
                
    1.000% Floor), 03/15/2024 (a)
    
179,395
      
179,555
  
                 
MEDIA – CABLE & SATELLITE – 0.54%
                
DIRECTV Financing, LLC,
                
  Senior Secured First Lien Term Loan
                
    9.84% (1 Month LIBOR USD + 5.00%,
                
    0.750% Floor), 08/02/2027 (a)
    
675,841
      
651,957
  
Maxar Technologies, Ltd.,
                
  Senior Secured First Lien Term Loan
                
    9.157% (1 Month SOFR USD + 4.25%,
                
    0.500% Floor), 06/14/2029 (a)
    
7,715,511
      
7,723,149
  
             
8,375,106
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 8.04% (j) – Continued
            
             
MEDIA – ENTERTAINMENT – 0.52%
            
UFC Holdings, LLC,
            
  Senior Secured First Lien Term Loan
            
    7.57% (3 Month LIBOR USD + 2.75%,
            
    0.750% Floor), 04/29/2026 (a)
  
$
1,107,444
    
$
1,102,859
  
William Morris Endeavor
                
  Entertainment, LLC,
                
  Senior Secured First Lien Term Loan
                
    7.60% (1 Month LIBOR USD + 2.75%),
                
    05/16/2025 (a)
    
7,052,299
      
7,005,296
  
             
8,108,155
  
                 
TECHNOLOGY – SOFTWARE & SERVICES – 1.79%
                
Boxer Parent Co., Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.59% (1 Month LIBOR USD + 3.75%),
                
    10/02/2025 (a)
    
7,209,687
      
7,130,849
  
Open Text Corp.,
                
  Senior Secured First Lien Term Loan
                
    6.59% (1 Month LIBOR USD + 1.75%),
                
    05/30/2025 (a)
    
5,413,294
      
5,405,986
  
Optiv Security, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.09% (3 Month LIBOR USD + 3.25%,
                
    1.000% Floor), 02/01/2024 (a)
    
6,060,674
      
5,971,279
  
Project Alpha Intermediate Holding, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.85% (1 Month LIBOR USD + 4.00%),
                
    04/26/2024 (a)
    
9,358,747
      
9,315,838
  
             
27,823,952
  
                 
TECHNOLOGY HARDWARE – 0.07%
                
Presidio Holdings, Inc.
                
  Senior Secured First Lien Term Loan
                
    8.276% (3 Month SOFR USD + 3.50%),
                
    01/22/2027 (a)
    
1,002,518
      
998,918
  
  Senior Secured First Lien Term Loan
                
    8.407% (1 Month SOFR USD + 3.50%),
                
    01/22/2027 (a)
    
39,094
      
38,954
  
             
1,037,872
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
BANK LOANS – 8.04% (j) – Continued
            
             
TRANSPORTATION – 0.85%
            
AAdvantage Loyalty IP, Ltd.,
            
  Senior Secured First Lien Term Loan
            
    9.558% (3 Month LIBOR USD + 4.75%,
            
    0.750% Floor), 04/20/2028 (a)
  
$
3,664,178
    
$
3,726,267
  
Kenan Advantage Group, Inc.,
                
  Senior Secured First Lien Term Loan
                
    8.59% (1 Month LIBOR USD + 3.75%,
                
    0.750% Floor), 03/24/2026 (a)
    
988,405
      
983,053
  
Mileage Plus Holdings, LLC,
                
  Senior Secured First Lien Term Loan
                
    10.213% (3 Month LIBOR USD + 5.25%,
                
    1.000% Floor), 06/21/2027 (a)
    
3,460,716
      
3,597,207
  
SkyMiles IP, Ltd.,
                
  Senior Secured First Lien Term Loan
                
    8.558%, 10/20/2027 (a)(g)
    
2,957,875
      
3,070,289
  
XPO Logistics, Inc.,
                
  Senior Secured First Lien Term Loan
                
    6.451% (1 Month LIBOR USD + 1.75%),
                
    02/24/2025 (a)
    
1,881,000
      
1,879,589
  
             
13,256,405
  
TOTAL BANK LOANS
                
  (Cost $124,141,315)
            
125,054,294
  
                 
                 
CONVERTIBLE BONDS – 0.96%
                
                 
CONSUMER DISCRETIONARY – 0.13%
                
Chegg, Inc. 0.125%, 03/15/2025
    
2,211,000
      
1,945,680
  
                 
FINANCIALS – DIVERSIFIED – 0.2%
                
Blackstone Mortgage Trust, Inc.
                
  5.50%, 03/15/2027
    
2,153,000
      
1,707,598
  
Starwood Property Trust, Inc.
                
  4.375%, 04/01/2023
    
1,450,000
      
1,457,050
  
             
3,164,648
  
                 
FOOD & BEVERAGE – 0.38%
                
Herbalife Nutrition, Ltd.
                
  2.625%, 03/15/2024 (b)
    
6,205,000
      
5,894,750
  

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, 2023 (Unaudited)

   
Principal
    
Fair
  
   
Amount
    
Value
  
             
CONVERTIBLE BONDS – 0.96% – Continued
            
             
TECHNOLOGY – SOFTWARE & SERVICES – 0.15%
            
DocuSign, Inc. 5.125%, 01/15/2024 (i)
  
$
2,440,000
    
$
2,340,008
  
                 
TELECOMMUNICATION SERVICES – DIVERSIFIED – 0.1%
                
Liberty Latin America, Ltd.
                
  2.00%, 07/15/2024 (b)
    
1,635,000
      
1,513,533
  
TOTAL CONVERTIBLE BONDS
                
  (Cost $15,277,044)
            
14,858,619
  
                 

   
Shares
          
MONEY MARKET FUND – 3.26%
                
First American Government
                
  Obligations Fund – Class X, 4.65% (d)
    
50,689,870
      
50,689,870
  
TOTAL MONEY MARKET FUND
                
  (Cost $50,689,870)
            
50,689,870
  
Total Investments (Cost $1,580,611,268) – 99.20%
            
1,542,048,783
  
Other Assets in Excess of  Liabilities – 0.80%
            
12,473,696
  
TOTAL NET ASSETS – 100.00%
          
$
1,554,522,479
  

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
SOFR
Secured Overnight Funding Rate
(a)
Variable rate securities.  The coupon rate shown is the effective interest rate as of March 31, 2023.
(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, 2023, the value of these investments was $984,798,661 or 63.35% of total net assets.
(d)
Rate shown is the 7-day annualized yield as of March 31, 2023.
(e)
All or a portion is posted as collateral for delayed settlement securities.
(f)
Security has the ability to pay in kind or pay in cash.  When applicable, separate rates of such payments are disclosed.
(g)
Final terms of the bank loan are not yet known, so reference index and spread information may not be presented.

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, 2023 (Unaudited)



(h)
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, 2023.
(i)
Zero-coupon security.  Rate shown is the weighted average amortized yield as of March 31, 2023.
(j)
Rates for senior loans will typically have interest rates that redetermine periodically by reference to a base lending rate plus a spread.  Senior loans that reference SOFR may be subject to a credit spread adjustment, particularly to legacy LIBOR bank loans that have transitioned to SOFR as the base lending rate.

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.
78








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79
SHENKMAN CAPITAL FUNDS

STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2023 (Unaudited)

   
Shenkman
    
Shenkman
  
   
Capital Floating
    
Capital Short
  
   
Rate High
    
Duration High
  
   
Income Fund
    
Income Fund
  
ASSETS:
            
Investments, at value (cost $298,604,399
            
  and $1,580,611,268, respectively)
  
$
287,551,802
    
$
1,542,048,783
  
Cash
    
3,615,279
      
1,852,339
  
Receivables
                
Securities sold
    
10,686,772
      
8,941,396
  
Interest
    
1,911,232
      
24,755,052
  
Fund shares sold
    
193,862
      
3,382,219
  
Prepaid expenses
    
33,063
      
119,933
  
Total assets
    
303,992,010
      
1,581,099,722
  
LIABILITIES:
                
Payables
                
Securities purchased
    
3,460,354
      
20,724,650
  
Fund shares redeemed
    
169,787
      
1,905,028
  
Distributions payable
    
315,039
      
2,935,019
  
Administration and accounting expenses
    
29,717
      
72,504
  
Advisory fees (Note 4)
    
90,073
      
723,987
  
Audit
    
12,584
      
14,096
  
Transfer agent fees and expenses
    
8,299
      
11,800
  
Compliance fees
    
1,025
      
1,025
  
Printing and mailing
    
—
      
1,863
  
Legal
    
51
      
—
  
Shareholder servicing fees
    
395
      
66,213
  
12b-1 distribution fees
    
—
      
111,103
  
Custody fees
    
749
      
9,955
  
Total liabilities
    
4,088,073
      
26,577,243
  
NET ASSETS
  
$
299,903,937
    
$
1,554,522,479
  
NET ASSETS CONSIST OF:
                
Capital stock
  
$
329,448,822
    
$
1,627,615,152
  
Total distributable deficit
    
(29,544,885
)
    
(73,092,673
)
Total net assets
  
$
299,903,937
    
$
1,554,522,479
  

The accompanying notes are an integral part of these financial statements.
80
SHENKMAN CAPITAL FUNDS

STATEMENTS OF ASSETS AND LIABILITIES – Continued
March 31, 2023 (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
    
—
    
$
23,148,210
  
Shares issued and outstanding
    
—
      
2,413,506
  
Net asset value, redemption price per share(1)
    
—
    
$
9.59
  
Maximum offering price per share
                
  (net asset value divided by 97.00%)
    
—
    
$
9.89
  
Class C:
                
Net assets applicable to outstanding
                
  Class C shares
    
—
    
$
17,027,130
  
Shares issued and outstanding
    
—
      
1,780,860
  
Net asset value, offering price
                
  and redemption price per share(1)
    
—
    
$
9.56
  
Class F:
                
Net assets applicable to outstanding
                
  Class F shares
  
$
11,583,067
    
$
790,139,879
  
Shares issued and outstanding
    
1,285,095
      
82,589,316
  
Net asset value, offering price
                
  and redemption price per share(1)
  
$
9.01
    
$
9.57
  
Institutional Class:
                
Net assets applicable to outstanding
                
  Institutional Class shares
  
$
288,320,870
    
$
724,207,260
  
Shares issued and outstanding
    
31,985,220
      
75,615,282
  
Net asset value, offering price
                
  and redemption price per share(1)
  
$
9.01
    
$
9.58
  

(1)
A redemption fee of 1.00% is assessed against shares redeemed within 30 days of purchase.

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

STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2023 (Unaudited)

   
Shenkman
    
Shenkman
  
   
Capital Floating
    
Capital Short
  
   
Rate High
    
Duration High
  
   
Income Fund
    
Income Fund
  
INVESTMENT INCOME:
            
Interest income
  
$
11,565,030
    
$
40,325,232
  
Consent and term loan fee income
    
74,911
      
207,041
  
Total investment income
    
11,639,941
      
40,532,273
  
EXPENSES:
                
Investment advisory fees (Note 4)
    
749,547
      
4,091,028
  
Administration and accounting fees (Note 4)
    
156,131
      
490,912
  
Transfer agent fees and expenses (Note 4)
    
57,028
      
75,712
  
Federal and state registration fees
    
21,698
      
60,549
  
Audit fees
    
13,334
      
14,946
  
Reports to shareholders
    
10,017
      
22,694
  
Trustee fees and expenses
    
7,732
      
7,660
  
Custody fees (Note 4)
    
7,228
      
41,177
  
Chief Compliance Officer fees (Note 4)
    
6,233
      
6,234
  
Legal fees
    
3,926
      
5,100
  
Miscellaneous expenses
    
3,872
      
8,284
  
Insurance expense
    
2,652
      
8,828
  
Service fees – Class A (Note 6)
    
—
      
6,648
  
Service fees – Class C (Note 6)
    
—
      
3,982
  
Service fees – Class F (Note 6)
    
249
      
309,002
  
12b-1 distribution fees – Class A (Note 5)
    
—
      
27,336
  
12b-1 distribution fees – Class C (Note 5)
    
—
      
84,831
  
Total expenses before advisory fee waiver
    
1,039,647
      
5,264,923
  
Advisory fee recoupment/(waiver)
                
  by Advisor (Note 4)
    
(229,887
)
    
1,726
  
Net expenses
    
809,760
      
5,266,649
  
NET INVESTMENT INCOME
    
10,830,181
      
35,265,624
  
NET REALIZED AND UNREALIZED GAIN/(LOSS):
                
Net realized loss on investments
    
(2,786,474
)
    
(14,563,638
)
Change in unrealized
                
  appreciation/(depreciation) on investments
    
8,702,474
      
59,156,092
  
Net realized and unrealized gain on investments
    
5,916,000
      
44,592,454
  
NET INCREASE IN NET ASSETS
                
  RESULTING FROM OPERATIONS
  
$
16,746,181
    
$
79,858,078
  

The accompanying notes are an integral part of these financial statements.
82
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS


   
Six Months Ended
        
   
March 31,
    
Year Ended
  
   
2023
    
September 30,
  
   
(Unaudited)
    
2022
  
OPERATIONS:
            
Net investment income
  
$
10,830,181
    
$
12,146,662
  
Net realized loss on investments
    
(2,786,474
)
    
(1,087,748
)
Change in unrealized appreciation/
                
  (depreciation) on investments
    
8,702,474
      
(21,520,923
)
Net increase/(decrease) in net assets
                
  resulting from operations
    
16,746,181
      
(10,462,009
)
DISTRIBUTIONS TO SHAREHOLDERS:
                
Class F
    
(373,369
)
    
(443,965
)
Institutional Class
    
(10,393,420
)
    
(11,704,296
)
Total distributions
    
(10,766,789
)
    
(12,148,261
)
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares sold:
                
Class F
    
3,384,461
      
6,999,849
  
Institutional Class
    
32,572,506
      
88,939,715
  
Proceeds from shares issued to
                
  holders in reinvestment of dividends:
                
Class F
    
373,369
      
443,965
  
Institutional Class
    
8,634,141
      
9,699,429
  
Cost of shares redeemed:
                
Class F
    
(1,474,830
)
    
(7,801,767
)
Institutional Class
    
(48,672,639
)
    
(64,192,070
)
Redemption fees retained:
                
Class F
    
162
      
350
  
Institutional Class
    
4,480
      
8,929
  
Net increase/(decrease) in net assets derived
                
  from capital share transactions
    
(5,178,350
)
    
34,098,400
  
TOTAL INCREASE IN NET ASSETS
    
801,042
      
11,488,130
  
NET ASSETS:
                
Beginning of period
    
299,102,895
      
287,614,765
  
End of period
  
$
299,903,937
    
$
299,102,895
  
CHANGES IN SHARES OUTSTANDING:
                
Shares sold:
                
Class F
    
372,103
      
749,697
  
Institutional Class
    
3,594,672
      
9,570,555
  
Shares issued to holders as reinvestment of dividends:
                
Class F
    
41,499
      
48,312
  
Institutional Class
    
960,257
      
1,056,306
  
Shares redeemed:
                
Class F
    
(163,858
)
    
(848,415
)
Institutional Class
    
(5,409,744
)
    
(6,983,553
)
Net increase/(decrease) in shares outstanding
    
(605,071
)
    
3,592,902
  

The accompanying notes are an integral part of these financial statements.
83
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

   
Six Months Ended
        
   
March 31,
    
Year Ended
  
   
2023
    
September 30,
  
   
(Unaudited)
    
2022
  
OPERATIONS:
            
Net investment income
  
$
35,265,624
    
$
46,909,871
  
Net realized loss on investments
    
(14,563,638
)
    
(9,799,356
)
Change in unrealized appreciation/
                
  (depreciation) on investments
    
59,156,092
      
(109,074,109
)
Net increase/(decrease) in net assets
                
  resulting from operations
    
79,858,078
      
(71,963,594
)
DISTRIBUTIONS TO SHAREHOLDERS:
                
Class A
    
(494,275
)
    
(665,374
)
Class C
    
(320,201
)
    
(386,011
)
Class F
    
(17,602,643
)
    
(22,058,354
)
Institutional Class
    
(17,001,991
)
    
(23,732,311
)
Total distributions
    
(35,419,110
)
    
(46,842,050
)
CAPITAL SHARE TRANSACTIONS:
                
Proceeds from shares sold:
                
Class A
    
5,685,051
      
12,273,785
  
Class C
    
4,006,223
      
5,032,498
  
Class F
    
300,407,110
      
412,305,150
  
Institutional Class
    
111,326,624
      
278,147,337
  
Proceeds from shares issued to holders
                
  in reinvestment of dividends:
                
Class A
    
225,038
      
275,659
  
Class C
    
144,838
      
130,646
  
Class F
    
7,950,050
      
8,065,188
  
Institutional Class
    
12,022,343
      
20,479,687
  
Cost of shares redeemed:
                
Class A
    
(4,417,581
)
    
(10,347,070
)
Class C
    
(3,191,647
)
    
(4,766,835
)
Class F
    
(221,613,020
)
    
(353,338,576
)
Institutional Class
    
(140,339,895
)
    
(140,978,785
)
Redemption fees retained:
                
Class A
    
41
      
62
  
Class C
    
32
      
47
  
Class F
    
1,328
      
1,901
  
Institutional Class
    
1,314
      
1,969
  
Net increase in net assets derived
                
  from capital share transactions
    
72,207,849
      
227,282,663
  
TOTAL INCREASE IN NET ASSETS
    
116,646,817
      
108,477,019
  
NET ASSETS:
                
Beginning of period
    
1,437,875,662
      
1,329,398,643
  
End of period
  
$
1,554,522,479
    
$
1,437,875,662
  

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

STATEMENTS OF CHANGES IN NET ASSETS – Continued

   
Six Months Ended
        
   
March 31,
    
Year Ended
  
   
2023
    
September 30,
  
   
(Unaudited)
    
2022
  
CHANGES IN SHARES OUTSTANDING:
            
Shares sold:
            
Class A
    
596,480
      
1,248,109
  
Class C
    
424,112
      
511,490
  
Class F
    
31,533,879
      
42,233,031
  
Institutional Class
    
11,677,997
      
28,198,782
  
Shares issued to holders as
                
  reinvestment of dividends:
                
Class A
    
23,608
      
28,386
  
Class C
    
15,242
      
13,524
  
Class F
    
835,850
      
834,178
  
Institutional Class
    
1,263,624
      
2,116,154
  
Shares redeemed:
                
Class A
    
(464,191
)
    
(1,058,860
)
Class C
    
(336,324
)
    
(492,193
)
Class F
    
(23,327,985
)
    
(36,238,732
)
Institutional Class
    
(14,775,427
)
    
(14,481,597
)
Net increase in shares outstanding
    
7,466,865
      
22,912,272
  

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

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period
 
Class F
   
Six Months
                                
   
Ended
                                
   
March 31,
                                
   
2023
    
Year Ended September 30,
  
   
(Unaudited)
    
2022
    
2021
    
2020
    
2019
    
2018
  
PER SHARE DATA:
                                    
Net asset value,
                                    
  beginning of period
  
$
8.83
    
$
9.50
    
$
9.22
    
$
9.56
    
$
9.80
    
$
9.74
  
                                                 
Income from
                                                
  investment operations:
                                                
Net investment income
    
0.33
(1) 
    
0.37
(1) 
    
0.30
(1) 
    
0.41
(1) 
    
0.50
      
0.44
  
Net realized and
                                                
  unrealized gain/(loss)
                                                
  on investments
    
0.17
      
(0.67
)
    
0.29
      
(0.34
)
    
(0.24
)
    
0.05
  
Total from
                                                
  investment operations
    
0.50
      
(0.30
)
    
0.59
      
0.07
      
0.26
      
0.49
  
                                                 
Less distributions:
                                                
From net
                                                
  investment income
    
(0.32
)
    
(0.37
)
    
(0.31
)
    
(0.42
)
    
(0.50
)
    
(0.43
)
Total distributions
    
(0.32
)
    
(0.37
)
    
(0.31
)
    
(0.42
)
    
(0.50
)
    
(0.43
)
Redemption fees retained
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.01
(1) 
    
—
      
—
  
                                                 
Net asset value,
                                                
  end of period
  
$
9.01
    
$
8.83
    
$
9.50
    
$
9.22
    
$
9.56
    
$
9.80
  
                                                 
TOTAL RETURN
    
5.77
%†
    
-3.26
%
    
6.44
%
    
1.04
%
    
2.69
%
    
5.12
%
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of
                                                
  period (thousands)
  
$
11,583
    
$
9,141
    
$
10,312
    
$
2,265
    
$
5,856
    
$
5,119
  
Ratio of expenses
                                                
  to average net assets:
                                                
Before advisory fee waiver
    
0.70
%‡
    
0.71
%
    
0.82
%
    
0.78
%
    
0.77
%
    
0.76
%
After advisory fee waiver
    
0.55
%‡
    
0.54
%
    
0.60
%
    
0.56
%
    
0.57
%
    
0.58
%
Ratio of net investment
                                                
  income to average net assets:
                                                
Before advisory fee waiver
    
7.12
%‡
    
3.78
%
    
2.92
%
    
4.12
%
    
4.93
%
    
4.31
%
After advisory fee waiver
    
7.27
%‡
    
3.95
%
    
3.14
%
    
4.34
%
    
5.13
%
    
4.49
%
Portfolio turnover rate
    
20
%†
    
39
%
    
59
%
    
47
%
    
28
%
    
51
%

†
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.
86
SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period
 
Institutional Class
   
Six Months
                                
   
Ended
                                
   
March 31,
                                
   
2023
    
Year Ended September 30,
  
   
(Unaudited)
    
2022
    
2021
    
2020
    
2019
    
2018
  
PER SHARE DATA:
                                    
Net asset value,
                                    
  beginning of period
  
$
8.83
    
$
9.50
    
$
9.22
    
$
9.56
    
$
9.80
    
$
9.75
  
                                                 
Income from
                                                
  investment operations:
                                                
Net investment income
    
0.32
(1) 
    
0.37
(1) 
    
0.31
(1) 
    
0.40
(1) 
    
0.51
      
0.44
  
Net realized and
                                                
  unrealized gain/(loss)
                                                
  on investments
    
0.18
      
(0.67
)
    
0.28
      
(0.32
)
    
(0.25
)
    
0.04
  
Total from
                                                
  investment operations
    
0.50
      
(0.30
)
    
0.59
      
0.08
      
0.26
      
0.48
  
                                                 
Less distributions:
                                                
From net
                                                
  investment income
    
(0.32
)
    
(0.37
)
    
(0.31
)
    
(0.42
)
    
(0.50
)
    
(0.43
)
Total distributions
    
(0.32
)
    
(0.37
)
    
(0.31
)
    
(0.42
)
    
(0.50
)
    
(0.43
)
Redemption fees retained
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(2) 
    
—
  
                                                 
Net asset value,
                                                
  end of period
  
$
9.01
    
$
8.83
    
$
9.50
    
$
9.22
    
$
9.56
    
$
9.80
  
                                                 
TOTAL RETURN
    
5.77
%†
    
-3.26
%
    
6.48
%
    
0.94
%
    
2.82
%
  
5.04
 %^
                                                 
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of
                                                
  period (thousands)
  
$
288,321
    
$
289,962
    
$
277,303
    
$
230,854
    
$
228,454
    
$
287,237
  
Ratio of expenses
                                                
  to average net assets:
                                                
Before advisory fee waiver
    
0.69
%‡
    
0.71
%
    
0.76
%
    
0.76
%
    
0.74
%
    
0.71
%
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
    
7.07
%‡
    
3.83
%
    
3.05
%
    
4.14
%
    
4.97
%
    
4.24
%
After advisory fee waiver
    
7.22
%‡
    
4.00
%
    
3.27
%
    
4.36
%
    
5.17
%
    
4.41
%
Portfolio turnover rate
    
20
%†
    
39
%
    
59
%
    
47
%
    
28
%
    
51
%

†
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.
87
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

FINANCIAL HIGHLIGHTS


For a share outstanding throughout each period
 
Class A
   
Six Months
                                
   
Ended
                                
   
March 31,
                                
   
2023
    
Year Ended September 30,
  
   
(Unaudited)
    
2022
    
2021
    
2020
    
2019
    
2018
  
PER SHARE DATA:
                                    
Net asset value,
                                    
  beginning of period
  
$
9.30
    
$
10.09
    
$
9.93
    
$
10.06
    
$
10.00
    
$
10.07
  
Income from
                                                
  investment operations:
                                                
Net investment income
    
0.21
(1) 
    
0.30
(1) 
    
0.26
(1) 
    
0.31
(1) 
    
0.36
      
0.32
  
Net realized and
                                                
  unrealized gain/(loss)
                                                
  on investments
    
0.29
      
(0.79
)
    
0.16
      
(0.13
)
    
0.06
      
(0.07
)
Total from
                                                
  investment operations
    
0.50
      
(0.49
)
    
0.42
      
0.18
      
0.42
      
0.25
  
Less distributions:
                                                
From net
                                                
  investment income
    
(0.21
)
    
(0.30
)
    
(0.26
)
    
(0.31
)
    
(0.36
)
    
(0.32
)
Total distributions
    
(0.21
)
    
(0.30
)
    
(0.26
)
    
(0.31
)
    
(0.36
)
    
(0.32
)
Redemption fees retained
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(2) 
    
0.00
(2) 
Net asset value,
                                                
  end of period
  
$
9.59
    
$
9.30
    
$
10.09
    
$
9.93
    
$
10.06
    
$
10.00
  
TOTAL RETURN
    
5.44
%†
    
-4.99
%
    
4.25
%
    
1.86
%
    
4.33
%
    
2.56
%
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of
                                                
  period (thousands)
  
$
23,148
    
$
20,992
    
$
20,580
    
$
15,946
    
$
13,407
    
$
13,160
  
Ratio of expenses
                                                
  to average net assets:
                                                
Before advisory fee
                                                
  recoupment/waiver
    
0.96
%‡
    
0.96
%
    
0.98
%
    
1.02
%
    
1.03
%
    
1.01
%
After advisory fee
                                                
  recoupment/waiver
    
0.96
%‡
    
0.95
%
    
0.96
%
    
0.97
%
    
0.96
%
    
0.95
%
Ratio of net investment
                                                
  income to average net assets:
                                                
Before advisory fee
                                                
  recoupment/waiver
    
4.49
%‡
    
3.03
%
    
2.59
%
    
3.06
%
    
3.61
%
    
3.25
%
After advisory fee
                                                
  recoupment/waiver
    
4.49
%‡
    
3.04
%
    
2.61
%
    
3.11
%
    
3.68
%
    
3.31
%
Portfolio turnover rate
    
26
%†
    
50
%
    
80
%
    
100
%
    
77
%
    
61
%

†
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 SHORT DURATION HIGH INCOME FUND

FINANCIAL HIGHLIGHTS


For a share outstanding throughout each period
 
Class C
   
Six Months
                                
   
Ended
                                
   
March 31,
                                
   
2023
    
Year Ended September 30,
  
   
(Unaudited)
    
2022
    
2021
    
2020
    
2019
    
2018
  
PER SHARE DATA:
                                    
Net asset value,
                                    
  beginning of period
  
$
9.27
    
$
10.06
    
$
9.90
    
$
10.03
    
$
9.97
    
$
10.04
  
Income from
                                                
  investment operations:
                                                
Net investment income
    
0.18
(1) 
    
0.23
(1) 
    
0.19
(1) 
    
0.23
(1) 
    
0.29
      
0.25
  
Net realized and
                                                
  unrealized gain/(loss)
                                                
  on investments
    
0.29
      
(0.80
)
    
0.15
      
(0.12
)
    
0.06
      
(0.07
)
Total from
                                                
  investment operations
    
0.47
      
(0.57
)
    
0.34
      
0.11
      
0.35
      
0.18
  
Less distributions:
                                                
From net
                                                
  investment income
    
(0.18
)
    
(0.22
)
    
(0.18
)
    
(0.24
)
    
(0.29
)
    
(0.25
)
Total distributions
    
(0.18
)
    
(0.22
)
    
(0.18
)
    
(0.24
)
    
(0.29
)
    
(0.25
)
Redemption fees retained
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
—
      
0.00
(2) 
Net asset value,
                                                
  end of period
  
$
9.56
    
$
9.27
    
$
10.06
    
$
9.90
    
$
10.03
    
$
9.97
  
TOTAL RETURN
    
5.08
%†
    
-5.71
%
    
3.49
%
    
1.10
%
    
3.57
%
    
1.80
%
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of
                                                
  period (thousands)
  
$
17,027
    
$
15,554
    
$
16,546
    
$
13,615
    
$
11,406
    
$
11,112
  
Ratio of expenses
                                                
  to average net assets:
                                                
Before advisory fee
                                                
  recoupment/waiver
    
1.70
%‡
    
1.70
%
    
1.73
%
    
1.77
%
    
1.77
%
    
1.76
%
After advisory fee
                                                
  recoupment/waiver
    
1.70
%‡
    
1.69
%
    
1.71
%
    
1.72
%
    
1.70
%
    
1.70
%
Ratio of net investment
                                                
  income to average net assets:
                                                
Before advisory fee
                                                
  recoupment/waiver
    
3.75
%‡
    
2.30
%
    
1.84
%
    
2.32
%
    
2.87
%
    
2.46
%
After advisory fee
                                                
  recoupment/waiver
    
3.75
%‡
    
2.31
%
    
1.86
%
    
2.37
%
    
2.94
%
    
2.52
%
Portfolio turnover rate
    
26
%†
    
50
%
    
80
%
    
100
%
    
77
%
    
61
%

†
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.
89
SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND

FINANCIAL HIGHLIGHTS


For a share outstanding throughout each period
 
Class F
   
Six Months
                                
   
Ended
                                
   
March 31,
                                
   
2023
    
Year Ended September 30,
  
   
(Unaudited)
    
2022
    
2021
    
2020
    
2019
    
2018
  
PER SHARE DATA:
                                    
Net asset value,
                                    
  beginning of period
  
$
9.28
    
$
10.06
    
$
9.91
    
$
10.04
    
$
9.97
    
$
10.04
  
Income from
                                                
  investment operations:
                                                
Net investment income
    
0.22
(1) 
    
0.32
(1) 
    
0.28
(1) 
    
0.33
(1) 
    
0.39
      
0.34
  
Net realized and
                                                
  unrealized gain/(loss)
                                                
  on investments
    
0.29
      
(0.78
)
    
0.15
      
(0.13
)
    
0.07
      
(0.07
)
Total from
                                                
  investment operations
    
0.51
      
(0.46
)
    
0.43
      
0.20
      
0.46
      
0.27
  
Less distributions:
                                                
From net
                                                
  investment income
    
(0.22
)
    
(0.32
)
    
(0.28
)
    
(0.33
)
    
(0.39
)
    
(0.34
)
Total distributions
    
(0.22
)
    
(0.32
)
    
(0.28
)
    
(0.33
)
    
(0.39
)
    
(0.34
)
Redemption fees retained
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(2) 
    
0.00
(2) 
Net asset value,
                                                
  end of period
  
$
9.57
    
$
9.28
    
$
10.06
    
$
9.91
    
$
10.04
    
$
9.97
  
TOTAL RETURN
    
5.58
%†
    
-4.79
%
    
4.49
%
    
2.09
%
    
4.68
%
    
2.81
%
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of
                                                
  period (thousands)
  
$
790,140
    
$
682,182
    
$
671,520
    
$
446,802
    
$
289,716
    
$
211,941
  
Ratio of expenses
                                                
  to average net assets:
                                                
Before advisory fee
                                                
  recoupment/waiver
    
0.73
%‡
    
0.74
%
    
0.76
%
    
0.79
%
    
0.80
%
    
0.79
%
After advisory fee
                                                
  recoupment/waiver
    
0.73
%‡
    
0.73
%
    
0.74
%
    
0.74
%
    
0.73
%
    
0.73
%
Ratio of net investment
                                                
  income to average net assets:
                                                
Before advisory fee
                                                
  recoupment/waiver
    
4.72
%‡
    
3.27
%
    
2.81
%
    
3.29
%
    
3.83
%
    
3.48
%
After advisory fee
                                                
  recoupment/waiver
    
4.72
%‡
    
3.28
%
    
2.83
%
    
3.34
%
    
3.90
%
    
3.54
%
Portfolio turnover rate
    
26
%†
    
50
%
    
80
%
    
100
%
    
77
%
    
61
%

†
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
 
Institutional Class
   
Six Months
                                
   
Ended
                                
   
March 31,
                                
   
2023
    
Year Ended September 30,
  
   
(Unaudited)
    
2022
    
2021
    
2020
    
2019
    
2018
  
PER SHARE DATA:
                                    
Net asset value,
                                    
  beginning of period
  
$
9.29
    
$
10.07
    
$
9.92
    
$
10.05
    
$
9.98
    
$
10.05
  
Income from
                                                
  investment operations:
                                                
Net investment income
    
0.23
(1) 
    
0.33
(1) 
    
0.29
(1) 
    
0.34
(1) 
    
0.40
      
0.36
  
Net realized and
                                                
  unrealized gain/(loss)
                                                
  on investments
    
0.29
      
(0.79
)
    
0.15
      
(0.13
)
    
0.06
      
(0.08
)
Total from
                                                
  investment operations
    
0.52
      
(0.46
)
    
0.44
      
0.21
      
0.46
      
0.28
  
Less distributions:
                                                
From net
                                                
  investment income
    
(0.23
)
    
(0.32
)
    
(0.29
)
    
(0.34
)
    
(0.39
)
    
(0.35
)
Total distributions
    
(0.23
)
    
(0.32
)
    
(0.29
)
    
(0.34
)
    
(0.39
)
    
(0.35
)
Redemption fees retained
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(1)(2) 
    
0.00
(2) 
    
0.00
(2) 
Net asset value,
                                                
  end of period
  
$
9.58
    
$
9.29
    
$
10.07
    
$
9.92
    
$
10.05
    
$
9.98
  
TOTAL RETURN
    
5.61
%†
    
-4.62
%
    
4.47
%
    
2.18
%
    
4.77
%
    
2.88
%
SUPPLEMENTAL DATA AND RATIOS:
                                                
Net assets, end of
                                                
  period (thousands)
  
$
724,207
    
$
719,148
    
$
620,753
    
$
274,166
    
$
259,009
    
$
342,454
  
Ratio of expenses
                                                
  to average net assets:
                                                
Before advisory fee
                                                
  recoupment/waiver
    
0.65
%‡
    
0.66
%
    
0.67
%
    
0.70
%
    
0.72
%
    
0.71
%
After advisory fee
                                                
  recoupment/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
                                                
  recoupment/waiver
    
4.79
%‡
    
3.38
%
    
2.89
%
    
3.38
%
    
3.91
%
    
3.51
%
After advisory fee
                                                
  recoupment/waiver
    
4.79
%‡
    
3.39
%
    
2.91
%
    
3.43
%
    
3.98
%
    
3.57
%
Portfolio turnover rate
    
26
%†
    
50
%
    
80
%
    
100
%
    
77
%
    
61
%

†
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 FUNDS

NOTES TO FINANCIAL STATEMENTS
March 31, 2023 (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
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March 31, 2023 (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.  The Funds may receive other income, such as amendment fees, consent fees and commitment fees.  These fees are recorded as income when the Funds become aware of their existence and are included in consent and term loan fee income in the statements of operations.  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
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NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

the Trust are typically allocated among the funds in the Trust based on a fund’s respective net assets, or by other equitable means.
 
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, 2023, 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, 2023, the Floating Rate High Income Fund and the Short Duration High Income Fund had $344,438 and $0, respectively, in outstanding unfunded loan commitments.
 
Events Subsequent to the Fiscal Period End – In preparing the financial statements as of March 31, 2023, 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.
94
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (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
95
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (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, 2023, 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.
 
The Board of Trustees (the “Board”) has adopted a valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating each Fund’s net asset value (“NAV”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Fund’s investment advisor, Shenkman
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SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

Capital Management, Inc. (“Advisor”),  as the “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5, subject to the Board’s oversight. The Advisor, as Valuation Designee is, authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.
 
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, 2023:
 
Floating Rate High Income Fund
                        
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                        
  Bank Loan
                        
    Obligations
  
$
—
    
$
253,772,011
    
$
—
    
$
253,772,011
  
  Corporate Bonds
    
—
      
33,555,898
      
—
      
33,555,898
  
Total Fixed Income
    
—
      
287,327,909
      
—
      
287,327,909
  
Equity
                                
  Electric Power
                                
    Generation
    
—
      
7
      
—
      
7
  
Total Equity
    
—
      
7
      
—
      
7
  
Warrant
    
—
      
3,356
      
—
      
3,356
  
Money Market Fund
    
220,530
      
—
      
—
      
220,530
  
Total Investments
  
$
220,530
    
$
287,331,272
    
$
—
    
$
287,551,802
  
                                 
Short Duration High Income Fund
                                
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Fixed Income
                                
  Corporate Bonds
  
$
—
    
$
1,351,446,000
    
$
—
    
$
1,351,446,000
  
  Bank Loan
                                
    Obligations
    
—
      
125,054,294
      
—
      
125,054,294
  
  Convertible Bonds
    
—
      
14,858,619
      
—
      
14,858,619
  
Total Fixed Income
    
—
      
1,491,358,913
      
—
      
1,491,358,913
  
Money Market Fund
    
50,689,870
      
—
      
—
      
50,689,870
  
Total Investments
  
$
50,689,870
    
$
1,491,358,913
    
$
—
    
$
1,542,048,783
  
 
Refer to the Funds’ schedules of investments for a detailed break-out of securities.
97
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

The Trust Rule 18f-4 Compliance Policy (“Trust Policy”) governs the use of derivatives by the Funds. The Trust Policy imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by a fund to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires 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. Each Fund is considered a limited derivatives user under the Trust Policy and therefore, is required to limit its derivatives exposure to no more than 10% of the Fund's net assets. At March 31, 2023, the Floating Rate High Income Fund and the Short Duration High Income Fund had derivative exposure of 0.45% and 0.14%, respectively, of each Fund’s net asset value.
 
Accounting Pronouncements – In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) and in January 2021, FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022.  The Secured Overnight Financing Rate (SOFR) is the main replacement for LIBOR in certain financial contracts after June 30, 2023. Management is evaluating the impact of ASU 2020-04 and ASU 2021-01 on the Funds’ investments, debt securities and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.
 
In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on each Fund’s financial statements.
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SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Funds have an investment advisory agreement with Shenkman Capital Management, Inc. 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
%

For the six months ended March 31, 2023, the Floating Rate High Income Fund and the Short Duration High Income Fund incurred $749,547 and $4,091,028, respectively, in advisory fees. Advisory fees payable to the Advisor at March, 31, 2023 for the Floating Rate High Income Fund and the Short Duration High Income Fund were $90,073 and $723,987, 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
99
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

months ended March 31, 2023, the Advisor reduced its fees in the amount of $229,887 for the Floating Rate High Income Fund and in the amount of $5,384 for the Short Duration High Income Fund.  The Floating Rate High Income Fund and the Short Duration High Income Fund reimbursed the Advisor $0 and $7,110, respectively, during the six months ended March 31, 2023.  The Advisor may recapture portions of the amounts shown below no later than the corresponding dates:
 
     
9/30/2023
    
9/30/2024
    
9/30/2025
    
3/31/2026
    
Total
  
 
Floating Rate High
                              
 
  Income Fund
  
$
255,021
    
$
595,808
    
$
524,312
    
$
229,887
    
$
1,605,028
  
 
Short Duration High
                                        
 
  Income Fund
    
172,691
      
167,019
      
62,257
      
5,384
      
407,351
  

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“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, 2023, 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, doing business as ACA Foreside, a division of ACA Group.
 
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
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SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

March 31, 2023, the Short Duration High Income Fund incurred distribution expenses on its Class A and Class C shares of $27,336 and $84,831, 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 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, 2023, the Floating Rate High Income Fund’s Class F shares incurred $249 in shareholder servicing fees. For the six months ended March 31, 2023, the Class A, Class C and Class F shares of the Short Duration High Income Fund incurred $6,648, $3,982 and $309,002, respectively, in shareholder servicing fees.
 
NOTE 7 – PURCHASES AND SALES OF SECURITIES
 
For the six months ended March 31, 2023, 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
  
$
57,444,285
    
$
66,945,528
  
 
Short Duration High Income Fund
    
456,135,746
      
362,336,735
  

The Funds had no purchases or sales of U.S. government obligations during the six months ended March 31, 2023.  Likewise, the Funds had no Rule 17a-7 purchases or sales during the six months ended March 31, 2023.
 
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 $150,000,000, respectively.  These lines of credit are intended to provide
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SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

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, 2023.  At March 31, 2023, neither of the Funds had any outstanding loan amounts.
 
NOTE 9 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
 
As of September 30, 2022, 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)
  
$
318,305,724
    
$
1,518,447,469
  
 
Gross unrealized appreciation
    
476,003
      
302,586
  
 
Gross unrealized depreciation
    
(20,406,256
)
    
(98,140,620
)
 
Net unrealized depreciation(a)
    
(19,930,253
)
    
(97,838,034
)
 
Undistributed ordinary income
    
284,537
      
1,912,103
  
 
Total distributable earnings
    
284,537
      
1,912,103
  
 
Other accumulated losses
    
(15,878,561
)
    
(21,605,710
)
 
Total accumulated earnings/(losses)
  
$
(35,524,277
)
  
$
(117,531,641
)

 
(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, 2022, 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
  
$
14,066,349
    
$
1,552,015
    
$
15,618,364
  
No Expiration
 
Short Duration
                             
 
  High Income
                             
 
  Fund
    
5,809,854
      
14,055,335
      
19,865,189
  
No Expiration

 
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SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

The tax character of distributions paid during the six months ended March 31, 2023 and the year ended September 30, 2022 was as follows:
 
 
Floating Rate High Income Fund
            
     
Six Months Ended
    
Year Ended
  
 

March 31, 2023
    
September 30, 2022
 
Ordinary income
  
$
10,766,789
    
$
12,148,261
  
 
Total distributions paid
  
$
10,766,789
    
$
12,148,261
  
                   
 
Short Duration High Income Fund
                
     
Six Months Ended
    
Year Ended
  
 
 
March 31, 2023
      
September 30, 2022
  
 
Ordinary income
  
$
35,419,110
    
$
46,842,050
  
 
Total distributions paid
  
$
35,419,110
    
$
46,842,050
  

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, 2022.
 
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, 2023, 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
39.33%
 
Short Duration High
    
 
  Income Fund
Merrill Lynch Pierce Fenner & Smith
27.40%

NOTE 11 – PRINCIPAL RISKS
 
Below is a summary of some, but not all, of the principal risks 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, unless specifically noted.
 
General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general
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NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

financial markets, a particular financial market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); interest rates; global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; and government controls. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of COVID-19 as a global pandemic, which has resulted in a public health crisis, disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.
 
Bank Loan Risk. Each Fund’s investments in secured and unsecured assignments of (or participations in) bank loans may create substantial risk. In making investments in bank loans, which are made by banks or other financial intermediaries to borrowers, the 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. When the Funds are a participant in a loan, the Funds have 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 involving floating rate loans have significantly longer settlement periods (e.g., longer than seven days) than more traditional investments and, as a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund’s redemption obligations until potentially a substantial period after the sale of 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.
 
Covenant Lite Loan Risk. (Floating Rate High Income Fund). Some covenant lite loans tend to have fewer or no financial maintenance covenants and restrictions. A covenant lite loan typically contains fewer clauses which allow an investor to proactively enforce financial covenants or prevent undesired actions by the borrower/ issuer. Covenant lite loans also generally
104
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

provide fewer investor protections if certain criteria are breached. The Fund may experience losses or delays in enforcing its rights on its holdings of covenant lite loans.
 
LIBOR Risk. (Floating Rate High Income Fund). The Floating Rate High Income Fund invests in certain debt securities 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 already phased out 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 the 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 the 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 the Fund and may adversely affect the Fund’s performance or net asset value.
 
Collateralized Loan Obligation Risk. (Floating Rate High Income Fund). The risks of an investment in a collateralized loan obligation depend largely on the type of the collateral securities and the class of the debt obligation in which the Fund invests. Collateralized loan obligations are generally subject to credit, interest rate, valuation, liquidity, prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. Collateralized loan obligations carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the collateral may decline in value or default, (iii) the Fund may invest in obligations that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and produce disputes with the issuer or unexpected investment results.
105
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

High Yield Risk. High yield debt obligations, including bonds and loans, rated below BBB by S&P or Baa by Moody’s (commonly referred to as “junk bonds”) typically carry higher coupon rates than investment grade securities, but also are described as speculative by both S&P and Moody’s and may be subject to greater market price fluctuations, less liquidity and greater risk of loss of income or principal including greater possibility of default and bankruptcy of the issuer of such instruments than more highly rated bonds and loans.
 
Counterparty Risk. Counterparty risk arises upon entering into borrowing arrangements and is the risk from the potential inability of counterparties to meet the terms of their contracts.
 
Credit Risk. The issuers of the bonds and other debt instruments held by each Fund may not be able to make interest or principal payments.
 
Impairment of Collateral Risk. The value of any collateral securing a bond or loan can decline, and may be insufficient to meet the borrower’s obligations or difficult to liquidate. In addition, each Fund’s access to collateral may be limited by bankruptcy or other insolvency laws.
 
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 each 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 the Funds.
 
Investment Risk. The Funds are not a complete investment program and you may lose money by investing in the Funds. The Funds invest primarily in high yield debt obligations issued by 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, each Fund’s investments.
 
Leverage Risk. Leverage can increase the investment returns of the funds if the securities purchased increase in value in an amount exceeding the cost of the borrowing. However, if the securities decrease in value, the Funds will suffer a greater loss than would have resulted without the use of leverage.
 
Liquidity Risk. Low or lack of trading volume may make it difficult to sell instruments held by the Funds at quoted market prices. Each Fund’s
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SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

investments may at any time consist of significant amounts of positions that are thinly traded or for which no market exists. For example, the investments held by the 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 each Fund’s performance.
 
Initial Public Offering (“IPO”) and Unseasoned Company Risk. The market value of IPO shares may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. Additionally, investments in unseasoned companies may involve greater risks, in part because they have limited product lines, markets and financial or managerial resources. In addition, less frequently-traded securities may be subject to more abrupt price movements than securities of larger capitalized companies.
 
Convertible Bond Risk. Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are therefore subject to both debt security risks and equity risk. Convertible bonds are subject to equity risk especially when their conversion value is greater than the interest and principal value of the bond. The prices of equity securities may rise or fall because of economic or political changes and may decline over short or extended periods of time.
 
Foreign Instruments Risk. Investments in foreign instruments involve certain risks not associated with investments in U.S. companies. Foreign instruments in each Fund’s portfolio subject the respective Fund to the risks associated with investing in the particular country, including the political, regulatory, economic, social and other conditions or events occurring in the country, as well as fluctuations in its currency, foreign currency exchange controls, foreign tax issues and the risks associated with less developed custody and settlement practices.
 
Management Risk. Each Fund is an actively managed portfolio. The Advisor’s management practices and investment strategies may not work to produce the desired results. The success of each Fund is largely dependent upon the ability of the Advisor to manage the Fund and implement each Fund’s investment program. If the Funds were to lose the services of the Advisor or its senior officers, the Funds may be adversely affected. Additionally, if the Funds or any of the other accounts managed by the
107
SHENKMAN CAPITAL FUNDS

NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

Advisor were to incur substantial losses or were subject to an unusually high level of redemptions or withdrawals, the revenues of the Advisor may decline substantially. Such losses and/or withdrawals may impair the Advisor’s ability to retain employees and its ability to provide the same level of service to the Fund as it has in the past and continue operations.
 
Preferred Stock Risk. Preferred stocks may be more volatile than fixed-income securities and are more  correlated  with  the  issuer’s  underlying  common  stock  than  fixed-income securities. Additionally, the dividend on a preferred stock may be changed or omitted by the issuer.
 
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.
 
U.S. Government Obligations Risk. Certain U.S. government securities are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency’s obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury, are not supported by the full faith and credit of the U.S. government, and involve increased credit risks.
 
When-Issued Instruments Risk. The price or yield obtained in a when-issued transaction may be less favorable than the price or yield available in the market when the instruments’ delivery takes place. Additionally, failure of a party to a transaction to consummate the trade may result in a loss to the Funds or missing an opportunity to obtain a price considered advantageous.
 
Yankee Bond Risk. Yankee bonds are subject to the same risks as other debt issues, notably credit risk, market risk, currency and liquidity risk. Other risks include adverse political and economic developments; the extent and quality of government regulations of financial markets and institutions; the imposition of foreign withholding taxes; and the expropriation or nationalization of foreign issuers.
 
Zero Coupon Securities Risk. (Floating Rate High Income Fund). While interest payments are not made on such securities, holders of such securities are deemed to have received income annually, notwithstanding that cash may not be received currently. Some of these securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest
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NOTES TO FINANCIAL STATEMENTS – Continued
March 31, 2023 (Unaudited)

currently. Longer term zero coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds.
 
NOTE 12 – TRUSTEES AND OFFICERS
 
At a meeting held December 7-8, 2022, by vote of the majority of the Board of Trustees (not including Mr. Joe Redwine), Mr. Redwine’s term as Trustee was extended for three additional years. Ms. Michele Rackey was approved as an Independent Trustee effective January 1, 2023. Mr. Kevin Hayden was approved by the Board as Vice President, Treasurer and Ms. Cheryl King was approved as Assistant Treasurer effective January 1, 2023. Ryan Charles resigned as Assistant Secretary effective January 1, 2023.
 
109
SHENKMAN CAPITAL FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited)

At meetings held on October 18, 2022 and December 7-8, 2022, the Board (which is comprised of three 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. 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 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.
     
 
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

110
SHENKMAN CAPITAL FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENT – Continued
(Unaudited)

 

performance of each Fund as of June 30, 2022 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 outperformed the Morningstar peer group average for the one-, three-, and five-year periods ended June 30, 2022. The Board noted that the Fund outperformed the Cohort average for the one-year period and underperformed for the three- and five-year periods ended June 30, 2022. The Board also reviewed the performance of the Fund against broad-based securities market benchmarks, noting that it had underperformed its primary benchmark over the one-year period and outperformed over the three- and five-year periods ended June 30, 2022. The Board also considered that the Fund underperformed its secondary benchmark over the one-, three- and five-year periods ended June 30, 2022.
     
   
The Board also considered any differences in performance between the Adviser’s similarly managed accounts and the performance of the Fund, noting that the Fund underperformed the similarly managed account composite for the one-, three-, and five-year periods.
     
   
Floating Rate Fund: The Board noted that the Fund outperformed each of the Morningstar peer group and Cohort average for the one-, three- and five-year periods ended June 30, 2022. 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, 2022.

111
SHENKMAN CAPITAL FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENT – Continued
(Unaudited)

   
The Board also considered any differences in performance between the Adviser’s similarly managed accounts and the performance of the Fund, noting that the Fund underperformed the similarly managed account composite for the one-, three-, and five-year periods.
     
 
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 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 at the median and below the average of its Cohort. The Board also noted that the net expense ratio was below the average and median of the Cohort and below the average of its Morningstar peer group. 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 0.54% (the “Expense Cap”). The Board noted that both the Fund’s contractual management fee and net expense ratio were below the Cohort median and average and that the net expense ratio was below the Morningstar peer group 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
112
SHENKMAN CAPITAL FUNDS


APPROVAL OF INVESTMENT ADVISORY AGREEMENT – Continued
(Unaudited)

   
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 Adviser were fair and reasonable.
     
 
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 Adviser to serve as the administrator of the program. The Adviser’s committee conducts the day-to-day operation of the programs pursuant to policies and procedures administered by the committee.
 
Under the program, the Adviser’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, 2021 through June 30, 2022. 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, 2023 (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.
151 West 42nd Street, 29th Floor
New York, NY  10036

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.
 
(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, as amended, 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   6/8/2023


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, 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   6/8/2023

By (Signature and Title)*  /s/ Kevin J. Hayden 
Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer

Date  6/8/2023

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