# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-25-006197
**Filing Date:** 2025-6
**Character Count:** 271650
**Document Hash:** b6b62136b24e9db1c259e53659afaefa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006197.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001133228-25-006197

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251032921

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7235

**MAIL ADDRESS:**
- **STREET 1:** 615 E MICHIGAN STREET
- **STREET 2:** MK-WI-LC2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Shenkman Capital Short Duration High Income Fund (Series ID: S000038872)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000119634 | Class A             | SCFAX           |
| C000119635 | Class C             | SCFCX           |
| C000119636 | Institutional Class | SCFIX           |
| C000126960 | Class F             | SCFFX           |

### Shenkman Capital Floating Rate High Income Fund (Series ID: S000046128)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000144368 | Institutional Class | SFHIX           |
| C000165120 | Class F             | SFHFX           |

?xml version='1.0' encoding='ASCII'? 2025-04-09199074_ShenkmanCapitalFloatingRateHighIncomeFund_ClassF_TSRSemiAnnual

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 **<u>811-07959</u>**

<u>**Advisors Series Trust**</u>

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, WI 53202</u>**

(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, 6<sup>th</sup> Floor**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>626-914-7363</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30, 2025</u>**

Date of reporting period: **<u>March 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img002.jpg) | **Shenkman Capital Floating Rate High** **Income Fund**  | ![image](img001.jpg) |
| ![image](img002.jpg) | Class F \| SFHFX  | ![image](img001.jpg) |
| ![image](img002.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the Shenkman Capital Floating Rate High Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.shenkmancapital.com/strategies#mutual_funds_floating_rate. You can also request this information by contacting us at 1-855-743-6562.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class F | $28 | 0.56% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $273789270 |
| **Number of Holdings** | 486 |
| **Net Advisory Fee** | $451513 |
| **Portfolio Turnover** | 48% |
| **Average Credit Quality** | B1 / B+\* |
| **Weighted Average Maturity** | 4.52 years |
| **30-Day SEC Yield** | 7.60% |
| **30-Day SEC Yield Unsubsidized** | 7.42% |

---

Visit https://www.shenkmancapital.com/strategies#mutual_funds_floating_rate for more recent performance information.

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch or Moody's if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Securities** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 5.4% |
|  Invesco Senior Loan ETF  | 2.8% |
|  Polaris Newco LLC  | 0.8% |
|  Delivery Hero Finco LLC  | 0.8% |
|  Global Medical Response, Inc.  | 0.8% |
|  Cloud Software Group, Inc.  | 0.7% |
|  Avis Budget Car Rental LLC  | 0.7% |
|  Acrisure LLC  | 0.7% |
|  Carnival Corp.  | 0.6% |
|  Cincinnati Bell, Inc.  | 0.6% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of net** **assets)** |
|  Bank Loans  | 88.5% |
|  Corporate Bonds  | 7.2% |
|  Money Market Funds  | 5.4% |
|  Exchange Traded Funds  | 2.8% |
|  Liabilities in Excess of Other Assets  | -3.9% |

---

Shenkman Capital Floating Rate High Income Fund PAGE 1 TSR-SAR-00770X485

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.shenkmancapital.com/strategies#mutual_funds_floating_rate.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Shenkman Capital Management documents not be householded, please contact Shenkman Capital Management at 1-855-743-6562, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Shenkman Capital Management or your financial intermediary.

Shenkman Capital Floating Rate High Income Fund PAGE 2 TSR-SAR-00770X485

------

---

| | | |
|:---|:---|:---|
| ![image](img002.jpg) | **Shenkman Capital Floating Rate High** **Income Fund**  | ![image](img001.jpg) |
| ![image](img002.jpg) | Institutional Class \| SFHIX  | ![image](img001.jpg) |
| ![image](img002.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the Shenkman Capital Floating Rate High Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.shenkmancapital.com/strategies#mutual_funds_floating_rate. You can also request this information by contacting us at 1-855-743-6562.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $27 | 0.54% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $273789270 |
| **Number of Holdings** | 486 |
| **Net Advisory Fee** | $451513 |
| **Portfolio Turnover** | 48% |
| **Average Credit Quality** | B1 / B+\* |
| **Weighted Average Maturity** | 4.52 years |
| **30-Day SEC Yield** | 7.65% |
| **30-Day SEC Yield Unsubsidized** | 7.47% |

---

Visit https://www.shenkmancapital.com/strategies#mutual_funds_floating_rate for more recent performance information.

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch or Moody's if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Securities** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 5.4% |
|  Invesco Senior Loan ETF  | 2.8% |
|  Polaris Newco LLC  | 0.8% |
|  Delivery Hero Finco LLC  | 0.8% |
|  Global Medical Response, Inc.  | 0.8% |
|  Cloud Software Group, Inc.  | 0.7% |
|  Avis Budget Car Rental LLC  | 0.7% |
|  Acrisure LLC  | 0.7% |
|  Carnival Corp.  | 0.6% |
|  Cincinnati Bell, Inc.  | 0.6% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of net** **assets)** |
|  Bank Loans  | 88.5% |
|  Corporate Bonds  | 7.2% |
|  Money Market Funds  | 5.4% |
|  Exchange Traded Funds  | 2.8% |
|  Liabilities in Excess of Other Assets  | -3.9% |

---

Shenkman Capital Floating Rate High Income Fund PAGE 1 TSR-SAR-00770X576

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.shenkmancapital.com/strategies#mutual_funds_floating_rate.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Shenkman Capital Management documents not be householded, please contact Shenkman Capital Management at 1-855-743-6562, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Shenkman Capital Management or your financial intermediary.

Shenkman Capital Floating Rate High Income Fund PAGE 2 TSR-SAR-00770X576

------

---

| | | |
|:---|:---|:---|
| ![image](img003.jpg) | **Shenkman Capital Short Duration High** **Income Fund**  | ![image](img001.jpg) |
| ![image](img003.jpg) | Class A \| SCFAX  | ![image](img001.jpg) |
| ![image](img003.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the Shenkman Capital Short Duration High Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.shenkmancapital.com/strategies#mutual_funds_short_duration. You can also request this information by contacting us at 1-855-743-6562.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $48 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1492526574 |
| **Number of Holdings** | 359 |
| **Net Advisory Fee** | $4377202 |
| **Portfolio Turnover** | 30% |
| **Average Credit Quality** | B1 / BB-\* |
| **Weighted Average Maturity** | 2.69 years |
| **Effective Duration** | 1.53 years |
| **30-Day SEC Yield** | 5.05% |
| **30-Day SEC Yield Unsubsidized** | 5.04% |

---

Visit https://www.shenkmancapital.com/strategies#mutual_funds_short_duration for more recent performance information.

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch or Moody's if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

Shenkman Capital Short Duration High Income Fund PAGE 1 TSR-SAR-00770X501

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Securities** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 3.3% |
|  Tenet Healthcare Corp.  | 1.5% |
|  International Game Technology PLC  | 1.2% |
|  IQVIA, Inc.  | 1.1% |
|  CHS/Community Health Systems, Inc.  | 1.0% |
|  Teva Pharmaceutical Finance Netherlands III BV  | 1.0% |
|  Sirius XM Radio LLC  | 1.0% |
|  TransDigm, Inc.  | 1.0% |
|  Light & Wonder International, Inc.  | 0.9% |
|  Western Digital Corp.  | 0.9% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of net** **assets)** |
|  Corporate Bonds  | 86.9% |
|  Bank Loans  | 8.4% |
|  Money Market Funds  | 3.3% |
|  Convertible Bonds  | 1.3% |
|  Other Assets in Excess of Liabilities  | 0.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.shenkmancapital.com/strategies#mutual_funds_short_duration.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Shenkman Capital Management documents not be householded, please contact Shenkman Capital Management at 1-855-743-6562, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Shenkman Capital Management or your financial intermediary.

Shenkman Capital Short Duration High Income Fund PAGE 2 TSR-SAR-00770X501

------

---

| | | |
|:---|:---|:---|
| ![image](img003.jpg) | **Shenkman Capital Short Duration High** **Income Fund**  | ![image](img001.jpg) |
| ![image](img003.jpg) | Class C \| SCFCX  | ![image](img001.jpg) |
| ![image](img003.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the Shenkman Capital Short Duration High Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.shenkmancapital.com/strategies#mutual_funds_short_duration. You can also request this information by contacting us at 1-855-743-6562.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class C | $86 | 1.71% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1492526574 |
| **Number of Holdings** | 359 |
| **Net Advisory Fee** | $4377202 |
| **Portfolio Turnover** | 30% |
| **Average Credit Quality** | B1 / BB-\* |
| **Weighted Average Maturity** | 2.69 years |
| **Effective Duration** | 1.53 years |
| **30-Day SEC Yield** | 4.41% |
| **30-Day SEC Yield Unsubsidized** | 4.40% |

---

Visit https://www.shenkmancapital.com/strategies#mutual_funds_short_duration for more recent performance information.

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch or Moody's if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

Shenkman Capital Short Duration High Income Fund PAGE 1 TSR-SAR-00770X600

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Securities** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 3.3% |
|  Tenet Healthcare Corp.  | 1.5% |
|  International Game Technology PLC  | 1.2% |
|  IQVIA, Inc.  | 1.1% |
|  CHS/Community Health Systems, Inc.  | 1.0% |
|  Teva Pharmaceutical Finance Netherlands III BV  | 1.0% |
|  Sirius XM Radio LLC  | 1.0% |
|  TransDigm, Inc.  | 1.0% |
|  Light & Wonder International, Inc.  | 0.9% |
|  Western Digital Corp.  | 0.9% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of net** **assets)** |
|  Corporate Bonds  | 86.9% |
|  Bank Loans  | 8.4% |
|  Money Market Funds  | 3.3% |
|  Convertible Bonds  | 1.3% |
|  Other Assets in Excess of Liabilities  | 0.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.shenkmancapital.com/strategies#mutual_funds_short_duration.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Shenkman Capital Management documents not be householded, please contact Shenkman Capital Management at 1-855-743-6562, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Shenkman Capital Management or your financial intermediary.

Shenkman Capital Short Duration High Income Fund PAGE 2 TSR-SAR-00770X600

------

---

| | | |
|:---|:---|:---|
| ![image](img003.jpg) | **Shenkman Capital Short Duration High** **Income Fund**  | ![image](img001.jpg) |
| ![image](img003.jpg) | Class F \| SCFFX  | ![image](img001.jpg) |
| ![image](img003.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the Shenkman Capital Short Duration High Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.shenkmancapital.com/strategies#mutual_funds_short_duration. You can also request this information by contacting us at 1-855-743-6562.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class F | $37 | 0.73% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1492526574 |
| **Number of Holdings** | 359 |
| **Net Advisory Fee** | $4377202 |
| **Portfolio Turnover** | 30% |
| **Average Credit Quality** | B1 / BB-\* |
| **Weighted Average Maturity** | 2.69 years |
| **Effective Duration** | 1.53 years |
| **30-Day SEC Yield** | 5.46% |
| **30-Day SEC Yield Unsubsidized** | 5.45% |

---

Visit https://www.shenkmancapital.com/strategies#mutual_funds_short_duration for more recent performance information.

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch or Moody's if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

Shenkman Capital Short Duration High Income Fund PAGE 1 TSR-SAR-00770X766

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Securities** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 3.3% |
|  Tenet Healthcare Corp.  | 1.5% |
|  International Game Technology PLC  | 1.2% |
|  IQVIA, Inc.  | 1.1% |
|  CHS/Community Health Systems, Inc.  | 1.0% |
|  Teva Pharmaceutical Finance Netherlands III BV  | 1.0% |
|  Sirius XM Radio LLC  | 1.0% |
|  TransDigm, Inc.  | 1.0% |
|  Light & Wonder International, Inc.  | 0.9% |
|  Western Digital Corp.  | 0.9% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of net** **assets)** |
|  Corporate Bonds  | 86.9% |
|  Bank Loans  | 8.4% |
|  Money Market Funds  | 3.3% |
|  Convertible Bonds  | 1.3% |
|  Other Assets in Excess of Liabilities  | 0.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.shenkmancapital.com/strategies#mutual_funds_short_duration.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Shenkman Capital Management documents not be householded, please contact Shenkman Capital Management at 1-855-743-6562, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Shenkman Capital Management or your financial intermediary.

Shenkman Capital Short Duration High Income Fund PAGE 2 TSR-SAR-00770X766

------

---

| | | |
|:---|:---|:---|
| ![image](img003.jpg) | **Shenkman Capital Short Duration High** **Income Fund**  | ![image](img001.jpg) |
| ![image](img003.jpg) | Institutional Class \| SCFIX  | ![image](img001.jpg) |
| ![image](img003.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the Shenkman Capital Short Duration High Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.shenkmancapital.com/strategies#mutual_funds_short_duration. You can also request this information by contacting us at 1-855-743-6562.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $33 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1492526574 |
| **Number of Holdings** | 359 |
| **Net Advisory Fee** | $4377202 |
| **Portfolio Turnover** | 30% |
| **Average Credit Quality** | B1 / BB-\* |
| **Weighted Average Maturity** | 2.69 years |
| **Effective Duration** | 1.53 years |
| **30-Day SEC Yield** | 5.54% |
| **30-Day SEC Yield Unsubsidized** | 5.53% |

---

Visit https://www.shenkmancapital.com/strategies#mutual_funds_short_duration for more recent performance information.

\* Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch or Moody's if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

Shenkman Capital Short Duration High Income Fund PAGE 1 TSR-SAR-00770X709

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Securities** | **(% of net** **assets)** |
|  First American Government Obligations Fund - Class X  | 3.3% |
|  Tenet Healthcare Corp.  | 1.5% |
|  International Game Technology PLC  | 1.2% |
|  IQVIA, Inc.  | 1.1% |
|  CHS/Community Health Systems, Inc.  | 1.0% |
|  Teva Pharmaceutical Finance Netherlands III BV  | 1.0% |
|  Sirius XM Radio LLC  | 1.0% |
|  TransDigm, Inc.  | 1.0% |
|  Light & Wonder International, Inc.  | 0.9% |
|  Western Digital Corp.  | 0.9% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of net** **assets)** |
|  Corporate Bonds  | 86.9% |
|  Bank Loans  | 8.4% |
|  Money Market Funds  | 3.3% |
|  Convertible Bonds  | 1.3% |
|  Other Assets in Excess of Liabilities  | 0.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.shenkmancapital.com/strategies#mutual_funds_short_duration.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Shenkman Capital Management documents not be householded, please contact Shenkman Capital Management at 1-855-743-6562, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Shenkman Capital Management or your financial intermediary.

Shenkman Capital Short Duration High Income Fund PAGE 2 TSR-SAR-00770X709

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](shenkmanlogo.jpg)

**SHENKMAN CAPITAL FUNDS** 

**Shenkman Capital Floating Rate High Income Fund** 

**Shenkman Capital Short Duration High Income Fund** 

Semi-Annual Financial Statements and Additional Information

March 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments ](#soi155) |  |
| &nbsp;&nbsp;&nbsp; [Shenkman Capital Floating Rate High Income Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Shenkman Capital Short Duration High Income Fund](#soi2) | [17](#soi2) |
| [Statements of Assets and Liabilities](#sal) | [26](#sal) |
| [Statements of Operations](#sop) | [28](#sop) |
| [Statements of Changes in Net Assets](#scna) | [29](#scna) |
| [Financial Highlights](#fihi) | [32](#fihi) |
| [Notes to Financial Statements](#notes) | [38](#notes) |
| [Approval of Investment Advisory Agreement](#app) | [52](#app) |
| [Additional Information](#add) | [55](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - 88.5%**<br>|  |  |
| **Aerospace & Defense - 2.3%**<br>|  |  |
|  Apple Bidco LLC, Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 09/23/2031 | $550505 | $547149  |
|  Brown Group Holding LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.79% (3 mo. SOFR US + 2.50%), 07/01/2031 | 428206 | 426134  |
| &nbsp;&nbsp;&nbsp; 6.81% (3 mo. SOFR US + 2.50%), 07/01/2031 | 203194 | 202211  |
| &nbsp;&nbsp;&nbsp; 6.82% (1 mo. SOFR US + 2.50%), 07/01/2031 | 263378 | 262103  |
|  Dynasty Acquisition Co., Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 mo. SOFR US + 2.00%), 10/31/2031 | 169043 | 168774  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 mo. SOFR US + 2.00%), 10/31/2031 | 444420 | 443713  |
|  Goat Holdco LLC, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 01/27/2032 | 920000 | 915018  |
| &nbsp;&nbsp;&nbsp; Karman Holdings, Inc., Senior Secured First Lien, 7.81% (1 mo. Term <br>SOFR + 3.50%), 02/27/2032 | 588000 | 588735  |
|  LSF11 Trinity Bidco, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 06/17/2030 | 533017 | 531018  |
|  Signia Aerospace LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.32% (3 mo. SOFR US + 3.00%), 12/11/2031 | 299031 | 297909  |
| &nbsp;&nbsp;&nbsp; 7.32% (3 mo. SOFR US + 3.00%), 12/11/2031 | 244662 | 243744  |
| &nbsp;&nbsp;&nbsp; 7.67% (3 mo. Term SOFR + 3.00%), 12/11/2031<sup>(f)</sup> | 45308 | 45138  |
|  Spirit AeroSystems, Inc., Senior Secured First Lien, 8.79% (3 mo. SOFR US + 4.50%), 01/15/2027 | 239547 | 240146  |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., Senior Secured <br>First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 mo. SOFR US + 2.75%), 08/24/2028 | 722812 | 723416  |
| &nbsp;&nbsp;&nbsp; 6.83% (3 mo. SOFR US + 2.50%), 01/20/2032 | 274034 | 272928  |
|  Trident Technologies LLC, Senior Secured First Lien, 8.80% (3 mo. SOFR US + 4.50%), 02/09/2032 | 426000 | 426000  |
|  |  | 6334136  |
| **Auto Retail - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CWGS Group LLC, Senior Secured <br>First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (1 mo. SOFR US + 2.50%), 06/05/2028 | 349240 | 338721  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; 7.05% (1 mo. SOFR US + 2.50%), 06/05/2028 | $20574 | $19955  |
|  |  | 358676  |
| **Automotive - 1.4%**<br>|  |  |
|  American Axle & Manufacturing, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 12/13/2029 | 290909 | 288364  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 12/13/2029 | 269985 | 267623  |
| &nbsp;&nbsp;&nbsp; 7.45% (6 mo. SOFR US + 3.00%), 12/13/2029 | 313858 | 311112  |
|  Autokiniton US Holdings, Inc., Senior Secured First Lien, 8.56% (1 mo. SOFR US + 4.00%), 04/06/2028 | 295187 | 289884  |
|  Clarios Global LP, Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 05/06/2030 | 619855 | 612417  |
|  First Brands Group LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.81% (3 mo. SOFR US + 5.00%), 03/30/2027 | 566186 | 527439  |
| &nbsp;&nbsp;&nbsp; 9.81% (3 mo. SOFR US + 5.00%), 03/30/2027 | 563476 | 525089  |
|  Garrett LX I Sarl, Senior Secured First Lien, 6.54% (3 mo. SOFR US + 2.25%), 01/30/2032 | 187000 | 185831  |
| Tenneco, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.27% (3 mo. SOFR US + 4.75%), 11/17/2028 | 231226 | 224096  |
| &nbsp;&nbsp;&nbsp; 9.50% (3 mo. SOFR US + 5.00%), 11/17/2028 | 1381 | 1347  |
| &nbsp;&nbsp;&nbsp; 9.52% (3 mo. SOFR US + 5.00%), 11/17/2028 | 489148 | 477205  |
|  |  | 3710407  |
| **Building Products - 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc., Senior Secured First Lien, 7.67% <br>(1 mo. SOFR US + 3.25%), <br>04/12/2028 | 612298 | 518158  |
|  Covia Holdings LLC, Senior Secured First Lien, 7.57% (3 mo. SOFR US + 3.25%), 02/26/2032 | 362000 | 361435  |
|  Eco Material Technologies, Inc., Senior Secured First Lien, 7.47% (3 mo. SOFR US + 3.25%), 02/12/2032 | 961000 | 958900  |
|  Hunter Douglas, Inc., Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 01/19/2032 | 290273 | 278226  |
|  Janus International Group LLC, Senior Secured First Lien, 6.79% (3 mo. SOFR US + 2.50%), 08/05/2030 | 272788 | 272149  |
|  Knife River Corp., Senior Secured First Lien, 6.29% (3 mo. SOFR US + 2.00%), 03/08/2032 | 419000 | 418476  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Building Products - (Continued)**  | **Building Products - (Continued)**  | **Building Products - (Continued)**  |
|  MITER Brands Acquisition Holdco, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 03/28/2031 | $475408 | $468013  |
|  Quikrete Holdings, Inc., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 02/10/2032 | 973000 | 963299  |
|  STS Operating, Inc., Senior Secured First Lien, 8.42% (1 mo. SOFR US + 4.00%), 03/25/2031 | 531680 | 511553  |
|  Tamko Building Products LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 mo. SOFR US + 2.75%), 09/20/2030 | 93809 | 93496  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 mo. SOFR US + 2.75%), 09/20/2030 | 93809 | 93496  |
| &nbsp;&nbsp;&nbsp; 7.07% (3 mo. SOFR US + 2.75%), 09/20/2030 | 93809 | 93496  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 mo. SOFR US + 2.75%), 09/20/2030 | 92871 | 92561  |
| &nbsp;&nbsp;&nbsp; Wilsonart LLC, Senior Secured First Lien, 8.58% (3 mo. Term <br>SOFR + 4.25%), 08/05/2031 | 142642 | 136100  |
|  |  | 5259358  |
| **Chemicals - 2.0%**<br>|  |  |
|  Consolidated Energy Finance SA, Senior Secured First Lien, 8.81% (3 mo. SOFR US + 4.50%), 11/18/2030 | 394752 | 381149  |
|  Discovery Purchaser Corp., Senior Secured First Lien, 8.04% (3 mo. SOFR US + 3.75%), 10/04/2029 | 498268 | 494220  |
|  Highline Aftermarket Acquisition LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.82% (1 mo. SOFR US + 3.50%), 02/19/2030 | 335308 | 334889  |
| &nbsp;&nbsp;&nbsp; 7.82% (1 mo. SOFR US + 3.50%), 02/19/2030 | 85637 | 85530  |
|  INEOS US Finance LLC, Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 02/19/2030 | 308450 | 297124  |
|  INEOS US Petrochem LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 03/01/2030 | 373335 | 351869  |
| &nbsp;&nbsp;&nbsp; Lummus Technology Holdings V LLC, Senior Secured First Lien, 7.32% <br>(1 mo. SOFR US + 3.00%), 12/31/2029 | 497020 | 496398  |
|  Nouryon Finance BV, Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 04/03/2028 | 305151 | 305725  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
|  Polar US Borrower LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% (includes .75% PIK) <br>(3 mo. SOFR US + 4.75%), <br>10/16/2028 | $223173 | $125348  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% (includes .75% PIK) <br>(3 mo. SOFR US + 4.75%), <br>10/16/2028 | 221794 | 124574  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% (includes .75% PIK) <br>(3 mo. SOFR US + 4.75%), <br>10/16/2028 | 707 | 397  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% (includes .75% PIK) <br>(3 mo. SOFR US + 4.75%), <br>10/16/2028 | 422 | 237  |
|  SCIH Salt Holdings, Inc., Senior Secured First Lien, 7.29% (3 mo. SOFR US + 3.00%), 01/31/2029 | 796746 | 791268  |
|  Solenis Holdings Ltd., Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 06/20/2031 | 411378 | 405592  |
|  Sparta US HoldCo LLC, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 08/02/2030 | 511808 | 508928  |
|  Tronox Finance LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.80% (3 mo. SOFR US + 2.50%), 09/30/2031 | 154943 | 151392  |
| &nbsp;&nbsp;&nbsp; 6.82% (1 mo. SOFR US + 2.50%), 09/30/2031 | 123875 | 121037  |
|  Vibrantz Technologies, Inc., Senior Secured First Lien, 8.84% (3 mo. SOFR US + 4.25%), 04/23/2029 | 71862 | 63553  |
|  Windsor Holdings III LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 08/01/2030 | 479144 | 475052  |
|  |  | 5514282  |
| **Commercial Services - 5.6%**<br>|  |  |
|  AlixPartners LLP, Senior Secured First Lien, 7.05% (1 mo. SOFR US + 2.50%), 02/04/2028 | 273470 | 273641  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 05/15/2028 | 953228 | 953304  |
| &nbsp;&nbsp;&nbsp; American Auto Auction Group LLC, Senior Secured First Lien, 8.82% <br>(1 mo. SOFR US + 4.50%), <br>12/30/2027 | 721481 | 722986  |
|  Apex Group Treasury LLC, Senior Secured First Lien, 7.82% (3 mo. SOFR US + 3.50%), 02/27/2032 | 1589231 | 1586259  |
|  Aramark Services, Inc., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 06/24/2030 | 270533 | 270786  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Commercial Services - (Continued)**  | **Commercial Services - (Continued)**  | **Commercial Services - (Continued)**  |
|  Ascensus Holdings, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 08/02/2028 | $755018 | $751477  |
|  Camelot US Acquisition LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 mo. SOFR US + 2.75%), 01/31/2031 | 294833 | 291208  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 mo. SOFR US + 2.75%), 01/31/2031 | 68376 | 67535  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 mo. SOFR US + 2.75%), 01/31/2031 | 6252 | 6175  |
|  CoreLogic, Inc., Senior Secured First Lien, 8.05% (1 mo. SOFR US + 3.50%), 06/02/2028 | 412378 | 405505  |
|  Deerfield Dakota Holding LLC, Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 04/09/2027 | 872554 | 830108  |
|  EAB Global, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 08/16/2028 | 721001 | 700273  |
|  First Advantage Holdings LLC, Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 10/31/2031 | 744135 | 740764  |
|  Foundever Worldwide Corp., Senior Secured First Lien, 8.18% (1 mo. SOFR US + 3.75%), 08/28/2028 | 858030 | 516873  |
|  Garda World Security Corp., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 02/01/2029 | 275462 | 274831  |
| &nbsp;&nbsp;&nbsp; Grant Thornton Advisors Holdings LLC, Senior Secured First Lien, 7.07% <br>(1 mo. SOFR US + 2.75%), <br>05/30/2031 | 269647 | 268594  |
|  HomeServe USA Holding Corp., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 10/21/2030 | 220069 | 218261  |
|  Isolved, Inc., Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 10/15/2030 | 543815 | 545183  |
|  OMNIA Partners LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 mo. SOFR US + 2.75%), 07/25/2030 | 524526 | 521581  |
| &nbsp;&nbsp;&nbsp; 7.16% (3 mo. SOFR US + 2.75%), 07/25/2030 | 93776 | 93250  |
|  Planet US Buyer LLC, Senior Secured First Lien, 7.32% (3 mo. SOFR US + 3.00%), 02/10/2031 | 790030 | 788960  |
|  Pre-Paid Legal Services, Inc., Senior Secured First Lien, 7.69% (1 mo. SOFR US + 3.25%), 12/15/2028 | 744297 | 737506  |
|  Saphilux Sarl, Senior Secured First Lien, 7.93% (6 mo. SOFR US + 3.50%), 07/27/2028 | 602744 | 604251  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
|  Skopima Consilio Parent LLC, Senior Secured First Lien, 8.07% (1 mo. SOFR US + 3.75%), 05/17/2028 | $870182 | $865017  |
|  Summer BC Holdco B SARL, Senior Secured First Lien, 9.82% (3 mo. SOFR US + 5.00%), 02/21/2029 | 457000 | 456929  |
|  Tempo Acquisition LLC, Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 08/31/2028 | 404590 | 401936  |
|  TKC Holdings, Inc., Senior Secured First Lien, 9.32% (1 mo. SOFR US + 5.00%), 05/15/2028 | 1080247 | 1074619  |
|  VT Topco, Inc., Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 08/09/2030 | 409930 | 410186  |
|  |  | 15377998  |
| **Construction & Engineering - 1.2%**<br>|  |  |
|  Amentum Holdings, Inc., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 09/29/2031 | 550620 | 533587  |
| &nbsp;&nbsp;&nbsp; American Residential Services LLC, Senior Secured First Lien, 7.54% <br>(3 mo. SOFR US + 3.25%), <br>02/02/2032 | 553454 | 552071  |
|  Artera Services LLC, Senior Secured First Lien, 8.80% (3 mo. SOFR US + 4.50%), 02/10/2031 | 368563 | 350492  |
|  Centuri Group, Inc., Senior Secured First Lien, 7.06% (1 mo. SOFR US + 2.50%), 08/28/2028 | 982397 | 983183  |
|  Tecta America Corp., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 02/18/2032 | 853000 | 847775  |
|  |  | 3267108  |
| **Consumer Discretionary - 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Greetings Corp., Senior Secured First Lien, 10.07% <br>(1 mo. SOFR US + 5.75%), 10/30/2029 | 272378 | 273795  |
|  Fugue Finance LLC, Senior Secured First Lien, 7.50% (6 mo. SOFR US + 3.25%), 01/09/2032 | 1044569 | 1044976  |
|  Kodiak BP LLC, Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 12/04/2031 | 336000 | 323640  |
|  KUEHG Corp., Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 06/12/2030 | 247942 | 247749  |
|  Peloton Interactive, Inc., Senior Secured First Lien, 9.81% (3 mo. SOFR US + 5.50%), 05/30/2029 | 405933 | 410414  |
|  Prometric Holdings, Inc., Senior Secured First Lien, 9.30% (1 mo. SOFR US + 4.75%), 01/31/2028 | 986880 | 993295  |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Consumer Discretionary - (Continued)**  | **Consumer Discretionary - (Continued)**  | **Consumer Discretionary - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Renaissance Holdings Corp., Senior Secured First Lien, 8.32% <br>(1 mo. SOFR US + 4.00%), 04/08/2030 | $1204725 | $1184401  |
|  Tory Burch LLC, Senior Secured First Lien, 7.80% (1 mo. SOFR US + 3.25%), 04/17/2028 | 365912 | 364898  |
|  Weber-Stephen Products LLC, Senior Secured First Lien, 7.80% (1 mo. SOFR US + 3.25%), 10/29/2027 | 276018 | 267967  |
|  |  | 5111135  |
| **Consumer Non-Discretionary - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc., Senior Secured First Lien, 8.29% <br>(3 mo. SOFR US + 4.00%), <br>07/08/2031 | 487649 | 420597  |
|  Valvoline, Inc., Senior Secured First Lien, 6.57% (1 mo. Term SOFR + 2.00%), 03/19/2032 | 469000 | 469293  |
|  |  | 889890  |
| **Environmental & Facilities Services - 1.7%** | **Environmental & Facilities Services - 1.7%** | **Environmental & Facilities Services - 1.7%** |
|  Action Environmental Group, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.05% (3 mo. SOFR US + 3.75%), 10/24/2030 | 1160464 | 1161914  |
| &nbsp;&nbsp;&nbsp; 9.33% (3 mo. SOFR US + 4.00%), 10/24/2030 | 56914 | 56914  |
|  Belfor Holdings, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 04/06/2026 | 487357 | 487358  |
|  EnergySolutions LLC, Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 09/23/2030 | 300073 | 299885  |
|  GFL ES US LLC, Senior Secured First Lien, 6.82% (3 mo. SOFR US + 2.50%), 03/03/2032 | 551000 | 546868  |
|  JFL-Tiger Acquisition Co., Inc., Senior Secured First Lien, 8.30% (3 mo. SOFR US + 4.00%), 10/17/2030 | 497001 | 497935  |
|  Reworld Holding Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.81% (1 mo. SOFR US + 2.50%), 11/30/2028 | 205148 | 205244  |
| &nbsp;&nbsp;&nbsp; 6.81% (1 mo. SOFR US + 2.50%), 11/30/2028 | 11295 | 11300  |
|  Win Waste Innovations Holdings, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.30% (1 mo. SOFR US + 2.75%), 03/27/2028 | 1160415 | 1138924  |
| &nbsp;&nbsp;&nbsp; 8.30% (1 mo. SOFR US + 3.75%), 03/27/2028 | 259000 | 257705  |
|  |  | 4664047  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **Financials: Diversified - 4.7%**<br>|  |  |
|  Armor Holdco, Inc., Senior Secured First Lien, 8.03% (6 mo. SOFR US + 3.75%), 12/11/2028 | $1093969 | $1092946  |
| &nbsp;&nbsp;&nbsp; Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 6.07% <br>(1 mo. SOFR US + 1.75%), <br>06/22/2028 | 500652 | 500758  |
|  BCPE Pequod Buyer, Inc., Senior Secured First Lien, 7.79% (3 mo. SOFR US + 3.50%), 11/25/2031 | 751000 | 749592  |
| &nbsp;&nbsp;&nbsp; Blackhawk Network Holdings, Inc., Senior Secured First Lien, 8.32% <br>(1 mo. SOFR US + 4.00%), <br>03/12/2029 | 627858 | 626175  |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, Senior Secured First Lien, 6.30% <br>(3 mo. SOFR US + 2.00%), 01/31/2031 | 867798 | 863190  |
|  Citco Funding LLC, Senior Secured First Lien, 6.93% (6 mo. SOFR US + 2.75%), 04/27/2028 | 669478 | 671570  |
| &nbsp;&nbsp;&nbsp; Corp. Service Co., Senior Secured <br>First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.02% (1 mo. SOFR US + 2.50%), 11/03/2027 | 85157 | 85157  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 mo. SOFR US + 2.00%), 11/05/2029 | 534688 | 532616  |
| &nbsp;&nbsp;&nbsp; Edelman Financial Engines Center LLC, Senior Secured First Lien, 7.32% <br>(1 mo. SOFR US + 3.00%), <br>04/07/2028 | 443339 | 442601  |
|  Edelman Financial Engines Center LLC, Senior Secured Second Lien, 9.57% (1 mo. SOFR US + 5.25%), 10/06/2028 | 942000 | 945061  |
| &nbsp;&nbsp;&nbsp; EIG Management Co. LLC, Senior Secured First Lien, 9.32% <br>(1 mo. SOFR US + 5.00%), 05/17/2029 | 573083 | 573083  |
|  FNZ USA FinCo LLC, Senior Secured First Lien, 9.29% (3 mo. SOFR US + 5.00%), 11/05/2031 | 460000 | 425500  |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, Senior Secured First Lien, 7.07% <br>(1 mo. SOFR US + 2.75%), 09/15/2031 | 476346 | 472316  |
|  June Purchaser LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.47% (3 mo. SOFR US + 3.25%), 11/28/2031 | 506665 | 507931  |
| &nbsp;&nbsp;&nbsp; 8.67% (3 mo. Term SOFR + 3.25%), 11/28/2031<sup>(f)</sup> | 82590 | 82796  |
|  Neon Maple US Debt Mergersub, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 11/17/2031 | 346560 | 344731  |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Financials: Diversified - (Continued)**  | **Financials: Diversified - (Continued)**  | **Financials: Diversified - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 11/17/2031 | $124299 | $123643  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 11/17/2031 | 32140 | 31970  |
|  NorthAB LLC, Senior Secured First Lien, 6.80% (3 mo. SOFR US + 2.50%), 11/24/2028 | 1109120 | 1102088  |
|  Osaic Holdings, Inc., Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 08/16/2028 | 273547 | 271864  |
|  PEX Holdings LLC, Senior Secured First Lien, 6.97% (3 mo. SOFR US + 2.75%), 11/19/2031 | 295000 | 293525  |
|  VFH Parent LLC, Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 06/20/2031 | 499517 | 501081  |
|  WEX, Inc., Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 04/03/2028 | 688593 | 685666  |
|  Zelis Payments Buyer, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 mo. SOFR US + 2.75%), 09/28/2029 | 656370 | 653088  |
| &nbsp;&nbsp;&nbsp; 7.57% (1 mo. SOFR US + 3.25%), 11/26/2031 | 275310 | 274966  |
|  |  | 12853914  |
| **Financials: Insurance - 3.6%**<br>|  |  |
|  Acrisure LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 02/16/2027 | 1898134 | 1895429  |
|  AmWINS Group, Inc., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 01/21/2032 | 852982 | 847186  |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finco Pty Ltd., Senior Secured First Lien, 7.08% <br>(6 mo. Term SOFR + 3.75%), <br>02/18/2031 | 415000 | 410331  |
|  AssuredPartners, Inc., Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 02/14/2031 | 541796 | 543042  |
| Asurion LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.80% (1 mo. SOFR US + 3.25%), 12/23/2026 | 883426 | 882702  |
| &nbsp;&nbsp;&nbsp; 8.77% (1 mo. SOFR US + 4.25%), 08/21/2028 | 843045 | 836570  |
|  Asurion LLC, Senior Secured Second Lien, 9.80% (1 mo. SOFR US + 5.25%), 02/03/2028 | 995867 | 946074  |
|  Baldwin Insurance Group Holdings LLC, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 05/27/2031 | 294263 | 293804  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
|  BroadStreet Partners, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 06/16/2031 | $565413 | $561223  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 06/16/2031 | 55260 | 54850  |
| &nbsp;&nbsp;&nbsp; Goosehead Insurance Holdings LLC, Senior Secured First Lien, 7.82% <br>(1 mo. SOFR US + 3.50%), <br>01/08/2032 | 552000 | 554070  |
|  HUB International Ltd., Senior Secured First Lien, 6.79% (3 mo. SOFR US + 2.50%), 06/20/2030 | 1238982 | 1235203  |
| &nbsp;&nbsp;&nbsp; TIH Insurance Holdings LLC, Senior Secured Second Lien, 9.05% <br>(3 mo. SOFR US + 4.75%), <br>05/06/2032 | 271347 | 274485  |
|  USI, Inc./NY, Senior Secured First Lien, 6.55% (3 mo. SOFR US + 2.25%), 11/23/2029 | 414405 | 410974  |
|  |  | 9745943  |
| **Financials: Thrifts & Mortgages - 0.1%** | **Financials: Thrifts & Mortgages - 0.1%** | **Financials: Thrifts & Mortgages - 0.1%** |
|  Walker & Dunlop, Inc., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 03/15/2032 | 215000 | 214194  |
| **Food & Beverage - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Celsius Holdings, Inc., Senior Secured First Lien, 7.57% (1 mo. Term <br>SOFR + 3.25%), 03/22/2032 | 468000 | 469463  |
| &nbsp;&nbsp;&nbsp; Froneri US, Inc., Senior Secured <br>First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.24% (6 mo. SOFR US + 2.00%), 09/30/2031 | 282241 | 280775  |
| &nbsp;&nbsp;&nbsp; 6.24% (3 mo. SOFR US + 2.00%), 09/30/2031 | 144606 | 143855  |
| &nbsp;&nbsp;&nbsp; 6.24% (3 mo. SOFR US + 2.00%), 09/30/2031 | 75060 | 74670  |
|  HLF Financing Sarl LLC, Senior Secured First Lien, 11.07% (1 mo. SOFR US + 6.75%), 04/12/2029 | 137683 | 138358  |
|  Pegasus Bidco BV, Senior Secured First Lien, 7.57% (3 mo. SOFR US + 3.25%), 07/12/2029 | 741962 | 741962  |
|  Primo Brands Corp., Senior Secured First Lien, 6.55% (3 mo. SOFR US + 2.25%), 03/31/2028 | 810928 | 808588  |
|  Red SPV LLC, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 03/15/2032 | 880000 | 875600  |
|  Saratoga Food Specialties LLC, Senior Secured First Lien, 7.55% (1 mo. SOFR US + 3.25%), 03/07/2029 | 482654 | 483156  |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Food & Beverage - (Continued)**  | **Food & Beverage - (Continued)**  | **Food & Beverage - (Continued)**  |
|  Savor Acquisition, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.56% (1 mo. Term SOFR + 3.25%), 02/19/2032 <sup>(f)</sup> | $40000 | $40010  |
| &nbsp;&nbsp;&nbsp; 7.57% (1 mo. SOFR US + 3.25%), 02/19/2032 | 424000 | 424106  |
|  |  | 4480543  |
| **Healthcare: Equipment & Supplies - 2.2%** | **Healthcare: Equipment & Supplies - 2.2%** | **Healthcare: Equipment & Supplies - 2.2%** |
|  Azalea Topco, Inc., Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 04/30/2031 | 499398 | 497265  |
|  Bausch + Lomb Corp., Senior Secured First Lien, 7.77% (1 mo. SOFR US + 3.25%), 05/10/2027 | 373316 | 372472  |
|  Covetrus, Inc., Senior Secured First Lien, 9.30% (3 mo. SOFR US + 5.00%), 10/15/2029 | 382365 | 368684  |
|  Gainwell Acquisition Corp., Senior Secured First Lien, 8.50% (3 mo. SOFR US + 4.00%), 10/01/2027 | 1329622 | 1250696  |
|  Insulet Corp., Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 08/04/2031 | 867854 | 870566  |
|  Medline Borrower LP, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 10/23/2028 | 1384744 | 1383684  |
| &nbsp;&nbsp;&nbsp; PointClickCare Technologies, Inc., Senior Secured First Lien, 7.55% <br>(3 mo. SOFR US + 3.25%), 11/03/2031 | 360261 | 359813  |
| &nbsp;&nbsp;&nbsp; Waystar Technologies, Inc., Senior Secured First Lien, 6.57% <br>(1 mo. SOFR US + 2.25%), 10/22/2029 | 620514 | 618963  |
| &nbsp;&nbsp;&nbsp; WCG Intermediate Corp., Senior Secured First Lien, 7.32% <br>(1 mo. SOFR US + 3.00%), 02/25/2032 | 450000 | 446443  |
|  |  | 6168586  |
| **Healthcare: Facilities - 5.2%**<br>|  |  |
|  ADMI Corp., Senior Secured First Lien, 8.30% (1 mo. SOFR US + 3.75%), 12/23/2027 | 1109080 | 1102153  |
|  CHG Healthcare Services, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.30% (3 mo. SOFR US + 3.00%), 09/29/2028 | 1089 | 1089  |
| &nbsp;&nbsp;&nbsp; 7.31% (3 mo. SOFR US + 3.00%), 09/29/2028 | 431028 | 430946  |
|  Examworks Bidco, Inc., Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 11/01/2028 | 947537 | 946769  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
|  Global Medical Response, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.04% (includes .75% PIK) <br>(3 mo. SOFR US + 4.75%), <br>10/02/2028 | $2023061 | $2025307  |
| &nbsp;&nbsp;&nbsp; 9.04% (includes .75% PIK) (3 mo. SOFR US + 4.75%), 10/02/2028 | 29168 | 29200  |
|  HAH Group Holding Co. LLC, Senior Secured First Lien, 9.32% (1 mo. SOFR US + 5.00%), 09/24/2031 | 689273 | 656532  |
| Hanger, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.82% (1 mo. SOFR US + 3.50%), 10/23/2031 | 416594 | 416811  |
| &nbsp;&nbsp;&nbsp; 7.82% (1 mo. SOFR US + 3.50%), 10/23/2031<sup>(f)</sup> | 53639 | 53667  |
|  Heartland Dental LLC, Senior Secured First Lien, 8.82% (1 mo. SOFR US + 4.50%), 04/28/2028 | 1120049 | 1120173  |
|  Hunter US Bidco, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.75% (3 mo. SOFR US + 4.25%), 08/21/2028 | 199502 | 191772  |
| &nbsp;&nbsp;&nbsp; 8.75% (3 mo. SOFR US + 4.25%), 08/21/2028 | 175552 | 168750  |
|  IVI America LLC, Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 04/14/2031 | 565725 | 567405  |
|  LifePoint Health, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.82% (3 mo. SOFR US + 3.50%), 05/19/2031 | 837140 | 807991  |
| &nbsp;&nbsp;&nbsp; 8.05% (3 mo. SOFR US + 3.75%), 05/19/2031 | 277305 | 269563  |
|  LSCS Holdings, Inc., Senior Secured First Lien, 8.80% (3 mo. SOFR US + 4.50%), 03/04/2032 | 593000 | 592816  |
|  Pacific Dental Services, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 mo. SOFR US + 2.75%), 03/17/2031 | 95614 | 95240  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 mo. SOFR US + 2.75%), 03/17/2031 | 379586 | 378104  |
|  Pluto Acquisition I, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.80% (3 mo. SOFR US + 5.50%), 06/20/2028 | 90065 | 91416  |
| &nbsp;&nbsp;&nbsp; 9.80% (3 mo. SOFR US + 5.50%), 06/20/2028 | 1801 | 1828  |
|  Radnet Management, Inc., Senior Secured First Lien, 6.57% (3 mo. SOFR US + 2.25%), 04/18/2031 | 373355 | 373179  |
|  Select Medical Corp., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 12/03/2031 | 362570 | 362570  |
|  Sotera Health Holdings LLC, Senior Secured First Lien, 7.55% (1 mo. SOFR US + 3.25%), 05/30/2031 | 644760 | 644357  |

---

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Healthcare: Facilities - (Continued)**  | **Healthcare: Facilities - (Continued)**  | **Healthcare: Facilities - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Southern Veterinary Partners LLC, Senior Secured First Lien, 7.57% <br>(1 mo. SOFR US + 3.25%), <br>12/04/2031 | $460000 | $459262  |
|  Surgery Center Holdings, Inc., Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 12/19/2030 | 618286 | 618286  |
| &nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., Senior Secured First Lien, 9.54% <br>(3 mo. Term SOFR + 5.25%), <br>03/02/2027 | 335000 | 327044  |
|  US Fertility Enterprises LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.78% (6 mo. SOFR US + 4.50%), 10/14/2031 | 841275 | 843378  |
| &nbsp;&nbsp;&nbsp; 9.35% (3 mo. Term SOFR + 4.50%), 10/14/2031<sup>(f)</sup> | 38336 | 38431  |
|  US Radiology Specialists, Inc., Senior Secured First Lien, 9.05% (3 mo. SOFR US + 4.75%), 12/15/2027 | 523115 | 523115  |
|  |  | 14137154  |
| **Healthcare: Life Sciences - 0.5%**<br>|  |  |
|  Phoenix Newco, Inc., Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 11/15/2028 | 741887 | 741101  |
|  Star Parent, Inc., Senior Secured First Lien, 8.30% (3 mo. SOFR US + 4.00%), 09/30/2030 | 562207 | 538313  |
|  |  | 1279414  |
| **Healthcare: Managed Health Care - 1.2%** | **Healthcare: Managed Health Care - 1.2%** | **Healthcare: Managed Health Care - 1.2%** |
|  Bella Holding Co. LLC, Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 05/10/2028 | 620636 | 620161  |
|  Charlotte Buyer, Inc., Senior Secured First Lien, 8.57% (1 mo. SOFR US + 4.25%), 02/11/2028 | 554729 | 552255  |
| Cotiviti, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 mo. SOFR US + 2.75%), 04/30/2031 | 975903 | 956385  |
| &nbsp;&nbsp;&nbsp; 7.63%, 05/01/2031 | 278000 | 274177  |
|  Raven Acquisition Holdings LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.57% (1 mo. SOFR US + 3.25%), 11/20/2031 | 817600 | 808741  |
| &nbsp;&nbsp;&nbsp; 8.28% (3 mo. Term SOFR + 3.25%), 11/20/2031<sup>(f)</sup> | 58400 | 57767  |
|  |  | 3269486  |
| **Healthcare: Pharma & Biotech - 2.1%**<br>|  |  |
|  Dechra Finance US LLC, Senior Secured First Lien, 7.51% (6 mo. SOFR US + 3.25%), 12/03/2031 | 295000 | 294770  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
|  Elanco Animal Health, Inc., Senior Secured First Lien, 6.27% (1 mo. SOFR US + 1.75%), 08/02/2027 | $993202 | $992328  |
|  Endo Finance Holdings, Inc., Senior Secured First Lien, 8.32% (1 mo. SOFR US + 4.00%), 04/23/2031 | 823142 | 817175  |
|  Financiere Mendel SASU, Senior Secured First Lien, 7.06% (3 mo. SOFR US + 2.75%), 11/13/2030 | 665293 | 664185  |
|  Grifols Worldwide Operations USA, Inc., Senior Secured First Lien, 6.61% (3 mo. SOFR US + 2.00%), 11/15/2027 | 1253375 | 1242959  |
|  Jazz Financing Lux Sarl, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 05/05/2028 | 981106 | 981842  |
|  Organon & Co., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 05/19/2031 | 601940 | 594415  |
|  Padagis LLC, Senior Secured First Lien, 9.56% (3 mo. SOFR US + 4.75%), 07/06/2028 | 266243 | 249935  |
|  |  | 5837609  |
| **Industrial Machinery - 3.6%**<br>|  |  |
|  AI Aqua Merger Sub, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 07/31/2028 | 1321402 | 1310930  |
|  Chart Industries, Inc., Senior Secured First Lien, 6.81% (3 mo. SOFR US + 2.50%), 03/18/2030 | 375236 | 375861  |
|  Columbus McKinnon Corp./NY, Senior Secured First Lien, 6.80% (3 mo. SOFR US + 2.50%), 05/15/2028 | 505037 | 504406  |
|  Crosby US Acquisition Corp., Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 08/16/2029 | 494635 | 495632  |
|  Dynamo US Bidco, Inc., Senior Secured First Lien, 8.26% (3 mo. SOFR US + 4.00%), 09/26/2031 | 368603 | 369410  |
|  Gates Corp./DE, Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 11/16/2029 | 415078 | 411793  |
| &nbsp;&nbsp;&nbsp; JBT Marel Corp., Senior Secured <br>First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.67% (1 mo. SOFR US + 2.25%), 01/02/2032 | 193327 | 193468  |
| &nbsp;&nbsp;&nbsp; 6.67% (1 mo. SOFR US + 2.25%), 01/02/2032 | 55236 | 55277  |
| &nbsp;&nbsp;&nbsp; Jupiter Buyer, Inc., Senior Secured <br>First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.07% (1 mo. SOFR US + 4.75%), 11/03/2031 | 374815 | 375049  |
| &nbsp;&nbsp;&nbsp; 9.60% (3 mo. Term SOFR + 4.75%), 11/03/2031<sup>(f)</sup> | 43248 | 43275  |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Industrial Machinery - (Continued)**  | **Industrial Machinery - (Continued)**  | **Industrial Machinery - (Continued)**  |
|  Madison IAQ (Madison Air) Incremental T/L B, Senior Secured First Lien, 7.57% (1 mo. Term SOFR), 03/29/2032<sup>(a)</sup> | $291000 | $288636  |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, Senior Secured <br>First Lien, 6.76% (6 mo. SOFR US + 2.50%), 06/21/2028 | 498226 | 493336  |
|  Madison Safety & Flow LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 09/26/2031 | 360261 | 359411  |
|  Oregon Tool Lux LP, Senior Secured Second Lien, 8.58% (3 mo. SOFR US + 4.00%), 10/15/2029 | 318825 | 237126  |
|  PG Polaris BidCo Sarl, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.30% (3 mo. SOFR US + 3.00%), 03/24/2031 | 404598 | 405104  |
| &nbsp;&nbsp;&nbsp; 7.30% (3 mo. SOFR US + 3.00%), 03/24/2031 | 132705 | 132871  |
|  Pro Mach Group, Inc., Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 08/31/2028 | 495884 | 495136  |
|  Roper Industrial Products Investment Co., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 11/23/2029 | 532576 | 530531  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.74% (6 mo. SOFR US + 3.50%), 04/30/2030 | 549806 | 549017  |
| &nbsp;&nbsp;&nbsp; 7.74% (6 mo. SOFR US + 3.50%), 04/30/2030 | 315823 | 315369  |
| &nbsp;&nbsp;&nbsp; 8.57% (1 mo. Term SOFR + 3.00%), 04/30/2030 | 499000 | 498284  |
|  Veritiv Operating Co., Senior Secured First Lien, 8.30% (3 mo. SOFR US + 4.00%), 11/29/2030 | 551864 | 549601  |
|  Vertiv Group Corp., Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 03/02/2027 | 561602 | 560805  |
|  WEC US Holdings, Inc., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 01/27/2031 | 410315 | 407059  |
|  |  | 9957387  |
| **Leisure: Casinos & Gaming - 2.9%**<br>|  |  |
|  888 Acquisitions LLC, Senior Secured First Lien, 9.50% (6 mo. SOFR US + 5.25%), 07/03/2028 | 993243 | 963943  |
|  Allwyn Entertainment Financing US LLC, Senior Secured First Lien, 6.31% (1 mo. SOFR US + 2.00%), 06/11/2031 | 571691 | 566688  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
|  Bally's Corp., Senior Secured First Lien, 7.80% (3 mo. SOFR US + 3.25%), 10/02/2028 | $729968 | $651887  |
|  Caesars Entertainment, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.56% (3 mo. SOFR US + 2.25%), 02/06/2030 | 584660 | 582225  |
| &nbsp;&nbsp;&nbsp; 6.56% (3 mo. SOFR US + 2.25%), 02/06/2031 | 274787 | 273413  |
|  Churchill Downs, Inc., Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 03/17/2028 | 601124 | 601124  |
|  Entain Holdings Gibraltar Ltd., Senior Secured First Lien, 7.00% (3 mo. SOFR US + 2.50%), 03/16/2027 | 1336571 | 1338596  |
|  Everi Holdings, Inc., Senior Secured First Lien, 7.05% (1 mo. SOFR US + 2.50%), 08/03/2028 | 434388 | 435056  |
|  Fertitta Entertainment LLC/NV, Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 01/29/2029 | 276386 | 272530  |
|  Flutter Financing BV, Senior Secured First Lien, 6.05% (3 mo. SOFR US + 1.75%), 11/29/2030 | 991624 | 988966  |
|  Great Canadian Gaming Corp., Senior Secured First Lien, 9.05% (3 mo. SOFR US + 4.75%), 11/01/2029 | 275510 | 272153  |
|  Jack Ohio Finance LLC, Senior Secured First Lien, 8.32% (1 mo. SOFR US + 4.00%), 01/30/2032 | 412000 | 412618  |
|  Ontario Gaming GTA LP, Senior Secured First Lien, 8.55% (3 mo. SOFR US + 4.25%), 08/01/2030 | 549230 | 541815  |
|  |  | 7901014  |
| **Leisure: Hotels - 1.8%**<br>|  |  |
|  Alterra Mountain Co., Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 08/17/2028 | 622240 | 622239  |
|  Carnival Corp., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 10/18/2028 | 1742335 | 1743424  |
| &nbsp;&nbsp;&nbsp; Herschend Entertainment Co. LLC, Senior Secured First Lien, 7.32% <br>(1 mo. SOFR US + 3.00%), <br>08/28/2028 | 271846 | 272696  |
|  Hilton Grand Vacations Borrower LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 mo. SOFR US + 2.00%), 08/02/2028 | 291845 | 290784  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 mo. SOFR US + 2.00%), 01/17/2031 | 97316 | 96738  |
|  Lakeland Holdings LLC, Senior Unsecured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 09/27/2027 | 225670 | 11283  |
| &nbsp;&nbsp;&nbsp; 8.00%, 09/27/2027 | 107661 | 5383  |

---

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Leisure: Hotels - (Continued)**  | **Leisure: Hotels - (Continued)**  | **Leisure: Hotels - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., Senior Secured <br>First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.77% (1 mo. SOFR US + 4.25%), 06/30/2028 | $286818 | $278812  |
| &nbsp;&nbsp;&nbsp; 9.42% (1 mo. Term SOFR + 5.00%), 06/30/2028 | 202000 | 195561  |
| &nbsp;&nbsp;&nbsp; 10.42% (1 mo. Term SOFR + 6.00%), 11/15/2029 | 337853 | 331659  |
| &nbsp;&nbsp;&nbsp; 10.52% (1 mo. SOFR US + 6.00%), 11/15/2029 | 52439 | 51128  |
|  Travel + Leisure Co., Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 12/14/2029 | 371913 | 371099  |
|  TripAdvisor, Inc., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 07/08/2031 | 595800 | 587942  |
|  |  | 4858748  |
| **Leisure: Restaurants - 0.9%**<br>|  |  |
|  BCPE Grill Parent, Inc., Senior Secured First Lien, 9.06% (1 mo. SOFR US + 4.75%), 09/30/2030 | 264650 | 245794  |
|  Dave & Buster's, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.63% (1 mo. Term SOFR + 3.25%), 06/29/2029 | 145000 | 130228  |
| &nbsp;&nbsp;&nbsp; 7.56% (3 mo. SOFR US + 3.25%), 10/31/2031 | 154000 | 135039  |
|  IRB Holding Corp., Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 12/15/2027 | 1240535 | 1234177  |
|  Tacala Investment Corp., Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 01/31/2031 | 522733 | 523264  |
|  Whatabrands LLC, Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 08/03/2028 | 273319 | 272476  |
|  |  | 2540978  |
| **Media: Broadcasting - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CMG Media Corp., Senior Secured <br>First Lien, 8.00% (3 mo. SOFR US + 3.50%), 06/18/2029 | 457247 | 430560  |
|  Hubbard Radio LLC, Senior Secured First Lien, 8.82% (1 mo. SOFR US + 4.50%), 09/30/2027 | 319322 | 222061  |
|  Learfield Communications LLC, Senior Secured First Lien, 8.82% (1 mo. SOFR US + 4.50%), 06/30/2028 | 371913 | 373075  |
|  Univision Communications, Inc., Senior Secured First Lien, 8.55% (3 mo. SOFR US + 4.25%), 06/25/2029 | 241848 | 235398  |
|  |  | 1261094  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **Media: Cable & Satellite - 2.5%**<br>|  |  |
|  Charter Communications Operating LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.56% (3 mo. SOFR US + 2.25%), 12/15/2031 | $922365 | $920174  |
| &nbsp;&nbsp;&nbsp; 6.57% (3 mo. SOFR US + 2.25%), 12/15/2031 | 2318 | 2312  |
|  Connect Finco SARL, Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 12/11/2026 | 859910 | 855748  |
|  Coral-US Co.-Borrower LLC, Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 01/30/2032 | 1182205 | 1158744  |
|  CSC Holdings LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00% (Prime Rate + 1.50%), 04/15/2027 | 584000 | 550315  |
| &nbsp;&nbsp;&nbsp; 8.82% (1 mo. SOFR US + 4.50%), 01/18/2028 | 843598 | 817236  |
|  Directv Financing LLC, Senior Secured First Lien, 9.81% (3 mo. SOFR US + 5.00%), 08/02/2027 | 225445 | 226040  |
|  Iridium Satellite LLC, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 09/20/2030 | 1115796 | 1099232  |
|  Virgin Media Bristol LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (1 mo. SOFR US + 2.50%), 01/31/2028 | 847000 | 825541  |
| &nbsp;&nbsp;&nbsp; 7.68% (1 mo. Term SOFR + 3.25%), 01/31/2029 | 140000 | 137486  |
|  WideOpenWest Finance LLC, Senior Secured First Lien, 7.81% (3 mo. SOFR US + 3.00%), 12/20/2028 | 462425 | 399998  |
|  |  | 6992826  |
| **Media: Diversified - 1.9%**<br>|  |  |
|  Abe Investment Holdings, Inc., Senior Secured First Lien, 11.25%, 02/21/2030 | 300000 | 298875  |
| &nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2 LLC, Senior Secured First Lien, 6.57% <br>(1 mo. SOFR US + 2.25%), <br>12/21/2028 | 739584 | 732784  |
|  Indy US Holdco LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.82% (1 mo. SOFR US + 3.50%), 03/06/2028 | 696244 | 694852  |
| &nbsp;&nbsp;&nbsp; 7.82% (1 mo. SOFR US + 3.50%), 03/06/2028 | 691857 | 690473  |
|  McGraw-Hill Education, Inc., Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 08/06/2031 | 794598 | 794316  |
|  Neptune Bidco US, Inc., Senior Secured First Lien, 9.24% (3 mo. SOFR US + 4.75%), 10/11/2028 | 914329 | 788755  |

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Media: Diversified - (Continued)**  | **Media: Diversified - (Continued)**  | **Media: Diversified - (Continued)**  |
|  Twitter Tranche B-1 (10/22) T/L, Senior Secured First Lien, 10.95% (3 mo. SOFR US + 6.50%), 10/29/2029 | $691232 | $687776  |
|  WH Borrower LLC, Senior Secured First Lien, 9.07% (3 mo. SOFR US + 4.75%), 02/20/2032 | 429000 | 427460  |
|  |  | 5115291  |
| **Media: Entertainment - 2.9%**<br>|  |  |
|  Cirque Du Soleil Holding USA Newco, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.05% (3 mo. SOFR US + 3.75%), 03/08/2030 | 811956 | 809167  |
| &nbsp;&nbsp;&nbsp; 8.05% (3 mo. SOFR US + 3.75%), 03/08/2030 | 411149 | 409736  |
|  Creative Artists Agency LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 10/01/2031 | 408244 | 407575  |
|  Crown Finance US, Inc., Senior Secured First Lien, 9.57% (1 mo. SOFR US + 5.25%), 12/02/2031 | 490770 | 488797  |
| &nbsp;&nbsp;&nbsp; Delta 2 Lux Sarl, Senior Secured <br>First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.30% (3 mo. SOFR US + 2.00%), 09/19/2031 | 205811 | 205747  |
| &nbsp;&nbsp;&nbsp; 7.20% (3 mo. Term SOFR + 2.00%), 09/19/2031 | 102667 | 102635  |
|  EOC Borrower LLC, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 03/24/2032 | 982000 | 981391  |
|  Hoya Midco LLC, Senior Secured First Lien, 6.55% (1 mo. SOFR US + 2.25%), 02/05/2029 | 872560 | 861653  |
|  Live Nation Entertainment, Inc., Senior Secured First Lien, 6.27% (1 mo. SOFR US + 1.75%), 10/19/2026 | 664139 | 664245  |
|  Playtika Holding Corp., Senior Secured First Lien, 7.30% (1 mo. SOFR US + 2.75%), 03/13/2028 | 842956 | 835689  |
|  StubHub Holdco Sub LLC, Senior Secured First Lien, 9.07% (1 mo. SOFR US + 4.75%), 03/15/2030 | 1088708 | 1085986  |
|  UFC Holdings LLC, Senior Secured First Lien, 6.58% (3 mo. SOFR US + 2.25%), 11/21/2031 | 1062568 | 1061086  |
|  |  | 7913707  |
| **Metals & Mining - 0.7%**<br>|  |  |
|  Arsenal AIC Parent LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 08/19/2030 | 272546 | 271047  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
|  GrafTech Global Enterprises, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.30% (3 mo. SOFR US + 6.00%), 12/21/2029 | $104547 | $107259  |
| &nbsp;&nbsp;&nbsp; 10.62% (1 mo. Term SOFR + 6.00%), 12/21/2029 <sup>(f)</sup> | 59741 | 61291  |
|  Grinding Media, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.82% (3 mo. SOFR US + 3.50%), 10/12/2028 | 1070647 | 1061279  |
| &nbsp;&nbsp;&nbsp; 7.82% (3 mo. SOFR US + 3.50%), 10/12/2028 | 299130 | 296512  |
|  |  | 1797388  |
| **Midstream: Storage & Transport - 2.1%** | **Midstream: Storage & Transport - 2.1%** | **Midstream: Storage & Transport - 2.1%** |
|  Brazos Delaware II LLC, Senior Secured First Lien, 7.31% (1 mo. SOFR US + 3.00%), 02/11/2030 | 267975 | 268526  |
|  CPPIB OVM Member US LLC, Senior Secured First Lien, 7.07% (3 mo. SOFR US + 2.75%), 08/20/2031 | 273266 | 271842  |
|  ITT Holdings LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 10/11/2030 | 744322 | 745717  |
| &nbsp;&nbsp;&nbsp; M6 ETX Holdings II Midco LLC, Senior Secured First Lien, 7.30% <br>(1 mo. Term SOFR + 3.00%), 04/01/2032 | 312000 | 311708  |
| &nbsp;&nbsp;&nbsp; NGP XI Midstream Holdings LLC, Senior Secured First Lien, 7.80% <br>(3 mo. SOFR US + 3.50%), 07/25/2031 | 725141 | 723328  |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance LP, Senior Secured First Lien, 6.56% <br>(3 mo. SOFR US + 2.25%), <br>08/16/2030 | 728968 | 726337  |
|  Oryx Midstream Services Permian Basin LLC, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 10/05/2028 | 989271 | 989646  |
|  TransMontaigne Operating Co. LP, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.57% (1 mo. SOFR US + 3.25%), 11/17/2028 | 208669 | 208785  |
| &nbsp;&nbsp;&nbsp; 7.57% (1 mo. SOFR US + 3.25%), 11/17/2028 | 208669 | 208785  |
| &nbsp;&nbsp;&nbsp; 7.57% (1 mo. SOFR US + 3.25%), 11/17/2028 | 64042 | 64077  |
|  WaterBridge Midstream Operating LLC, Senior Secured First Lien, 9.05% (3 mo. SOFR US + 4.75%), 06/27/2029 | 1113405 | 1106385  |
|  |  | 5625136  |

---

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Oil & Gas: E&P - 0.2%**<br>|  |  |
|  Discovery Energy Holding Corp., Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 05/02/2031 | $456484 | $450349  |
| **Oil & Gas: Equipment & Services - 0.3%** | **Oil & Gas: Equipment & Services - 0.3%** | **Oil & Gas: Equipment & Services - 0.3%** |
|  MRC Global US, Inc., Senior Secured First Lien, 7.93% (6 mo. SOFR US + 3.50%), 10/29/2031 | 424000 | 425060  |
|  Star Holding LLC, Senior Secured First Lien, 8.82% (1 mo. SOFR US + 4.50%), 07/31/2031 | 373359 | 365816  |
|  |  | 790876  |
| **Packaging - 1.9%**<br>|  |  |
|  Clydesdale Acquisition (Hilex Poly/Novolex), Senior Secured First Lien, 7.57% (1 mo. Term SOFR), 03/26/2032<sup>(a)</sup> | 12079 | 12026  |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien, 7.57% <br>(1 mo. Term SOFR + 3.25%), 03/29/2032 | 690921 | 687898  |
| &nbsp;&nbsp;&nbsp; Iris Holding, Inc., Senior Secured First Lien, 9.14% (3 mo. Term <br>SOFR + 4.75%), 06/28/2028 | 293248 | 277853  |
|  LABL, Inc., Senior Secured First Lien, 9.52% (1 mo. SOFR US + 5.00%), 10/30/2028 | 254419 | 212227  |
| &nbsp;&nbsp;&nbsp; M2S Group Intermediate Holdings, Inc., Senior Secured First Lien, 9.05% <br>(3 mo. SOFR US + 4.75%), <br>08/27/2031 | 766954 | 738914  |
|  Magnera Corp., Senior Secured First Lien, 8.56% (3 mo. SOFR US + 4.25%), 11/04/2031 | 1236900 | 1234581  |
|  Mauser Packaging Solutions Holding Co., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 04/16/2027 | 177299 | 176930  |
|  Pregis TopCo LLC, Senior Secured First Lien, 8.32% (1 mo. SOFR US + 4.00%), 07/31/2026 | 425312 | 425997  |
|  Ranpak BV, Senior Secured First Lien, 8.80% (3 mo. SOFR US + 4.50%), 12/19/2031 | 91867 | 91982  |
|  Ranpak Corp., Senior Secured First Lien, 8.80% (3 mo. SOFR US + 4.50%), 12/19/2031 | 143543 | 143722  |
|  Sabert Corp., Senior Secured First Lien, 7.55% (1 mo. SOFR US + 3.00%), 12/10/2026 | 1424 | 1426  |
|  Tosca Services LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02% (includes 3.25% PIK) <br>(1 mo. SOFR US + 1.50%), <br>11/30/2028 | 304470 | 260703  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02% (includes 3.25% PIK) <br>(1 mo. SOFR US + 1.50%), <br>11/30/2028 | $5121 | $4384  |
|  Trident TPI Holdings, Inc., Senior Secured First Lien, 8.05% (6 mo. SOFR US + 3.75%), 09/18/2028 | 903827 | 875018  |
|  |  | 5143661  |
| **Retail: Food & Drug - 0.6%**<br>|  |  |
|  EG America LLC, Senior Secured First Lien, 8.61% (3 mo. Term SOFR + 4.25%), 02/07/2028 | 178551 | 178855  |
|  JP Intermediate B LLC, Senior Secured First Lien, 14.00% (Prime Rate + 6.50%), 11/22/2027 | 447191 | 24595  |
|  Opal LLC, Senior Secured First Lien, 0.00% (1 mo. Term SOFR + 3.25%), 04/30/2032 | 1473000 | 1465635  |
|  |  | 1669085 |
| **Retailing - 2.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, Senior Secured First Lien, 7.05% <br>(3 mo. SOFR US + 2.75%), 10/16/2031 | 1043755 | 1043270  |
| &nbsp;&nbsp;&nbsp; Great Outdoors Group LLC, Senior Secured First Lien, 7.57% <br>(1 mo. SOFR US + 3.25%), 01/23/2032 | 1451515 | 1450245  |
|  Harbor Freight Tools USA, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.82% (1 mo. SOFR US + 2.50%), 06/11/2031 | 491023 | 479641  |
| &nbsp;&nbsp;&nbsp; 6.82% (1 mo. SOFR US + 2.50%), 06/11/2031 | 65777 | 64253  |
|  Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 7.31% (1 mo. SOFR US + 3.00%), 05/04/2028 | 600431 | 597357  |
|  Michaels Cos., Inc., Senior Secured First Lien, 8.81% (3 mo. SOFR US + 4.25%), 04/17/2028 | 542089 | 404043  |
|  Peer Holding III BV, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.80% (3 mo. SOFR US + 2.50%), 10/28/2030 | 741944 | 742062  |
| &nbsp;&nbsp;&nbsp; 6.80% (3 mo. SOFR US + 2.50%), 07/01/2031 | 247942 | 247818  |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc., Senior Secured First Lien, 8.07% <br>(3 mo. SOFR US + 3.25%), <br>03/06/2028 | 230000 | 209843  |
|  PetSmart LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 02/14/2028 | 1103146 | 1088203  |
| &nbsp;&nbsp;&nbsp; RH, Senior Secured First Lien, 7.77% <br>(1 mo. SOFR US + 3.25%), <br>10/20/2028 | 758880 | 736705  |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Retailing - (Continued)**  | **Retailing - (Continued)**  | **Retailing - (Continued)**  |
|  Staples, Inc., Senior Secured First Lien, 10.04% (3 mo. SOFR US + 5.75%), 09/10/2029 | $526874 | $469445  |
|  |  | 7532885  |
| **Technology Hardware - 0.9%**<br>|  |  |
|  Coherent Corp., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 07/02/2029 | 277276 | 277247  |
|  CommScope LLC, Senior Secured First Lien, 9.57% (1 mo. SOFR US + 5.25%), 12/17/2029 | 810000 | 807805  |
|  MKS Instruments, Inc., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 08/17/2029 | 411563 | 411692  |
|  VeriFone Systems, Inc., Senior Secured First Lien, 8.58% (3 mo. Term SOFR + 4.00%), 08/20/2025 | 262480 | 237727  |
|  World Wide Technology Holding Co. LLC, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 03/01/2030 | 660791 | 660791  |
|  |  | 2395262  |
| **Technology: Software & Services - 15.3%** | **Technology: Software & Services - 15.3%** | **Technology: Software & Services - 15.3%** |
|  Access CIG LLC, Senior Secured First Lien, 8.54% (3 mo. SOFR US + 4.25%), 08/18/2028 | 1321445 | 1323467  |
|  AthenaHealth Group, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 02/15/2029 | 741268 | 733855  |
|  Avalara, Inc., Senior Secured First Lien, 7.57% (1 mo. Term SOFR + 3.25%), 03/29/2032 | 468000 | 466757  |
|  Barracuda Networks, Inc., Senior Secured First Lien, 8.79% (3 mo. SOFR US + 4.50%), 08/15/2029 | 1113527 | 969326  |
|  Barracuda Networks, Inc., Senior Secured Second Lien, 11.29% (3 mo. SOFR US + 7.00%), 08/15/2030 | 461277 | 322894  |
|  BMC Software, Inc., Senior Secured First Lien, 7.29% (3 mo. SOFR US + 3.00%), 07/30/2031 | 694020 | 682923  |
|  Boxer Parent Co., Inc., Senior Secured Second Lien, 10.04% (3 mo. SOFR US + 5.75%), 07/30/2032 | 535770 | 518358  |
|  CCC Intelligent Solutions, Inc., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 09/21/2028 | 272896 | 272726  |
|  Central Parent LLC, Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 07/06/2029 | 1577594 | 1358703  |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics LLC, Senior Secured First Lien, 6.56% <br>(1 mo. Term SOFR + 2.25%), <br>04/14/2032 | 304000 | 303240  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
|  Cloud Software Group, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.83% (3 mo. SOFR US + 3.50%), 03/29/2029 | $1962086 | $1946477  |
| &nbsp;&nbsp;&nbsp; 8.05% (3 mo. SOFR US + 3.75%), 03/24/2031 | 410790 | 407344  |
| &nbsp;&nbsp;&nbsp; 8.05% (1 mo. SOFR US + 3.75%), 03/24/2031 | 1032 | 1023  |
|  Clover Holdings 2 LLC, Senior Secured First Lien, 8.29% (3 mo. SOFR US + 4.00%), 12/09/2031 | 849661 | 841695  |
|  ConnectWise LLC, Senior Secured First Lien, 8.32% (3 mo. SOFR US + 3.50%), 09/29/2028 | 1364826 | 1365400  |
|  Dcert Buyer, Inc., Senior Secured First Lien, 8.32% (1 mo. SOFR US + 4.00%), 10/16/2026 | 759623 | 740728  |
|  Delivery Hero Finco LLC, Senior Secured First Lien, 9.31% (3 mo. SOFR US + 5.00%), 12/12/2029 | 2240476 | 2247948  |
|  E2open LLC, Senior Secured First Lien, 8.05% (1 mo. SOFR US + 3.50%), 02/04/2028 | 1330077 | 1329119  |
|  Ensono, Inc., Senior Secured First Lien, 8.44% (1 mo. SOFR US + 4.00%), 05/30/2028 | 968988 | 956192  |
|  Flexera Software LLC, Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 03/03/2028 | 1356311 | 1351014  |
|  Gen Digital, Inc., Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 09/12/2029 | 347304 | 345948  |
|  Genesys Cloud Services, Inc., Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 01/30/2032 | 415000 | 411147  |
|  Informatica LLC, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 10/30/2028 | 370933 | 371282  |
|  Javelin Buyer, Inc., Senior Secured First Lien, 7.56% (3 mo. SOFR US + 3.25%), 12/08/2031 | 248564 | 247694  |
|  Kaseya, Inc., Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 03/22/2032 | 547000 | 545977  |
|  Leia Finco US LLC, Senior Secured First Lien, 7.54% (3 mo. SOFR US + 3.25%), 10/09/2031 | 678408 | 672577  |
| &nbsp;&nbsp;&nbsp; Leia Finco US LLC, Senior Secured Second Lien, 9.54% (3 mo. SOFR <br>US + 5.25%), 10/12/2032 | 281000 | 277236  |
|  Marcel Bidco LLC, Senior Secured First Lien, 7.81% (SOFR + 3.50%), 11/13/2030 | 543644 | 545682  |
|  McAfee Corp., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 03/01/2029 | 1377165 | 1317947  |

---

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Technology: Software & Services - (Continued)**  | **Technology: Software & Services - (Continued)**  | **Technology: Software & Services - (Continued)**  |
| &nbsp;&nbsp;&nbsp; MH Sub I LLC, Senior Secured <br>First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.57% (1 mo. SOFR US + 4.25%), 05/03/2028 | $475605 | $453016  |
| &nbsp;&nbsp;&nbsp; 8.57% (1 mo. SOFR US + 4.25%), 12/31/2031 | 1132871 | 1043816  |
|  Modena Buyer LLC, Senior Secured First Lien, 8.79% (3 mo. SOFR US + 4.50%), 07/01/2031 | 1552775 | 1506999  |
| &nbsp;&nbsp;&nbsp; N-Able International Holdings II LLC, Senior Secured First Lien, 7.59% <br>(3 mo. SOFR US + 2.75%), 07/19/2028 | 495045 | 495664  |
|  Optiv Parent, Inc., Senior Secured First Lien, 9.55% (3 mo. SOFR US + 5.25%), 08/03/2026 | 1057548 | 814840  |
|  Peraton Corp., Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 02/01/2028 | 979295 | 873791  |
|  Peraton Corp., Senior Secured Second Lien, 12.28% (3 mo. SOFR US + 7.75%), 02/01/2029 | 148182 | 112527  |
|  Plano HoldCo, Inc., Senior Secured First Lien, 7.80% (3 mo. SOFR US + 3.50%), 10/02/2031 | 971000 | 968572  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.42% (3 mo. SOFR US + 3.75%), 06/05/2028 | 2351922 | 2256975  |
|  Project Alpha Intermediate Holding, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.55% (3 mo. SOFR US + 3.25%), 10/28/2030 | 273485 | 273199  |
| &nbsp;&nbsp;&nbsp; 7.84% (1 mo. Term SOFR + 3.25%), 10/28/2030 | 321000 | 320665  |
|  Proofpoint, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 08/31/2028 | 1317782 | 1315107  |
|  Quartz Acquireco LLC, Senior Secured First Lien, 6.55% (1 mo. SOFR US + 2.25%), 06/28/2030 | 519095 | 516500  |
| &nbsp;&nbsp;&nbsp; RealPage, Inc., Senior Secured <br>First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.68% (3 mo. SOFR US + 3.00%), 04/24/2028 | 1113130 | 1099844  |
| &nbsp;&nbsp;&nbsp; 8.05% (3 mo. SOFR US + 3.75%), 04/24/2028 | 266000 | 266499  |
|  Rithum Holdings, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.46% (3 mo. SOFR US + 4.00%), 12/02/2027 | 1067600 | 1033351  |
| &nbsp;&nbsp;&nbsp; 10.81% (3 mo. SOFR US + 6.25%), 12/29/2027 | 520754 | 520103  |
|  Rocket Software, Inc., Senior Secured First Lien, 8.57% (1 mo. SOFR US + 4.25%), 11/28/2028 | 686515 | 685660  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
|  Sedgwick Claims Management Services, Inc., Senior Secured First Lien, 7.31% (3 mo. SOFR US + 3.00%), 02/24/2028 | $618302 | $616997  |
|  SolarWinds Holdings, Inc., Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 02/05/2030 | 498268 | 498894  |
|  Sovos Compliance LLC, Senior Secured First Lien, 8.30% (1 mo. SOFR US + 4.00%), 08/14/2029 | 451071 | 449693  |
| &nbsp;&nbsp;&nbsp; Starlight Parent LLC, Senior Secured First Lien, 8.32% (1 mo. Term <br>SOFR + 4.00%), 04/30/2032 | 294000 | 285916  |
|  UKG, Inc., Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 02/10/2031 | 1362648 | 1361292  |
|  VS Buyer LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 04/14/2031 | 978677 | 979900  |
|  Zodiac Purchaser LLC, Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 02/17/2032 | 415000 | 410331  |
|  |  | 42034830  |
| **Telecom Services: Diversified - 3.5%**<br>|  |  |
|  Altice France SA, Senior Secured First Lien, 9.80% (3 mo. SOFR US + 5.50%), 08/31/2028 | 913060 | 820727  |
|  Cincinnati Bell, Inc., Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 11/24/2028 | 1737979 | 1738414  |
| &nbsp;&nbsp;&nbsp; Consolidated Communications, Inc., Senior Secured First Lien, 7.94% <br>(1 mo. Term SOFR + 3.50%), 10/04/2027 | 1109903 | 1107911  |
|  Crown Subsea Communications Holding, Inc., Senior Secured First Lien, 8.32% (1 mo. SOFR US + 4.00%), 01/30/2031 | 676271 | 678130  |
|  Frontier Communications Holdings LLC, Senior Secured First Lien, 6.79% (3 mo. SOFR US + 2.50%), 07/01/2031 | 821940 | 822199  |
|  Level 3 Financing, Inc., Senior Secured First Lien, 8.18% (1 mo. Term SOFR + 1.75%), 03/01/2027 | 830000 | 821310  |
|  Lumen Technologies, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.90% (1 mo. SOFR US + 2.35%), 04/16/2029 | 551085 | 531026  |
| &nbsp;&nbsp;&nbsp; 6.90% (1 mo. SOFR US + 2.35%), 04/15/2030 | 262818 | 252920  |
|  Radiate Holdco LLC, Senior Secured First Lien, 7.80% (1 mo. SOFR US + 3.25%), 09/25/2026 | 639175 | 549246  |
|  Voyage Australia Pty Ltd., Senior Secured First Lien, 8.32% (3 mo. SOFR US + 3.50%), 07/20/2028 | 464165 | 465762  |

---

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Telecom Services: Diversified - (Continued)**  | **Telecom Services: Diversified - (Continued)**  | **Telecom Services: Diversified - (Continued)**  |
|  Windstream Services LLC, Senior Secured First Lien, 9.27% (1 mo. SOFR US + 4.75%), 10/06/2031 | $370455 | $370455  |
|  Zayo Group Holdings, Inc., Senior Secured First Lien, 8.57% (1 mo. SOFR US + 4.25%), 03/09/2027 | 1002893 | 944043  |
| &nbsp;&nbsp;&nbsp; Ziggo Financing Partnership, Senior Secured First Lien, 6.93% (1 mo. Term SOFR + 2.50%), <br>04/28/2028 | 561000 | 547867  |
|  |  | 9650010  |
| **Telecom Services: Wireless - 0.4%**<br>|  |  |
|  CCI Buyer, Inc., Senior Secured First Lien, 8.30% (3 mo. SOFR US + 4.00%), 12/17/2027 | 989103 | 990888  |
| **Transportation - 1.7%**<br>|  |  |
|  AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 6.54% (1 mo. SOFR US + 2.25%), 04/20/2028 | 347003 | 343451  |
|  Avis Budget Car Rental LLC, Senior Secured First Lien, 6.30% (1 mo. SOFR US + 1.75%), 08/06/2027 | 1986894 | 1945915  |
|  Carriage Purchaser, Inc., Senior Secured First Lien, 8.32% (1 mo. SOFR US + 4.00%), 09/29/2028 | 410935 | 409074  |
| Cubic Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.09% (3 mo. SOFR US + 4.25%), 05/25/2028 | 935091 | 567044  |
| &nbsp;&nbsp;&nbsp; 9.09% (3 mo. SOFR US + 4.25%), 05/25/2028 | 198829 | 120571  |
| &nbsp;&nbsp;&nbsp; Stonepeak Nile Parent LLC, Senior Secured First Lien, 7.06% <br>(1 mo. Term SOFR + 2.75%), <br>02/03/2032 | 464000 | 462768  |
| &nbsp;&nbsp;&nbsp; WWEX Uni Topco Holdings LLC, Senior Secured First Lien, 8.30% <br>(3 mo. SOFR US + 4.00%), 07/26/2028 | 822762 | 813440  |
|  |  | 4662263  |
| **Utilities: Power - 1.6%**<br>|  |  |
|  Alpha Generation LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 09/30/2031 | 359358 | 359920  |
|  Calpine Corp., Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 02/27/2032 | 693000 | 691458  |
| &nbsp;&nbsp;&nbsp; Cornerstone Generation LLC, Senior Secured First Lien, 7.95% <br>(1 mo. Term SOFR + 3.25%), <br>10/28/2031 | 492129 | 492744  |
|  Eastern Power LLC, Senior Secured First Lien, 9.57% (1 mo. SOFR US + 5.25%), 10/02/2025 | 638081 | 626459  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
|  Lightning Power LLC, Senior Secured First Lien, 6.55% (3 mo. SOFR US + 2.25%), 08/18/2031 | $829830 | $826254  |
|  Lightstone Holdco LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.04% (3 mo. SOFR US + 5.75%), 01/29/2027 | 927164 | 934410  |
| &nbsp;&nbsp;&nbsp; 10.04% (3 mo. SOFR US + 5.75%), 01/29/2027 | 52336 | 52745  |
| &nbsp;&nbsp;&nbsp; WaterBridge NDB Operating LLC, Senior Secured First Lien, 8.31% <br>(3 mo. SOFR US + 4.00%), <br>05/10/2029 | 518395 | 520746  |
|  |  | 4504736  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $245,134,641)** |  | 242262294  |
| **CORPORATE BONDS - 7.2%<sup>(g)</sup>**<br>|  |  |
| **Aerospace & Defense - 0.2%**<br>|  |  |
| Bombardier, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/15/2026<sup>(b)</sup> | 176000 | 176229  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/2027<sup>(b)</sup> | 276000 | 277218  |
|  |  | 453447  |
| **Automotive - 0.5%**<br>|  |  |
|  Clarios Global LP / Clarios US Finance Co., 8.50%, 05/15/2027<sup>(b)</sup> | 1350000 | 1352848  |
| **Building Products - 0.2%**<br>|  |  |
|  Standard Industries, Inc./NY, 3.38%, 01/15/2031<sup>(b)</sup> | 600000 | 522172  |
| **Chemicals - 0.1%**<br>|  |  |
|  Olympus Water US Holding Corp., 7.13%, 10/01/2027<sup>(b)</sup> | 200000 | 200135  |
|  Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV LLC, 7.63% (includes 2.50% PIK), 05/03/2029<sup>(b)</sup> | 202300 | 140599  |
|  |  | 340734  |
| **Financials: Thrifts & Mortgages - 0.1%** | **Financials: Thrifts & Mortgages - 0.1%** | **Financials: Thrifts & Mortgages - 0.1%** |
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Corp., <br>6.63%, 01/15/2027<sup>(b)</sup> | 278000 | 276844  |
| **Healthcare: Equipment & Supplies - 0.1%** | **Healthcare: Equipment & Supplies - 0.1%** | **Healthcare: Equipment & Supplies - 0.1%** |
| &nbsp;&nbsp;&nbsp; Owens & Minor, Inc., <br>6.63%, 04/01/2030<sup>(b)</sup> | 453000 | 395150  |
| **Healthcare: Facilities - 1.0%**<br>|  |  |
|  CHS/Community Health Systems, Inc., 5.63%, 03/15/2027<sup>(b)</sup> | 560000 | 535204  |
| &nbsp;&nbsp;&nbsp; Prime Healthcare Services, Inc., <br>9.38%, 09/01/2029<sup>(b)</sup> | 1006000 | 950301  |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., <br>6.25%, 02/01/2027 | 1311000 | 1312633  |
|  |  | 2798138  |

---

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

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Healthcare: Pharma & Biotech - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Organon & Co. / Organon Foreign Debt Co.-Issuer BV, <br>4.13%, 04/30/2028<sup>(b)</sup> | $581000 | $543400  |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, <br>3.15%, 10/01/2026 | 765000 | 742363  |
|  |  | 1285763  |
| **Healthcare: REITs - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP / MPT Finance Corp., <br>3.50%, 03/15/2031 | 1270000 | 848332  |
| **Industrial Machinery - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Oregon Tool Lux LP, <br>7.88%, 10/15/2029<sup>(b)(c)</sup> | 25915 | 15031  |
| &nbsp;&nbsp;&nbsp; VOC Escrow Ltd., <br>5.00%, 02/15/2028<sup>(b)</sup> | 418000 | 408025  |
|  |  | 423056  |
| **Leisure: Casinos & Gaming - 1.3%**<br>|  |  |
|  Allwyn Entertainment Financing UK PLC, 7.88%, 04/30/2029<sup>(b)</sup> | 440000 | 454745  |
|  International Game Technology PLC, 4.13%, 04/15/2026<sup>(b)</sup> | 1095000 | 1082104  |
|  Light & Wonder International, Inc., 7.00%, 05/15/2028<sup>(b)</sup> | 404000 | 404088  |
|  Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/01/2029<sup>(b)</sup> | 561000 | 415140  |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/01/2031<sup>(b)</sup> | 562000 | 375135  |
|  Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033<sup>(b)</sup> | 950000 | 934940  |
|  |  | 3666152  |
| **Leisure: Hotels - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br>5.50%, 08/31/2026<sup>(b)</sup> | 421000 | 421284  |
| &nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., <br>8.63%, 06/01/2027<sup>(b)</sup> | 1246000 | 1233974  |
|  |  | 1655258  |
| **Leisure: Restaurants - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CEC Entertainment LLC, <br>6.75%, 05/01/2026<sup>(b)</sup> | 418000 | 412591  |
| **Media: Entertainment - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc., <br>6.50%, 05/15/2027<sup>(b)</sup> | 393000 | 397250  |
| **Metals & Mining - 0.0%<sup>(d)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; GrafTech Finance, Inc., <br>4.63%, 12/23/2029<sup>(b)</sup> | 127000 | 87789  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **Midstream: Storage & Transport - 0.5%** | **Midstream: Storage & Transport - 0.5%** | **Midstream: Storage & Transport - 0.5%** |
| Venture Global Calcasieu Pass LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2030<sup>(b)</sup> | $290000 | $294534  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/01/2033<sup>(b)</sup> | 510000 | 439345  |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., <br>8.13%, 06/01/2028<sup>(b)</sup> | 712000 | 727989  |
|  |  | 1461868  |
| **Oil & Gas: Equipment & Services - 0.1%** | **Oil & Gas: Equipment & Services - 0.1%** | **Oil & Gas: Equipment & Services - 0.1%** |
|  Borr IHC Ltd. / Borr Finance LLC, 10.00%, 11/15/2028<sup>(b)</sup> | 394829 | 376333  |
| **Retailing - 0.3%**<br>|  |  |
| Wayfair LLC, 7.75%, 09/15/2030<sup>(b)</sup> | 953000 | 922451  |
| **Technology: Software & Services - 0.3%** | **Technology: Software & Services - 0.3%** | **Technology: Software & Services - 0.3%** |
| Elastic NV, 4.13%, 07/15/2029<sup>(b)</sup> | 844000 | 787838  |
| **Telecom Services: Diversified - 0.5%**<br>|  |  |
| Iliad Holding SASU<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/2028<sup>(b)</sup> | 400000 | 405161  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/2032<sup>(b)</sup> | 641000 | 642649  |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., <br>4.13%, 04/15/2029<sup>(b)</sup> | 294000 | 277830  |
|  |  | 1325640  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $20,547,685)** |  | 19789654  |
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 2.8%<sup>(g)</sup>** | **EXCHANGE TRADED FUNDS - 2.8%<sup>(g)</sup>** | **EXCHANGE TRADED FUNDS - 2.8%<sup>(g)</sup>** |
| Invesco Senior Loan ETF | 369000 | 7638300  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $7,768,405)** |  | 7638300  |
| **SHORT-TERM INVESTMENTS - 5.4%<sup>(g)</sup>** | **SHORT-TERM INVESTMENTS - 5.4%<sup>(g)</sup>** | **SHORT-TERM INVESTMENTS - 5.4%<sup>(g)</sup>** |
| **Money Market Funds - 5.4%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.27%<sup>(e)</sup> | 14701275 | 14701275  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $14,701,275)** |  | 14701275  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.9%** <br>**(Cost $288,152,006)** |  | $284391523  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.9)% |  | (10602253)  |
| **TOTAL NET ASSETS - 100.0%** |  | $273789270 |

---

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Floating Rate High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by Shenkman Capital Management, Inc. Industries presented are at the discretion of Shenkman Capital Management, Inc. and therefore may not follow the exact naming convention prescribed by GICS.

PIK - Payment in Kind

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of March 31, 2025.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $16,886,326 or 6.2% of the Fund's net assets.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $15,031 or 0.0% of net assets as of March 31, 2025.

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(f)</sup> All or a portion of the loan is unfunded.

<sup>(g)</sup> All or a portion is posted as collateral for delayed settlement securities.

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

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Short Duration High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **CORPORATE BONDS - 86.9%<sup>(f)</sup>** | **CORPORATE BONDS - 86.9%<sup>(f)</sup>** | **CORPORATE BONDS - 86.9%<sup>(f)</sup>** |
| **AEROSPACE & DEFENSE - 2.5%** | **AEROSPACE & DEFENSE - 2.5%** | **AEROSPACE & DEFENSE - 2.5%** |
| &nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, <br>6.75%, 03/15/2029<sup>(a)</sup> | $1988000 | $2022023  |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc., <br>6.13%, 03/15/2030<sup>(a)</sup> | 2231000 | 2257158  |
| Bombardier, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/15/2026<sup>(a)</sup> | 2344000 | 2347054  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/2027<sup>(a)</sup> | 1913000 | 1921444  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2027 | 14608000 | 14452693  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029<sup>(a)</sup> | 7421000 | 7505933  |
| &nbsp;&nbsp;&nbsp; Triumph Group, Inc., <br>9.00%, 03/15/2028<sup>(a)</sup> | 6719000 | 7071962  |
|  |  | 37578267  |
| **AUTO RETAIL - 1.8%**<br>|  |  |
|  Asbury Automotive Group, Inc., 4.63%, 11/15/2029<sup>(a)</sup> | 3170000 | 2973687  |
|  Global Auto Holdings Ltd./AAG FH UK Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 01/15/2029<sup>(a)</sup> | 4935000 | 4457302  |
| &nbsp;&nbsp;&nbsp; 11.50%, 08/15/2029<sup>(a)</sup> | 1002000 | 980267  |
|  Group 1 Automotive, Inc., 4.00%, 08/15/2028<sup>(a)</sup> | 5749000 | 5414943  |
|  Lithia Motors, Inc., 4.63%, 12/15/2027<sup>(a)</sup> | 7022000 | 6808188  |
|  Penske Automotive Group, Inc., 3.50%, 09/01/2025 | 6517000 | 6467195  |
|  |  | 27101582  |
| **AUTOMOTIVE - 6.1%**<br>|  |  |
|  Adient Global Holdings Ltd., 7.00%, 04/15/2028<sup>(a)</sup> | 2776000 | 2784043  |
|  Allison Transmission, Inc., 4.75%, 10/01/2027<sup>(a)</sup> | 6766000 | 6606009  |
|  American Axle & Manufacturing, Inc., 6.50%, 04/01/2027 | 10934000 | 10630752  |
|  Clarios Global LP / ClariosUS Finance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026<sup>(a)</sup> | 3180000 | 3181052  |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/2027<sup>(a)</sup> | 12407000 | 12433171  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/2028<sup>(a)</sup> | 2274000 | 2307715  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030<sup>(a)</sup> | 810000 | 818424  |
| Dana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027 | 7597000 | 7519023  |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/15/2028 | 1088000 | 1072959  |
|  Ford Holdings LLC, 9.30%, 03/01/2030 | 4316000 | 4907663  |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., <br>9.63%, 04/22/2030 | 1789000 | 2044861  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 | 3707000 | 3663099  |
| &nbsp;&nbsp;&nbsp; 7.36% (SOFR + 2.95%), 03/06/2026 | 3445000 | 3496704  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; 6.95%, 06/10/2026 | $3901000 | $3962275  |
| &nbsp;&nbsp;&nbsp; 3.82%, 11/02/2027 | 1005000 | 959053  |
| Goodyear Tire & Rubber Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/31/2026 | 6387000 | 6341415  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029 | 3477000 | 3228902  |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, <br>7.75% (includes 8.50% PIK), 11/15/2030<sup>(a)</sup> | 1784000 | 1759578  |
|  Jaguar Land Rover Automotive PLC, 7.75%, 10/15/2025<sup>(a)</sup> | 5227000 | 5232231  |
|  Patrick Industries, Inc., 4.75%, 05/01/2029<sup>(a)</sup> | 1591000 | 1494648  |
| &nbsp;&nbsp;&nbsp; Phinia, Inc., <br>6.75%, 04/15/2029<sup>(a)</sup> | 2639000 | 2675455  |
|  Thor Industries, Inc., 4.00%, 10/15/2029<sup>(a)</sup> | 1335000 | 1204024  |
|  ZF North America Capital, Inc., 6.88%, 04/14/2028<sup>(a)</sup> | 2601000 | 2557996  |
|  |  | 90881052  |
| **BUILDING PRODUCTS - 1.9%**<br>|  |  |
|  AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/2028<sup>(a)</sup> | 3311000 | 3402410  |
|  Fortress Transportation and Infrastructure Investors LLC, 7.88%, 12/01/2030<sup>(a)</sup> | 3168000 | 3317628  |
| Herc Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2027<sup>(a)</sup> | 8685000 | 8655916  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/2029<sup>(a)</sup> | 2896000 | 2908070  |
|  Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/2029<sup>(a)</sup> | 3081000 | 2849123  |
|  Standard Industries, Inc./NY, 5.00%, 02/15/2027<sup>(a)</sup> | 7469000 | 7358257  |
|  |  | 28491404  |
| **CHEMICALS - 2.2%**<br>|  |  |
|  Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028<sup>(a)</sup> | 993000 | 988123  |
| INEOS Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/2028<sup>(a)</sup> | 3001000 | 3005787  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/15/2029<sup>(a)</sup> | 1072000 | 1068129  |
| &nbsp;&nbsp;&nbsp; Methanex Corp., <br>5.13%, 10/15/2027 | 1809000 | 1775165  |
| NOVA Chemicals Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2027<sup>(a)</sup> | 4089000 | 4072042  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/15/2030<sup>(a)</sup> | 237000 | 255340  |
| Olympus Water US Holding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 10/01/2027<sup>(a)</sup> | 2962000 | 2964000  |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/2028<sup>(a)</sup> | 5550000 | 5769031  |
|  SCIH Salt Holdings, Inc., 4.88%, 05/01/2028<sup>(a)</sup> | 6581000 | 6265492  |
|  SCIL IV LLC / SCIL USA Holdings LLC, 5.38%, 11/01/2026<sup>(a)</sup> | 2710000 | 2668349  |

---

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

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Short Duration High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **CHEMICALS - (Continued)**  | **CHEMICALS - (Continued)**  | **CHEMICALS - (Continued)**  |
|  SNF Group SACA, 3.13%, 03/15/2027<sup>(a)</sup> | $2885000 | $2744715  |
|  WR Grace Holdings LLC, 4.88%, 06/15/2027<sup>(a)</sup> | 911000 | 880991  |
|  |  | 32457164  |
| **COMMERCIAL SERVICES - 3.3%**<br>|  |  |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.75%, 07/15/2027<sup>(a)</sup> | 1379000 | 1384428  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/2028<sup>(a)</sup> | 301000 | 285374  |
|  Aramark Services, Inc., 5.00%, 02/01/2028<sup>(a)</sup> | 2236000 | 2196923  |
| Brink's Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027<sup>(a)</sup> | 2247000 | 2204815  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/2029<sup>(a)</sup> | 1935000 | 1963504  |
|  Camelot Finance SA, 4.50%, 11/01/2026<sup>(a)</sup> | 8487000 | 8327664  |
|  Clarivate Science Holdings Corp., 3.88%, 07/01/2028<sup>(a)</sup> | 1687000 | 1566533  |
|  Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029<sup>(a)</sup> | 2343000 | 2212181  |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029<sup>(a)</sup> | 1143000 | 1071974  |
|  ContourGlobal Power Holdings SA, 6.75%, 02/28/2030<sup>(a)</sup> | 2564000 | 2578487  |
|  CoreLogic, Inc., 4.50%, 05/01/2028<sup>(a)</sup> | 2220000 | 2069224  |
| Garda World Security Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2027<sup>(a)</sup> | 585000 | 569973  |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/2028<sup>(a)</sup> | 2841000 | 2914440  |
| Iron Mountain, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/15/2027<sup>(a)</sup> | 11206000 | 10985545  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028<sup>(a)</sup> | 911000 | 883928  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(a)</sup> | 1372000 | 1404268  |
|  SS&C Technologies, Inc., 5.50%, 09/30/2027<sup>(a)</sup> | 6159000 | 6117248  |
|  |  | 48736509  |
| **CONSTRUCTION & ENGINEERING - 0.6%** | **CONSTRUCTION & ENGINEERING - 0.6%** | **CONSTRUCTION & ENGINEERING - 0.6%** |
| Pike Corp., 5.50%, 09/01/2028<sup>(a)</sup> | 5263000 | 5097054  |
| Williams Scotsman, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/2029<sup>(a)</sup> | 2769000 | 2803999  |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/2030<sup>(a)</sup> | 1125000 | 1138016  |
|  |  | 9039069  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **ENVIRONMENTAL & FACILITIES SERVICES - 0.1%** | **ENVIRONMENTAL & FACILITIES SERVICES - 0.1%** |  |
|  GFL Environmental, Inc., 4.00%, 08/01/2028<sup>(a)</sup> | $1914000 | $1821061  |
| **FINANCIALS: CONSUMER FINANCE - 3.9%** | **FINANCIALS: CONSUMER FINANCE - 3.9%** |  |
| Ally Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.10%, 11/15/2027 | 2794000 | 2942398  |
|  6.99% to 06/13/2028 then SOFR + 3.26%, 06/13/2029 | 1328000 | 1385604  |
| goeasyLtd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/01/2026<sup>(a)</sup> | 5183000 | 5088120  |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/01/2028<sup>(a)</sup> | 4002000 | 4205932  |
| &nbsp;&nbsp;&nbsp; 7.63%, 07/01/2029<sup>(a)</sup> | 2869000 | 2873106  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2030<sup>(a)</sup> | 1969000 | 1930321  |
| Navient Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/25/2025 | 8317000 | 8329226  |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/2026 | 1476000 | 1487645  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 | 4622000 | 4526582  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/15/2028 | 1580000 | 1508659  |
| OneMainFinance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/15/2026 | 6881000 | 6986255  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/2027 | 1259000 | 1207479  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/2028 | 1444000 | 1455936  |
| &nbsp;&nbsp;&nbsp; 9.00%, 01/15/2029 | 1681000 | 1765337  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2029 | 2983000 | 2992304  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/15/2030 | 2292000 | 2377636  |
| SLM Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/02/2026 | 4837000 | 4676441  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/31/2030 | 2070000 | 2125838  |
|  |  | 57864819  |
| **FINANCIALS: DIVERSIFIED - 2.4%**<br>|  |  |
| Block, Inc., 2.75%, 06/01/2026 | 3801000 | 3689719  |
|  CI Financial Corp., 7.50%, 05/30/2029<sup>(a)</sup> | 2592000 | 2718955  |
|  Credit Acceptance Corp., 9.25%, 12/15/2028<sup>(a)</sup> | 2268000 | 2403851  |
| Macquarie AirfinanceHoldings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 05/01/2028<sup>(a)</sup> | 11439000 | 11931437  |
| &nbsp;&nbsp;&nbsp; 6.40%, 03/26/2029<sup>(a)</sup> | 993000 | 1027525  |
| &nbsp;&nbsp;&nbsp; 8.13%, 03/30/2029<sup>(a)</sup> | 2366000 | 2484802  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/17/2030<sup>(a)</sup> | 2069000 | 2041779  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.25%, 04/01/2029<sup>(a)</sup> | 6677000 | 6664931  |
|  Starwood Property Trust, Inc., 3.63%, 07/15/2026<sup>(a)</sup> | 2568000 | 2490281  |
|  |  | 35453280  |
| **FINANCIALS: INSURANCE - 1.1%**<br>|  |  |
| Acrisure LLC / AcrisureFinance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 02/01/2029<sup>(a)</sup> | 911000 | 936741  |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/15/2029<sup>(a)</sup> | 1494000 | 1557540  |

---

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

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Short Duration High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **FINANCIALS: INSURANCE - (Continued)**  | **FINANCIALS: INSURANCE - (Continued)**  | **FINANCIALS: INSURANCE - (Continued)**  |
|  AmWINS Group, Inc., 6.38%, 02/15/2029<sup>(a)</sup> | $3887000 | $3919052  |
|  AssuredPartners, Inc., 5.63%, 01/15/2029<sup>(a)</sup> | 1024000 | 1022496  |
| HUB International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 12/01/2029<sup>(a)</sup> | 4684000 | 4535421  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/2030<sup>(a)</sup> | 1132000 | 1166725  |
|  Jones DeslauriersInsurance Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 03/15/2030<sup>(a)</sup> | 1429000 | 1502166  |
| &nbsp;&nbsp;&nbsp; 10.50%, 12/15/2030<sup>(a)</sup> | 1828000 | 1959311  |
|  |  | 16599452  |
| **FINANCIALS: THRIFTS & MORTGAGES - 3.3%** | **FINANCIALS: THRIFTS & MORTGAGES - 3.3%** |  |
|  Freedom Mortgage Corp., 12.00%, 10/01/2028<sup>(a)</sup> | 1188000 | 1277018  |
|  Freedom Mortgage Holdings LLC, 9.25%, 02/01/2029<sup>(a)</sup> | 1584000 | 1609897  |
| Nationstar Mortgage Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2026<sup>(a)</sup> | 7484000 | 7458736  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2027<sup>(a)</sup> | 6781000 | 6782111  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/2029<sup>(a)</sup> | 3058000 | 3102641  |
| PennyMac Financial Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 10/15/2025<sup>(a)</sup> | 1387000 | 1384984  |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/2029<sup>(a)</sup> | 2006000 | 2088599  |
| Rfna LP, 7.88%, 02/15/2030<sup>(a)</sup> | 3147000 | 3111203  |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/2026<sup>(a)</sup> | 12798000 | 12275369  |
| United Wholesale Mortgage LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2025<sup>(a)</sup> | 4576000 | 4566767  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2027<sup>(a)</sup> | 2502000 | 2462281  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/2029<sup>(a)</sup> | 1483000 | 1431041  |
|  UWM Holdings LLC, 6.63%, 02/01/2030<sup>(a)</sup> | 2026000 | 2011386  |
|  |  | 49562033  |
| **FOOD & BEVERAGE - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, <br>8.75% (includes 9.50% PIK), 10/01/2029<sup>(a)</sup> | 933905 | 1017454  |
| &nbsp;&nbsp;&nbsp; Chobani LLC / Chobani Finance Corp., Inc., <br>7.63%, 07/01/2029<sup>(a)</sup> | 3341000 | 3436859  |
|  Darling Ingredients, Inc., 5.25%, 04/15/2027<sup>(a)</sup> | 5219000 | 5175552  |
|  Post Holdings, Inc., 5.50%, 12/15/2029<sup>(a)</sup> | 8002000 | 7786197  |
|  |  | 17416062  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **HEALTHCARE: EQUIPMENT & SUPPLIES - 0.4%** | **HEALTHCARE: EQUIPMENT & SUPPLIES - 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline <br>Co.-Issuer, Inc., <br>6.25%, 04/01/2029<sup>(a)</sup> | $2209000 | $2239880  |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc., <br>4.25%, 06/01/2028<sup>(a)</sup> | 4134000 | 3946431  |
|  |  | 6186311  |
| **HEALTHCARE: FACILITIES - 5.7%**<br>|  |  |
| Acadia Healthcare Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/2028<sup>(a)</sup> | 5557000 | 5412291  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2029<sup>(a)</sup> | 1215000 | 1149583  |
|  AHP Health Partners, Inc., 5.75%, 07/15/2029<sup>(a)</sup> | 2449000 | 2275191  |
| CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/2027<sup>(a)</sup> | 16193000 | 15475992  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2029<sup>(a)</sup> | 1357000 | 1207388  |
|  Global Medical Response, Inc., 10.00% (includes .75% PIK), 10/31/2028<sup>(a)</sup> | 5957458 | 5961390  |
|  Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028<sup>(a)</sup> | 10130000 | 10655929  |
|  LifePoint Health, Inc., 11.00%, 10/15/2030<sup>(a)</sup> | 5548000 | 6038216  |
|  Option Care Health, Inc., 4.38%, 10/31/2029<sup>(a)</sup> | 6614000 | 6177296  |
|  Prime Healthcare Services, Inc., 9.38%, 09/01/2029<sup>(a)</sup> | 3965000 | 3745471  |
| Tenet Healthcare Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/2027 | 22837000 | 22865455  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/01/2027 | 4771000 | 4704679  |
|  |  | 85668881  |
| **HEALTHCARE: LIFE SCIENCES - 1.8%**<br>|  |  |
|  Avantor Funding, Inc., 4.63%, 07/15/2028<sup>(a)</sup> | 1015000 | 979222  |
|  Fortrea Holdings, Inc., 7.50%, 07/01/2030<sup>(a)</sup> | 2758000 | 2511357  |
| IQVIA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026<sup>(a)</sup> | 16900000 | 16789629  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027<sup>(a)</sup> | 6754000 | 6663617  |
|  |  | 26943825  |
| **HEALTHCARE: PHARMA & BIOTECH - 1.4%** | **HEALTHCARE: PHARMA & BIOTECH - 1.4%** |  |
| Bausch Health Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/2025<sup>(a)</sup> | 2516000 | 2515056  |
| &nbsp;&nbsp;&nbsp; 9.00%, 12/15/2025<sup>(a)</sup> | 3216000 | 3218010  |
|  Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026 | 15416000 | 14959830  |
|  |  | 20692896  |

---

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

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Short Duration High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **INDUSTRIAL MACHINERY - 2.1%**<br>|  |  |
|  Chart Industries, Inc., 9.50%, 01/01/2031<sup>(a)</sup> | $1103000 | $1178333  |
| Enpro, Inc., 5.75%, 10/15/2026 | 4637000 | 4646216  |
| Esab Corp., 6.25%, 04/15/2029<sup>(a)</sup> | 1656000 | 1682237  |
|  Madison IAQ LLC, 4.13%, 06/30/2028<sup>(a)</sup> | 6561000 | 6197437  |
|  Regal Rexnord Corp., 6.05%, 02/15/2026 | 6813000 | 6865827  |
|  TK Elevator US Newco, Inc., 5.25%, 07/15/2027<sup>(a)</sup> | 4725000 | 4639616  |
|  VOC Escrow Ltd., 5.00%, 02/15/2028<sup>(a)</sup> | 2159000 | 2107478  |
| WESCO Distribution, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/2028<sup>(a)</sup> | 1878000 | 1905924  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/2029<sup>(a)</sup> | 2469000 | 2500741  |
|  |  | 31723809  |
| **LEISURE: CASINOS & GAMING - 6.9%**<br>|  |  |
|  Allwyn Entertainment Financing UK PLC, 7.88%, 04/30/2029<sup>(a)</sup> | 7666000 | 7922891  |
|  Boyd Gaming Corp., 4.75%, 12/01/2027 | 4914000 | 4817003  |
| Caesars Entertainment, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 07/01/2027<sup>(a)</sup> | 8052000 | 8113735  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029<sup>(a)</sup> | 2514000 | 2312708  |
| Churchill Downs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2027<sup>(a)</sup> | 13166000 | 13070354  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028<sup>(a)</sup> | 1988000 | 1932817  |
|  Great Canadian Gaming Corp., 8.75%, 11/15/2029<sup>(a)</sup> | 1891000 | 1901799  |
| International Game Technology PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/15/2026<sup>(a)</sup> | 18230000 | 18015311  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2027<sup>(a)</sup> | 10438000 | 10513874  |
| Light & Wonder International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/15/2028<sup>(a)</sup> | 13422000 | 13424942  |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/15/2029<sup>(a)</sup> | 2818000 | 2858853  |
| MGM Resorts International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028 | 4048000 | 3900385  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/15/2029 | 3121000 | 3092429  |
|  Penn Entertainment, Inc., 5.63%, 01/15/2027<sup>(a)</sup> | 6886000 | 6833639  |
|  Station Casinos LLC, 4.50%, 02/15/2028<sup>(a)</sup> | 4362000 | 4181204  |
|  |  | 102891944  |
| **LEISURE: HOTELS - 7.3%**<br>|  |  |
| Carnival Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027<sup>(a)</sup> | 4984000 | 4990249  |
| &nbsp;&nbsp;&nbsp; 7.88%, 06/01/2027 | 1077000 | 1132621  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/15/2029<sup>(a)</sup> | 6459000 | 6761443  |
| Marriott Ownership Resorts, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028 | 1510000 | 1439014  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/15/2029<sup>(a)</sup> | 1742000 | 1599477  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| NCL Corp. Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/2027<sup>(a)</sup> | $5245000 | $5241121  |
| &nbsp;&nbsp;&nbsp; 8.13%, 01/15/2029<sup>(a)</sup> | 7583000 | 7981509  |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 5.88%, 10/01/2028<sup>(a)</sup> | 4563000 | 4456659  |
|  RHP Hotel Properties LP / RHP Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 | 6511000 | 6361197  |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/15/2028<sup>(a)</sup> | 4503000 | 4614224  |
|  RLJ Lodging Trust LP, 3.75%, 07/01/2026<sup>(a)</sup> | 11610000 | 11359672  |
| Royal Caribbean Cruises Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(a)</sup> | 7416000 | 7421005  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/15/2027<sup>(a)</sup> | 6710000 | 6688071  |
| Sabre GLBL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/2027<sup>(a)</sup> | 3868000 | 3830666  |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/2029<sup>(a)</sup> | 823000 | 832075  |
| Service Properties Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2026 | 4799000 | 4771288  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/01/2026 | 624000 | 612905  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/2027 | 1297000 | 1252164  |
|  Six Flags Entertainment Corp., 7.00%, 07/01/2025<sup>(a)</sup> | 2451000 | 2458370  |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp., 5.38%, 04/15/2027 | 2610000 | 2578675  |
| Travel + Leisure Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.60%, 10/01/2025<sup>(b)</sup> | 3200000 | 3204099  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/31/2026<sup>(a)</sup> | 8801000 | 8871461  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2027<sup>(b)</sup> | 1310000 | 1313765  |
| Viking Cruises Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/15/2027<sup>(a)</sup> | 1710000 | 1702416  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(a)</sup> | 3835000 | 3850367  |
|  Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028<sup>(a)</sup> | 3282000 | 3137370  |
|  |  | 108461883  |
| **LEISURE: RESTAURANTS - 0.5%**<br>|  |  |
|  1011778 BC ULC / New Red Finance, Inc., 4.38%, 01/15/2028<sup>(a)</sup> | 2691000 | 2590779  |
|  CEC Entertainment LLC, 6.75%, 05/01/2026<sup>(a)</sup> | 5432000 | 5361704  |
|  |  | 7952483  |
| **MEDIA: BROADCASTING - 3.7%**<br>|  |  |
|  Graham Holdings Co., 5.75%, 06/01/2026<sup>(a)</sup> | 3792000 | 3795371  |
|  Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(a)</sup> | 8849000 | 8724732  |
| Sirius XM Radio LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/01/2026<sup>(a)</sup> | 11229000 | 10889531  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027<sup>(a)</sup> | 15097000 | 14762737  |

---

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

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Short Duration High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **MEDIA: BROADCASTING - (Continued)**  | **MEDIA: BROADCASTING - (Continued)**  | **MEDIA: BROADCASTING - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2028<sup>(a)</sup> | $1735000 | $1620245  |
| TEGNA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2026<sup>(a)</sup> | 3284000 | 3246346  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2028 | 6158000 | 5848546  |
|  Univision Communications, Inc., 6.63%, 06/01/2027<sup>(a)</sup> | 6339000 | 6291764  |
|  |  | 55179272  |
| **MEDIA: CABLE & SATELLITE - 1.8%**<br>|  |  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2026<sup>(a)</sup> | 9300000 | 9291147  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027<sup>(a)</sup> | 12910000 | 12725627  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028<sup>(a)</sup> | 2496000 | 2424441  |
| Viasat, Inc., 5.63%, 09/15/2025<sup>(a)</sup> | 2209000 | 2194176  |
|  |  | 26635391  |
| **MEDIA: DIVERSIFIED - 2.2%**<br>|  |  |
|  Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027<sup>(a)</sup> | 1625000 | 1572096  |
| Match Group Holdings II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2027<sup>(a)</sup> | 6698000 | 6572048  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/2028<sup>(a)</sup> | 1627000 | 1562687  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/2029<sup>(a)</sup> | 1216000 | 1192424  |
| McGraw-Hill Education, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/2028<sup>(a)</sup> | 6332000 | 6188897  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/01/2029<sup>(a)</sup> | 4263000 | 4197576  |
|  Neptune Bidco US, Inc., 9.29%, 04/15/2029<sup>(a)</sup> | 2349000 | 2040013  |
|  Outfront Media Capital LLC / OutfrontMedia Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027<sup>(a)</sup> | 8443000 | 8303978  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029<sup>(a)</sup> | 2159000 | 2003979  |
|  |  | 33633698  |
| **MEDIA: ENTERTAINMENT - 1.0%**<br>|  |  |
| Live Nation Entertainment, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/2026<sup>(a)</sup> | 7419000 | 7407712  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2027<sup>(a)</sup> | 453000 | 457899  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027<sup>(a)</sup> | 5931000 | 5787898  |
|  Playtika Holding Corp., 4.25%, 03/15/2029<sup>(a)</sup> | 1515000 | 1335738  |
|  |  | 14989247  |
| **METALS & MINING - 0.6%**<br>|  |  |
|  Cleveland-Cliffs, Inc., 6.88%, 11/01/2029<sup>(a)</sup> | 1584000 | 1551637  |
| &nbsp;&nbsp;&nbsp; Novelis Corp., <br>3.25%, 11/15/2026<sup>(a)</sup> | 5937000 | 5744913  |
| &nbsp;&nbsp;&nbsp; Novelis, Inc., <br>6.88%, 01/30/2030<sup>(a)</sup> | 1587000 | 1610740  |
|  |  | 8907290  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **MIDSTREAM: STORAGE & TRANSPORT - 3.8%** | **MIDSTREAM: STORAGE & TRANSPORT - 3.8%** | **MIDSTREAM: STORAGE & TRANSPORT - 3.8%** |
|  Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/2029<sup>(a)</sup> | $2429000 | $2484235  |
| Buckeye Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/2026 | 4529000 | 4417141  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/2027 | 2054000 | 1978253  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/2030<sup>(a)</sup> | 1632000 | 1654220  |
|  Energy Transfer LP, 7.38%, 02/01/2031<sup>(a)</sup> | 861000 | 904287  |
| EQM Midstream Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/2027<sup>(a)</sup> | 7341000 | 7499412  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/01/2029<sup>(a)</sup> | 230000 | 235384  |
|  Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 01/15/2027 | 489000 | 499131  |
|  Hess Midstream Operations LP, 5.88%, 03/01/2028<sup>(a)</sup> | 3130000 | 3146595  |
|  Summit Midstream Holdings LLC, 8.63%, 10/31/2029<sup>(a)</sup> | 3962000 | 4046597  |
| Sunoco LP, 7.00%, 05/01/2029<sup>(a)</sup> | 3176000 | 3251661  |
| Sunoco LP / Sunoco Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/15/2027 | 2140000 | 2137864  |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/15/2028<sup>(a)</sup> | 10948000 | 11212515  |
|  TransMontaigne Partners LLC, 8.50%, 06/15/2030<sup>(a)</sup> | 2012000 | 2028982  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/01/2028<sup>(a)</sup> | 6165000 | 6303444  |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029<sup>(a)</sup> | 4482000 | 4808900  |
|  |  | 56608621  |
| **PACKAGING - 1.9%**<br>|  |  |
| Berry Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2026<sup>(a)</sup> | 6903000 | 6862961  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/2026<sup>(a)</sup> | 4576000 | 4575865  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/2027<sup>(a)</sup> | 48000 | 47990  |
|  Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 02/01/2026 | 7939000 | 7883897  |
|  Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026 | 2096000 | 2157125  |
|  Magnera Corp., 4.75%, 11/15/2029<sup>(a)</sup> | 1767000 | 1568745  |
|  Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2027<sup>(a)</sup> | 626000 | 614262  |
|  Trident TPI Holdings, Inc., 12.75%, 12/31/2028<sup>(a)</sup> | 3854000 | 4138337  |
|  |  | 27849182  |
| **REAL ESTATE: HOMEBUILDING - 0.7%**<br>|  |  |
|  LGI Homes, Inc., 8.75%, 12/15/2028<sup>(a)</sup> | 4512000 | 4705127  |
| &nbsp;&nbsp;&nbsp; M/I Homes, Inc., <br>4.95%, 02/01/2028 | 1285000 | 1248274  |

---

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

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Short Duration High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **REAL ESTATE: HOMEBUILDING - (Continued)**  | **REAL ESTATE: HOMEBUILDING - (Continued)**  | **REAL ESTATE: HOMEBUILDING - (Continued)**  |
| Taylor Morrison Communities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/2027<sup>(a)</sup> | $1084000 | $1084159  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028<sup>(a)</sup> | 811000 | 809799  |
|  Tri Pointe Homes, Inc., 5.25%, 06/01/2027 | 3049000 | 3014821  |
|  |  | 10862180  |
| **REAL ESTATE: MANAGEMENT - 0.2%**<br>|  |  |
|  Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028<sup>(a)</sup> | 2593000 | 2601557  |
| **REITs - 0.1%**<br>|  |  |
|  Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/2027<sup>(a)</sup> | 2414000 | 2274027  |
| **RETAIL: FOOD & DRUG - 1.2%**<br>|  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/15/2026<sup>(a)</sup> | 3261000 | 3189604  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2027<sup>(a)</sup> | 2124000 | 2094289  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2028<sup>(a)</sup> | 4815000 | 4887947  |
|  eG Global Finance PLC, 12.00%, 11/30/2028<sup>(a)</sup> | 3701000 | 4101848  |
|  US Foods, Inc., 6.88%, 09/15/2028<sup>(a)</sup> | 3000000 | 3076714  |
|  |  | 17350402  |
| **RETAILING - 1.0%**<br>|  |  |
|  Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029<sup>(a)</sup> | 5593000 | 5300237  |
|  PetSmart, Inc. / PetSmart Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028<sup>(a)</sup> | 3326000 | 3115720  |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/2029<sup>(a)</sup> | 1700000 | 1562495  |
| Wayfair LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 10/31/2029<sup>(a)</sup> | 1153000 | 1107000  |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/15/2030<sup>(a)</sup> | 3828000 | 3705291  |
|  |  | 14790743  |
| **TECHNOLOGY HARDWARE - 2.0%**<br>|  |  |
|  CommScope LLC, 4.75%, 09/01/2029<sup>(a)</sup> | 2053000 | 1827785  |
|  NCR Voyix Corp., 5.00%, 10/01/2028<sup>(a)</sup> | 6395000 | 6159827  |
|  Seagate HDD Cayman, 8.25%, 12/15/2029 | 7806000 | 8308317  |
|  Western Digital Corp., 4.75%, 02/15/2026 | 13142000 | 13076569  |
|  |  | 29372498  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **TECHNOLOGY: SOFTWARE & SERVICES - 3.9%** | **TECHNOLOGY: SOFTWARE & SERVICES - 3.9%** | **TECHNOLOGY: SOFTWARE & SERVICES - 3.9%** |
| Cloud Software Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/2029<sup>(a)</sup> | $2579000 | $2508866  |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029<sup>(a)</sup> | 5682000 | 5670919  |
| Consensus Cloud Solutions, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/15/2026<sup>(a)</sup> | 5381000 | 5346967  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/2028<sup>(a)</sup> | 2096000 | 2060526  |
| Elastic NV, 4.13%, 07/15/2029<sup>(a)</sup> | 2062000 | 1924788  |
|  Ellucian Holdings, Inc., 6.50%, 12/01/2029<sup>(a)</sup> | 4100000 | 4042307  |
|  Fair Isaac Corp., 4.00%, 06/15/2028<sup>(a)</sup> | 1826000 | 1737835  |
| Gen Digital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/30/2027<sup>(a)</sup> | 10986000 | 11130554  |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/30/2030<sup>(a)</sup> | 553000 | 565046  |
|  Go Daddy Operating Co. LLC / GD Finance Co., Inc., 5.25%, 12/01/2027<sup>(a)</sup> | 4082000 | 4050956  |
| &nbsp;&nbsp;&nbsp; McAfee Corp., <br>7.38%, 02/15/2030<sup>(a)</sup> | 1632000 | 1445832  |
|  Open Text Corp., 6.90%, 12/01/2027<sup>(a)</sup> | 7761000 | 8039166  |
|  Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026<sup>(a)</sup> | 9816000 | 9648705  |
|  |  | 58172467  |
| **TELECOM SERVICES: DIVERSIFIED - 3.0%** | **TELECOM SERVICES: DIVERSIFIED - 3.0%** | **TELECOM SERVICES: DIVERSIFIED - 3.0%** |
|  Altice France SA, 8.13%, 02/01/2027<sup>(a)</sup> | 1870000 | 1673620  |
|  Cogent Communications Group LLC, 3.50%, 05/01/2026<sup>(a)</sup> | 6278000 | 6126592  |
|  Consolidated Communications, Inc., 6.50%, 10/01/2028<sup>(a)</sup> | 6252000 | 6043875  |
| Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027<sup>(a)</sup> | 1297000 | 1296634  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028<sup>(a)</sup> | 3854000 | 3805698  |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/2030<sup>(a)</sup> | 4205000 | 4432982  |
|  Iliad Holding SASU, 7.00%, 10/15/2028<sup>(a)</sup> | 6303000 | 6384331  |
|  SBA Communications Corp., 3.88%, 02/15/2027 | 4959000 | 4826737  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 02/15/2028<sup>(a)</sup> | 10431000 | 11088643  |
|  |  | 45679112  |
| **TRANSPORTATION - 1.0%**<br>|  |  |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027<sup>(a)</sup> | 2922960 | 2937386  |
| RXO, Inc., 7.50%, 11/15/2027<sup>(a)</sup> | 2054000 | 2113854  |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc., <br>7.50%, 09/15/2027<sup>(a)</sup> | 3942000 | 3992879  |
| XPO, Inc., 6.25%, 06/01/2028<sup>(a)</sup> | 5607000 | 5679594  |
|  |  | 14723713  |

---

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Short Duration High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **UTILITIES: POWER - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Calpine Corp., <br>4.50%, 02/15/2028<sup>(a)</sup> | $2357000 | $2286881  |
| VistraOperations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2026<sup>(a)</sup> | 5304000 | 5304689  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027<sup>(a)</sup> | 9746000 | 9717394  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027<sup>(a)</sup> | 5052000 | 4978216  |
|  |  | 22287180  |
| **UTILITIES: PROPANE - 0.8%**<br>|  |  |
|  AmeriGas Partners LP / AmeriGas Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/20/2026 | 6388000 | 6344936  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/20/2027 | 4162000 | 4005198  |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/2027 | 1074000 | 1069148  |
|  |  | 11419282  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $1,294,173,707)** |  | 1296859648  |
| **BANK LOANS - 8.4%** | **BANK LOANS - 8.4%** | **BANK LOANS - 8.4%** |
| **AEROSPACE & DEFENSE - 0.3%**<br>|  |  |
|  TransDigm, Inc., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 08/24/2028 | 4906616 | 4910713  |
| **AUTO RETAIL - 0.2%**<br>|  |  |
|  LS Group OpCo Acquistion LLC, Senior Secured First Lien, 6.82% (1 mo. Term SOFR + 2.50%), 04/23/2031 | 3000000 | 2983140  |
| **AUTOMOTIVE - 0.3%**<br>|  |  |
|  First Brands Group LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.81% (3 mo. SOFR US + 5.00%), 03/30/2027 | 2811889 | 2619458  |
| &nbsp;&nbsp;&nbsp; 9.81% (3 mo. SOFR US + 5.00%), 03/30/2027 | 1668248 | 1554598  |
|  |  | 4174056  |
| **BUILDING PRODUCTS - 0.1%**<br>|  |  |
|  Standard Industries, Inc./NY, Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 09/22/2028 | 1000357 | 1001122  |
| **COMMERCIAL SERVICES - 2.0%**<br>|  |  |
|  AlixPartners LLP, Senior Secured First Lien, 7.05% (1 mo. SOFR US + 2.50%), 02/04/2028 | 4538878 | 4541715  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 8.17% (1 mo. Term SOFR + 3.75%), 05/15/2028 | 3241602 | 3241861  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| &nbsp;&nbsp;&nbsp; Ascensus Holdings, Inc., Senior Secured First Lien, 7.32% <br>(1 mo. SOFR US + 3.00%), 08/02/2028 | $7033455 | $7000468  |
|  CoreLogic, Inc., Senior Secured First Lien, 7.94% (1 mo. Term SOFR + 3.50%), 06/02/2028 | 1170631 | 1151122  |
| &nbsp;&nbsp;&nbsp; Dun & Bradstreet Corp., Senior Secured First Lien, 6.57% <br>(1 mo. SOFR US + 2.25%), 01/18/2029 | 7381413 | 7372187  |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., Senior Secured First Lien, 7.32% <br>(1 mo. SOFR US + 3.00%), 02/01/2029 | 3173369 | 3166102  |
| &nbsp;&nbsp;&nbsp; Tempo Acquisition LLC, Senior Secured First Lien, 6.07% <br>(1 mo. SOFR US + 1.75%), 08/31/2028 | 3723400 | 3698975  |
|  |  | 30172430  |
| **ENVIRONMENTAL & FACILITIES SERVICES - 0.1%** | **ENVIRONMENTAL & FACILITIES SERVICES - 0.1%** |  |
|  Reworld Holding Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.57% (1 mo. SOFR US + 2.25%), 11/30/2028 | 1993482 | 1991169  |
| &nbsp;&nbsp;&nbsp; 6.57% (1 mo. SOFR US + 2.25%), 11/30/2028 | 153145 | 152968  |
|  |  | 2144137  |
| **FINANCIALS: DIVERSIFIED - 0.1%**<br>|  |  |
|  Corp. Service Co., Senior Secured First Lien, 7.02% (1 mo. SOFR US + 2.50%), 11/03/2027 | 255385 | 255385  |
|  Edelman Financial Engines Center LLC, Senior Secured Second Lien, 9.57% (1 mo. SOFR US + 5.25%), 10/06/2028 | 1700000 | 1705525  |
|  |  | 1960910  |
| **FINANCIALS: INSURANCE - 0.8%**<br>|  |  |
|  Acrisure LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 02/16/2027 | 4482027 | 4475640  |
|  Asurion LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.80% (1 mo. SOFR US + 3.25%), 12/23/2026 | 2704085 | 2701868  |
| &nbsp;&nbsp;&nbsp; 7.80% (1 mo. SOFR US + 3.25%), 07/30/2027 | 2971936 | 2952440  |
| &nbsp;&nbsp;&nbsp; 8.52% (1 mo. SOFR US + 4.00%), 08/21/2028 | 1087678 | 1078085  |
|  |  | 11208033  |

---

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

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Short Duration High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **HEALTHCARE: EQUIPMENT & SUPPLIES - 0.2%** | **HEALTHCARE: EQUIPMENT & SUPPLIES - 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, Senior Secured First Lien, 6.57% <br>(1 mo. SOFR US + 2.25%), 10/23/2028 | $8714 | $8707  |
| &nbsp;&nbsp;&nbsp; Waystar Technologies, Inc., Senior Secured First Lien, 6.57% <br>(1 mo. SOFR US + 2.25%), 10/22/2029 | 2624048 | 2617488  |
|  |  | 2626195  |
| **HEALTHCARE: FACILITIES - 0.4%**<br>|  |  |
|  Global Medical Response, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.04% (includes .75% PIK) (3 mo. SOFR US + 4.75%), 10/02/2028 | 2211240 | 2213695  |
| &nbsp;&nbsp;&nbsp; 9.04% (includes .75% PIK) (3 mo. SOFR US + 4.75%), 10/02/2028 | 36173 | 36213  |
| &nbsp;&nbsp;&nbsp; Heartland Dental LLC, Senior Secured First Lien, 8.82% <br>(1 mo. Term SOFR + 4.50%), 04/28/2028 | 1958055 | 1958271  |
|  Surgery Center Holdings, Inc., Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 12/19/2030 | 2370090 | 2370090  |
|  |  | 6578269  |
| **HEALTHCARE: PHARMA & BIOTECH - 0.3%** | **HEALTHCARE: PHARMA & BIOTECH - 0.3%** | **HEALTHCARE: PHARMA & BIOTECH - 0.3%** |
| &nbsp;&nbsp;&nbsp; Jazz Financing Lux Sarl, Senior Secured First Lien, 6.57% <br>(1 mo. SOFR US + 2.25%), 05/05/2028 | 5139632 | 5143487  |
| **LEISURE: HOTELS - 0.2%**<br>|  |  |
|  Sabre GLBL, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.77% (1 mo. SOFR US + 4.25%), 06/30/2028 | 2426774 | 2359030  |
| &nbsp;&nbsp;&nbsp; 9.52% (1 mo. SOFR US + 5.00%), 06/30/2028 | 53782 | 52068  |
| &nbsp;&nbsp;&nbsp; 10.42% (1 mo. Term SOFR + 6.00%), 11/15/2029 | 1118973 | 1098457  |
|  |  | 3509555  |
| **LEISURE: RESTAURANTS - 0.0%<sup>(c)</sup>**<br>|  |  |
|  IRB Holding Corp., Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 12/15/2027 | 13195 | 13128  |
| **MEDIA: DIVERSIFIED - 0.1%**<br>|  |  |
|  X Corp., Senior Secured First Lien, 9.50% (Fixed Rate + 0.00%), 10/29/2029 | 1125000 | 1155538  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **MEDIA: ENTERTAINMENT - 0.5%**<br>|  |  |
|  Live Nation Entertainment, Inc., Senior Secured First Lien, 6.27% (1 mo. SOFR US + 1.75%), 10/19/2026 | $2077011 | $2077343  |
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp., Senior Secured First Lien, 7.30% <br>(1 mo. SOFR US + 2.75%), 03/13/2028 | 5636126 | 5587542  |
|  |  | 7664885  |
| **RETAILING - 0.2%**<br>|  |  |
|  PetSmart LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 02/14/2028 | 2461017 | 2427682  |
| **TECHNOLOGY: SOFTWARE & SERVICES - 1.7%** | **TECHNOLOGY: SOFTWARE & SERVICES - 1.7%** |  |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., Senior Secured First Lien, 7.32% <br>(1 mo. SOFR US + 3.00%), 02/15/2029 | 2983053 | 2953223  |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., Senior Secured First Lien, 7.83% <br>(3 mo. SOFR US + 3.50%), 03/29/2029 | 2226419 | 2208708  |
| &nbsp;&nbsp;&nbsp; Delivery Hero Finco LLC, Senior Secured First Lien, 9.31% <br>(3 mo. SOFR US + 5.00%), 12/12/2029 | 4347316 | 4361814  |
|  MH Sub I LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.57% (1 mo. SOFR US + 4.25%), 05/03/2028 | 5644851 | 5376749  |
| &nbsp;&nbsp;&nbsp; 8.57% (1 mo. SOFR US + 4.25%), 12/31/2031 | 14385 | 13254  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.42% (3 mo. SOFR US + 3.75%), 06/05/2028 | 8724769 | 8372550  |
|  RealPage, Inc., Senior Secured First Lien, 7.68% (3 mo. SOFR US + 3.00%), 04/24/2028 | 2145930 | 2120318  |
|  |  | 25406616  |
| **TELECOM SERVICES: DIVERSIFIED - 0.3%**<br>|  |  |
|  Consolidated Communications, Inc., Senior Secured First Lien, 7.94% (1 mo. Term SOFR + 3.50%), 10/04/2027 | 2415000 | 2410665  |
|  Frontier Communications Holdings LLC, Senior Secured First Lien, 6.79% (3 mo. SOFR US + 2.50%), 07/01/2031 | 1471438 | 1471901  |
|  |  | 3882566  |

---

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

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Short Duration High Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Fair Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **TRANSPORTATION - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 6.54% <br>(1 mo. SOFR US + 2.25%), 04/20/2028 | $3630821 | $3593660  |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC, Senior Secured First Lien, 6.19% <br>(1 mo. Term SOFR + 1.75%), 08/06/2027 | 4761910 | 4663695  |
|  |  | 8257355  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $126,073,172)** |  | 125219817  |
| **CONVERTIBLE BONDS - 1.3%<sup>(f)</sup>** | **CONVERTIBLE BONDS - 1.3%<sup>(f)</sup>** | **CONVERTIBLE BONDS - 1.3%<sup>(f)</sup>** |
| **HEALTHCARE: EQUIPMENT & SUPPLIES - 0.1%** | **HEALTHCARE: EQUIPMENT & SUPPLIES - 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Teladoc Health, Inc., <br>1.25%, 06/01/2027 | 1873000 | 1725032  |
| **LEISURE: HOTELS - 0.3%**<br>|  |  |
|  Marriott Vacations Worldwide Corp., 3.25%, 12/15/2027 | 1654000 | 1534085  |
|  Sabre GLBL, Inc., 4.00%, 04/15/2025 | 2389000 | 2387861  |
|  |  | 3921946  |
| **RETAILING - 0.4%**<br>|  |  |
| Etsy, Inc., 0.25%, 06/15/2028 | 5155000 | 4393349  |
| Wayfair, Inc., 1.00%, 08/15/2026 | 2171000 | 2038026  |
|  |  | 6431375  |
| **TECHNOLOGY: SOFTWARE & SERVICES - 0.5%** | **TECHNOLOGY: SOFTWARE & SERVICES - 0.5%** |  |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc., <br>8.06%, 12/01/2026<sup>(e)</sup> | 8719000 | 8135256  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $19,609,547)** |  | 20213609  |
|  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS - 3.3%<sup>(f)</sup>**  | **SHORT-TERM INVESTMENTS - 3.3%<sup>(f)</sup>**  | **SHORT-TERM INVESTMENTS - 3.3%<sup>(f)</sup>**  |
| **Money Market Funds - 3.3%** | **Money Market Funds - 3.3%** | **Money Market Funds - 3.3%** |
|  First American Government Obligations Fund - Class X, 4.27%<sup>(d)</sup> | 49036029 | 49036029  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $49,036,029)** |  | 49036029  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $1,488,892,455)** |  | $1491329103  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 1197471  |
| **TOTAL NET ASSETS - 100.0%** |  | $1492526574 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by Shenkman Capital Management, Inc. Industries presented are at the discretion of Shenkman Capital Management, Inc. and therefore may not follow the exact naming convention prescribed by GICS.

PIK - Payment in Kind

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $1,023,547,321 or 68.6% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of March 31, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(e)</sup> Zero coupon bonds make no periodic interest payments. Rate shown is the weighted average amortized yield as of March 31, 2025.

<sup>(f)</sup> All or a portion is posted as collateral for delayed settlement securities.

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

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**SHENKMAN CAPITAL FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shenkman** <br>**Capital Floating** <br>**Rate High** <br>**Income Fund** | **Shenkman** <br>**Capital Short** <br>**Duration High** <br>**Income Fund**  |
| **ASSETS:**<br>|  |  |
| Investments, at value (cost $288,152,006 and $1,488,892,455, respectively) | $284391523 | $1491329103  |
| Receivables<br>|  |  |
| &nbsp;&nbsp;&nbsp; Securities sold | 12942125 | 17759290  |
| &nbsp;&nbsp;&nbsp; Interest | 2290224 | 22201768  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 173949 | 3426877  |
| Prepaid expenses | 38663 | 174958  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 299836484 | 1534891996  |
| **LIABILITIES:**<br>|  |  |
| Payables<br>|  |  |
| &nbsp;&nbsp;&nbsp; Securities purchased | 25703991 | 33054809  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 72640 | 5544096  |
| &nbsp;&nbsp;&nbsp; Distributions payable | 140839 | 2579341  |
| &nbsp;&nbsp;&nbsp; Administration and accounting expenses | 26501 | 128834  |
| &nbsp;&nbsp;&nbsp; Advisory fees (Note 4) | 76371 | 695000  |
| &nbsp;&nbsp;&nbsp; Audit | 12908 | 14371  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 9231 | 98820  |
| &nbsp;&nbsp;&nbsp; Compliance fees | 1025 | 1025  |
| &nbsp;&nbsp;&nbsp; Printing and mailing |  | 19667  |
| &nbsp;&nbsp;&nbsp; Legal | 1469 | 1468  |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees | 320 | 59205  |
| &nbsp;&nbsp;&nbsp; 12b-1 distribution fees |  | 142167  |
| &nbsp;&nbsp;&nbsp; Custody fees |  | 24699  |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses | 1919 | 1920  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 26047214 | 42365422  |
| **NET ASSETS** | $273789270 | $1492526574  |
| **Net Assets Consist of:**<br>|  |  |
| Capital stock | $301989212 | $1529592632  |
| Total accumulated deficit | (28199942) | (37066058)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $273789270 | $1492526574  |
| **NET ASSETS**<br>|  |  |
| **Class A:**<br>|  |  |
| Net assets applicable to outstanding Class A shares | $— | $28262121  |
| Shares issued and outstanding |  | 2889064  |
| Net asset value, redemption price per share<sup>(1)</sup> | $— | $9.78  |
| &nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(net asset value divided by 97.00%) | $— | $10.08  |

---

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

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**SHENKMAN CAPITAL FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shenkman** <br>**Capital Floating** <br>**Rate High** <br>**Income Fund** | **Shenkman** <br>**Capital Short** <br>**Duration High** <br>**Income Fund**  |
| **Class C:**<br>|  |  |
| Net assets applicable to outstanding Class C shares | $— | $23123944  |
| Shares issued and outstanding |  | 2372085  |
| Net asset value, offering price and redemption price per share<sup>(1)</sup> | $— | $9.75  |
| **Class F:**<br>|  |  |
| Net assets applicable to outstanding Class F shares | $8216804 | $800394610  |
| Shares issued and outstanding | 908575 | 82028767  |
| Net asset value, offering price and redemption price per share<sup>(1)</sup> | $9.04 | $9.76  |
| **Institutional Class:**<br>|  |  |
| Net assets applicable to outstanding Institutional Class shares | $265572466 | $640745899  |
| Shares issued and outstanding | 29363092 | 65586402  |
| Net asset value, offering price and redemption price per share<sup>(1)</sup> | $9.04 | $9.77 |

---

<sup>(1)</sup> 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.

27<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**SHENKMAN CAPITAL FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shenkman** <br>**Capital Floating** <br>**Rate High** <br>**Income Fund** | **Shenkman** <br>**Capital Short** <br>**Duration High** <br>**Income Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividends | $134846 | $166  |
| Interest income | 10656627 | 53762413  |
| Consent and term loan fee income | 196582 | 86957  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 10988055 | 53849536  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees (Note 4) | 689198 | 4628678  |
| Administration and accounting fees (Note 4) | 155510 | 595118  |
| Transfer agent fees and expenses (Note 4) | 53730 | 267710  |
| Federal and state registration fees | 18128 | 78456  |
| Audit fees | 14008 | 16071  |
| Trustee fees and expenses | 12668 | 12669  |
| Reports to shareholders | 11975 | 31990  |
| Custody fees (Note 4) | 8055 | 52782  |
| Chief Compliance Officer fees (Note 4) | 6233 | 6233  |
| Miscellaneous expenses | 4866 | 13354  |
| Legal fees | 4676 | 4676  |
| Insurance expense | 2972 | 13995  |
| Interest expense (Note 8) |  | 968  |
| Service fees - Class A (Note 6) |  | 7009  |
| Service fees - Class C (Note 6) |  | 6281  |
| Service fees - Class F (Note 6) | 802 | 296547  |
| 12b-1 distribution fees - Class A (Note 5) |  | 35452  |
| 12b-1 distribution fees - Class C (Note 5) |  | 115275  |
| &nbsp;&nbsp;&nbsp; Total expenses before advisory fee waiver | 982821 | 6183264  |
| &nbsp;&nbsp;&nbsp; Advisory fee recoupment/(waiver) by Advisor (Note 4) | (237685) | (251476)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 745136 | 5931788  |
| **Net investment income** | 10242919 | 47917748  |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND REDEMPTION IN-KIND:**<br>|  |  |
| Net realized gain/(loss) on investments | (225751) | 4362936  |
| Net realized gain on redemption in-kind |  | 1331824  |
| Change in unrealized appreciation/(depreciation) on investments | (2995084) | (21515112)  |
| **Net realized and unrealized loss on investments and redemption in-kind** | (3220835) | (15820352)  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE IN NET ASSETS RESULTING FROM** <br>**OPERATIONS** | $7022084 | $32097396 |

---

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

28<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended**<br>**March 31, 2025**<br>(Unaudited) | **Year Ended**<br>**September 30, 2024**  |
| **OPERATIONS:**<br>|  |  |
| Net investment income | $10242919 | &nbsp;&nbsp; $22289283  |
| Net realized loss on investments | (225751) | &nbsp;&nbsp; (2848774)  |
| Change in unrealized appreciation/(depreciation) on investments | (2995084) | &nbsp;&nbsp; 3263927  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 7022084 | &nbsp;&nbsp; 22704436  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| Class F | (367893) | &nbsp;&nbsp; (842215)  |
| Institutional Class | (9868663) | &nbsp;&nbsp; (21554060)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (10236556) | &nbsp;&nbsp; (22396275)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class F | 1306213 | &nbsp;&nbsp; 2970835  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 9360486 | &nbsp;&nbsp; 22876124  |
| Proceeds from shares issued to holders in reinvestment of dividends:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class F | 293391 | &nbsp;&nbsp; 652004  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 9047551 | &nbsp;&nbsp; 19292510  |
| Cost of shares redeemed:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class F | (4068163) | &nbsp;&nbsp; (2798873)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (13293004) | &nbsp;&nbsp; (62054611)  |
| Redemption fees retained:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class F | 86 | &nbsp;&nbsp; 182  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 2189 | &nbsp;&nbsp; 4706  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets derived from capital share transactions** | 2648749 | &nbsp;&nbsp; (19057123)  |
| **Total decrease in net assets** | (565723) | &nbsp;&nbsp; (18748962)  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 274354993 | &nbsp;&nbsp; 293103955  |
| &nbsp;&nbsp;&nbsp; End of period | $273789270 | &nbsp;&nbsp; $274354993  |
| **CHANGES IN SHARES OUTSTANDING:**<br>|  |  |
| Shares sold:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class F | 142154 | &nbsp;&nbsp; 324177  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 1020789 | &nbsp;&nbsp; 2489604  |
| Shares issued to holders as reinvestment of dividends:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class F | 32128 | &nbsp;&nbsp; 71280  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 990857 | &nbsp;&nbsp; 2109021  |
| Shares redeemed:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class F | (445023) | &nbsp;&nbsp; (305386)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (1448309) | &nbsp;&nbsp; (6775482)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in shares outstanding** | 292596 | &nbsp;&nbsp; (2086786) |

---

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

29<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended**<br>**March 31, 2025**<br>(Unaudited) | **Year Ended**<br>**September 30, 2024**  |
| **OPERATIONS:**<br>|  |  |
| Net investment income | $47917748 | $106738056  |
| Net realized gain/(loss) on investments | 4362936 | (2132614)  |
| Net realized gain on redemption in-kind | 1331824 | —  |
| Change in unrealized appreciation/(depreciation) on investments | (21515112) | 56448961  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 32097396 | 161054403  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| Class A | (788078) | (1566288)  |
| Class C | (555150) | (1032667)  |
| Class F | (22788140) | (46686772)  |
| Institutional Class | (24020093) | (57643525)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (48151461) | (106929252)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | 7422061 | 22246388  |
| &nbsp;&nbsp;&nbsp; Class C | 3307435 | 8318323  |
| &nbsp;&nbsp;&nbsp; Class F | 176320252 | 338941604  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 128711956 | 570102388  |
| Proceeds from shares issued to holders in reinvestment of dividends:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | 432198 | 861768  |
| &nbsp;&nbsp;&nbsp; Class C | 230025 | 597548  |
| &nbsp;&nbsp;&nbsp; Class F | 12317008 | 22825682  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 15472529 | 31028586  |
| Cost of shares redeemed:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | (12066933) | (12224883)  |
| &nbsp;&nbsp;&nbsp; Class C | (2842902) | (5417149)  |
| &nbsp;&nbsp;&nbsp; Class F | (142954969) | (419665944)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (544710365) | (315814736)  |
| Redemption fees retained:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | 42 | 134  |
| &nbsp;&nbsp;&nbsp; Class C | 36 | 105  |
| &nbsp;&nbsp;&nbsp; Class F | 1200 | 3902  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 1291 | 4868  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets derived from capital share transactions** | (358359136) | 241808584  |
| **Total increase/(decrease) in net assets** | (374413201) | 295933735  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1866939775 | 1571006040  |
| &nbsp;&nbsp;&nbsp; End of period | $1492526574 | $1866939775  |

---

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

30<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended**<br>**March 31, 2025**<br>(Unaudited) | **Year Ended**<br>**September 30, 2024**  |
| **CHANGES IN SHARES OUTSTANDING:**<br>|  |  |
| Shares sold:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; 753226 | &nbsp;&nbsp;&nbsp; 2279003  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp; 336539 | &nbsp;&nbsp;&nbsp; 858165  |
| &nbsp;&nbsp;&nbsp; Class F | &nbsp;&nbsp; 17931212 | &nbsp;&nbsp;&nbsp; 34776272  |
| &nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp; 13069204 | &nbsp;&nbsp;&nbsp; 58419935  |
| Shares issued to holders as reinvestment of dividends:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; 43983 | &nbsp;&nbsp;&nbsp; 88230  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp; 23484 | &nbsp;&nbsp;&nbsp; 61434  |
| &nbsp;&nbsp;&nbsp; Class F | &nbsp;&nbsp; 1256223 | &nbsp;&nbsp;&nbsp; 2343754  |
| &nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp; 1576498 | &nbsp;&nbsp;&nbsp; 3184111  |
| Shares redeemed:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; (1225501) | &nbsp;&nbsp;&nbsp; (1251092)  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp; (289489) | &nbsp;&nbsp;&nbsp; (555834)  |
| &nbsp;&nbsp;&nbsp; Class F | &nbsp;&nbsp; (14535887) | &nbsp;&nbsp;&nbsp; (42999513)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp; (55334804) | &nbsp;&nbsp;&nbsp; (32256518)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in shares outstanding** | &nbsp;&nbsp; (36395312) | &nbsp;&nbsp;&nbsp; 24947947 |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS F** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.15 | $9.14 | $8.83 | $9.50 | $9.22 | $9.56  |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | 0.76 | 0.69 | 0.37 | 0.30 | 0.41  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | 0.01 | 0.31 | (0.67) | 0.29 | (0.34)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.77 | 1.00 | (0.30) | 0.59 | 0.07  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | (0.76) | (0.69) | (0.37) | (0.31) | (0.42)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | (0.76) | (0.69) | (0.37) | (0.31) | (0.42)  |
| Redemption fees retained | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(1)(2)</sup> | 0.00<sup>(1)(2)</sup> | 0.00<sup>(1)(2)</sup> | 0.00<sup>(1)(2)</sup> | 0.00<sup>(1)(2)</sup> | 0.01<sup>(1)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.04 | $9.15 | $9.14 | $8.83 | $9.50 | $9.22  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%<sup>†</sup> | 8.77% | 11.75% | -3.26% | 6.44% | 1.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8217 | $10793 | $9956 | $9141 | $10312 | $2265  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%<sup>‡</sup> | 0.74% | 0.72% | 0.71% | 0.82% | 0.78%  |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56%<sup>‡</sup> | 0.56% | 0.56% | 0.54% | 0.60% | 0.56%  |
|  Ratio of net investment income to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.24%<sup>‡</sup> | 8.05% | 7.51% | 3.78% | 2.92% | 4.12%  |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.41%<sup>‡</sup> | 8.23% | 7.67% | 3.95% | 3.14% | 4.34%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48%<sup>†</sup> | 70% | 40% | 39% | 59% | 47% |

---

<sup>†</sup> Not annualized.

<sup>‡</sup> Annualized.

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Amount is less than $0.01 per share. 

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

32<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**SHENKMAN CAPITAL FLOATING RATE HIGH INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $9.15 | $9.14 | $8.83 | $9.50 | $9.22 | $9.56  |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | 0.76 | 0.70 | 0.37 | 0.31 | 0.40  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | 0.01 | 0.31 | (0.67) | 0.28 | (0.32)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.77 | 1.01 | (0.30) | 0.59 | 0.08  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.34) | (0.76) | (0.70) | (0.37) | (0.31) | (0.42)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.34) | (0.76) | (0.70) | (0.37) | (0.31) | (0.42)  |
| Redemption fees retained<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $9.04 | $9.15 | $9.14 | $8.83 | $9.50 | $9.22  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 2.54%<sup>†</sup> | 8.79% | 11.77% | -3.26% | 6.48% | 0.94%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $265572 | $263562 | $283148 | $289962 | $277303 | $230854  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver | &nbsp;&nbsp;&nbsp;&nbsp; 0.71%<sup>‡</sup> | 0.72% | 0.70% | 0.71% | 0.76% | 0.76%  |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver | &nbsp;&nbsp;&nbsp;&nbsp; 0.54%<sup>‡</sup> | 0.54% | 0.54% | 0.54% | 0.54% | 0.54%  |
|  Ratio of net investment income to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee waiver | &nbsp;&nbsp;&nbsp;&nbsp; 7.26%<sup>‡</sup> | 8.07% | 7.52% | 3.83% | 3.05% | 4.14%  |
| &nbsp;&nbsp;&nbsp; After advisory fee waiver | &nbsp;&nbsp;&nbsp;&nbsp; 7.43%<sup>‡</sup> | 8.25% | 7.68% | 4.00% | 3.27% | 4.36%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 48%<sup>†</sup> | 70% | 40% | 39% | 59% | 47% |

---

<sup>†</sup> Not annualized.

<sup>‡</sup> Annualized.

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Amount is less than $0.01 per share. 

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

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.88 | $9.58 | $9.30 | $10.09 | $9.93 | $10.06  |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.53 | 0.45 | 0.30 | 0.26 | 0.31  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) | 0.31 | 0.28 | (0.79) | 0.16 | (0.13)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | 0.84 | 0.73 | (0.49) | 0.42 | 0.18  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | (0.54) | (0.45) | (0.30) | (0.26) | (0.31)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | (0.54) | (0.45) | (0.30) | (0.26) | (0.31)  |
| Redemption fees retained<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.78 | $9.88 | $9.58 | $9.30 | $10.09 | $9.93  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.76%<sup>†</sup> | 8.93% | 7.99% | -4.99% | 4.25% | 1.86%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28262 | $32784 | $21087 | $20992 | $20580 | $15946  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98%<sup>‡</sup> | 0.99% | 0.96% | 0.96% | 0.98% | 1.02%  |
| &nbsp;&nbsp;&nbsp; After advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%<sup>‡</sup> | 0.96% | 0.96% | 0.95% | 0.96% | 0.97%  |
|  Ratio of net investment income to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%<sup>‡</sup> | 5.46% | 4.76% | 3.03% | 2.59% | 3.06%  |
| &nbsp;&nbsp;&nbsp; After advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%<sup>‡</sup> | 5.49% | 4.76% | 3.04% | 2.61% | 3.11%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30%<sup>†</sup> | 59% | 51% | 50% | 80% | 100% |

---

<sup>†</sup> Not annualized.

<sup>‡</sup> Annualized.

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Amount is less than $0.01 per share. 

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

34<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.85 | $9.55 | $9.27 | $10.06 | $9.90 | $10.03  |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.46 | 0.38 | 0.23 | 0.19 | 0.23  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | 0.30 | 0.28 | (0.80) | 0.15 | (0.12)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.76 | 0.66 | (0.57) | 0.34 | 0.11  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) | (0.46) | (0.38) | (0.22) | (0.18) | (0.24)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) | (0.46) | (0.38) | (0.22) | (0.18) | (0.24)  |
| Redemption fees retained<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.75 | $9.85 | $9.55 | $9.27 | $10.06 | $9.90  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39%<sup>†</sup> | 8.16% | 7.23% | -5.71% | 3.49% | 1.10%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23124 | $22666 | $18502 | $15554 | $16546 | $13615  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74%<sup>‡</sup> | 1.73% | 1.70% | 1.70% | 1.73% | 1.77%  |
| &nbsp;&nbsp;&nbsp; After advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.71%<sup>‡</sup> | 1.70% | 1.70% | 1.69% | 1.71% | 1.72%  |
|  Ratio of net investment income to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%<sup>‡</sup> | 4.72% | 4.03% | 2.30% | 1.84% | 2.32%  |
| &nbsp;&nbsp;&nbsp; After advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71%<sup>‡</sup> | 4.75% | 4.03% | 2.31% | 1.86% | 2.37%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30%<sup>†</sup> | 59% | 51% | 50% | 80% | 100% |

---

<sup>†</sup> Not annualized.

<sup>‡</sup> Annualized.

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Amount is less than $0.01 per share. 

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

35<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS F** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $9.86 | $9.56 | $9.28 | $10.06 | $9.91 | $10.04  |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | 0.56 | 0.47 | 0.32 | 0.28 | 0.33  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | 0.30 | 0.28 | (0.78) | 0.15 | (0.13)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 0.86 | 0.75 | (0.46) | 0.43 | 0.20  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | (0.56) | (0.47) | (0.32) | (0.28) | (0.33)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | (0.56) | (0.47) | (0.32) | (0.28) | (0.33)  |
| Redemption fees retained<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $9.76 | $9.86 | $9.56 | $9.28 | $10.06 | $9.91  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.88%<sup>†</sup> | 9.21% | 8.25% | -4.79% | 4.49% | 2.09%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $800395 | $762693 | $795530 | $682182 | $671520 | $446802  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<sup>‡</sup> | 0.74% | 0.73% | 0.74% | 0.76% | 0.79%  |
| &nbsp;&nbsp;&nbsp; After advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<sup>‡</sup> | 0.71% | 0.73% | 0.73% | 0.74% | 0.74%  |
|  Ratio of net investment income to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp; 5.66%<sup>‡</sup> | 5.70% | 5.00% | 3.27% | 2.81% | 3.29%  |
| &nbsp;&nbsp;&nbsp; After advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp; 5.69%<sup>‡</sup> | 5.73% | 5.00% | 3.28% | 2.83% | 3.34%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 30%<sup>†</sup> | 59% | 51% | 50% | 80% | 100% |

---

<sup>†</sup> Not annualized.

<sup>‡</sup> Annualized.

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Amount is less than $0.01 per share. 

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

36<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**SHENKMAN CAPITAL SHORT DURATION HIGH INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $9.87 | $9.57 | $9.29 | $10.07 | $9.92 | $10.05  |
|  **Income from investment operations:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 0.57 | 0.49 | 0.33 | 0.29 | 0.34  |
|  Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | 0.30 | 0.27 | (0.79) | 0.15 | (0.13)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.87 | 0.76 | (0.46) | 0.44 | 0.21  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | (0.57) | (0.48) | (0.32) | (0.29) | (0.34)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | (0.57) | (0.48) | (0.32) | (0.29) | (0.34)  |
| Redemption fees retained<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $9.77 | $9.87 | $9.57 | $9.29 | $10.07 | $9.92  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.92%<sup>†</sup> | 9.28% | 8.32% | -4.62% | 4.47% | 2.18%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $640746 | $1048797 | $724207 | $719148 | $620753 | $274166  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp; 0.68%<sup>‡</sup> | 0.68% | 0.65% | 0.66% | 0.67% | 0.70%  |
| &nbsp;&nbsp;&nbsp; After advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%<sup>‡</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.65%  |
|  Ratio of net investment income to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp; 5.70%<sup>‡</sup> | 5.77% | 5.07% | 3.38% | 2.89% | 3.38%  |
| &nbsp;&nbsp;&nbsp; After advisory fee recoupment/waiver | &nbsp;&nbsp;&nbsp;&nbsp; 5.73%<sup>‡</sup> | 5.80% | 5.07% | 3.39% | 2.91% | 3.43%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 30%<sup>†</sup> | 59% | 51% | 50% | 80% | 100% |

---

<sup>†</sup> Not Annualized.

<sup>‡</sup> Annualized.

<sup>(1)</sup> Based on average shares outstanding.

<sup>(2)</sup> Amount is less than $0.01 per share. 

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

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**SHENKMAN CAPITAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (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 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

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**SHENKMAN CAPITAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

generally accepted in the United States of America. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.

Investment income, expenses (other than those specific to the class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of a Fund based upon their relative net assets on the date income is earned or expensed and realized and unrealized gains and losses are incurred.

Each Fund is charged for those expenses that are directly attributable to that Fund, such as investment advisory, custody and transfer agent fees. Expenses that are not attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets. Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund's respective net assets, or by other equitable means.

**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, 2025, 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, 2025, the Floating Rate High Income Fund and the Short Duration High Income Fund had $411,625 and $0, respectively, in outstanding unfunded loan commitments.** 

**Events Subsequent to the Fiscal Period End – In preparing the financial statements as of March 31, 2025, 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.** 

**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.

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**SHENKMAN CAPITAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| 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 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, 2025, 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.** 

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**SHENKMAN CAPITAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

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 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, 2025:

**Floating Rate High Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans | $— | $242262294 | $— | $242262294  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 19774623 | 15031 | 19789654  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 7638300 |  |  | 7638300  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 14701275 |  |  | 14701275  |
| **Total Investments** | $22339575 | $262036917 | $15031 | $284391523 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**Short Duration High Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $1296859648 | $— | $1296859648  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 125219817 |  | 125219817  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds |  | 20213609 |  | 20213609  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 49036029 |  |  | 49036029  |
| **Total Investments** | $49036029 | $1442293074 | $— | $1491329103 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The following is a reconciliation of the Floating Rate High Income Fund's Level 3 investments for which significant unobservable inputs were used in determining fair value. The Short Duration High Income Fund did not hold Level 3 investments at March 31, 2025, and as such no reconciliation is presented.

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** | **Corporate Bonds**  |
| Beginning balance as of September 30, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Corporate actions | &nbsp;&nbsp;&nbsp;&nbsp; 15031  |
| Ending Balance as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $15031  |
| Change in unrealized appreciation / depreciation still held as of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

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**SHENKMAN CAPITAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

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, 2025, the Floating Rate High Income Fund and the Short Duration High Income Fund had derivative exposure of 4.60% and 1.81%, respectively, of each Fund's Net Asset Value. The exposure was due to unsettled bank loans held for more than 35 days.

**Accounting Pronouncements – 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 has determined that there was no significant impact of these amendments on the Funds' financial statements.** 

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, *Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848* ("ASU 2022-06). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management has worked with financial institutions and counterparties to modify contracts as required by applicable regulation and within regulatory deadlines.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Advisor, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

**NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

The Funds have an investment advisory agreement with the Advisor pursuant to which the Advisor is responsible for providing investment management services to each Fund. The Advisor furnishes all investment advice, office space and facilities, and provides most of the personnel needed by the Funds. As compensation for its services, the Advisor is entitled to a fee, computed daily and payable monthly, based upon the average daily net assets of the Funds at the annual rates of:

---

| | |
|:---|:---|
| **Floating Rate High Income Fund**  | 0.50%  |
| **Short Duration High Income Fund**  | 0.55% |

---

For the six months ended March 31, 2025, the Floating Rate High Income Fund and the Short Duration High Income Fund incurred $689,198 and $4,628,678, respectively, in advisory fees. Advisory fees payable to the Advisor at March 31, 2025 for the Floating Rate High Income Fund and the Short Duration High Income Fund were $76,371 and $695,000, respectively. The amounts shown on the statements of assets and liabilities are net amounts due to the Advisor.

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**SHENKMAN CAPITAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

Each Fund is responsible for its own operating expenses, including Rule 12b-1 fees, shareholder servicing plan fees, custodian fees, taxes, transfer agency fees, interest and other customary Fund expenses. However, the Advisor has contractually agreed to waive all or a portion of its management fees and pay Floating Rate High Income Fund and Short Duration High Income Fund expenses in order to limit each Fund's total annual operating expenses (excluding acquired fund fees and expenses, taxes, interest expense, dividends on securities sold short, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class-specific expenses) to the following amounts of the average daily net assets:

---

| | |
|:---|:---|
| **Floating Rate High Income Fund:** | 0.54% |
| **Short Duration High Income Fund:**  | 0.65% |

---

Any such reduction made by the Advisor in its fees or payment of expenses which are the Funds' obligation are subject to reimbursement by the Funds to the Advisor, if so requested by the Advisor, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Funds toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause a Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board review and approval. Such reimbursement may not be paid prior to the Funds' payment of current ordinary operating expenses. For the six months ended March 31, 2025, the Advisor reduced its fees in the amount of $237,685 for the Floating Rate High Income Fund and in the amount of $251,476 for the Short Duration High Income Fund. The Advisor may recapture portions of the amounts shown below no later than the corresponding dates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **9/30/2025** | **9/30/2026** | **9/30/2027** | **3/31/2028** | **Total**  |
| **Floating Rate High Income Fund** | $219915 | $464935 | $485445 | $237685 | $1407980  |
| **Short Duration High Income Fund** | 21601 | 49094 | 482885 | $251476 | 805056 |

---

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, 2025, 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 subsidiary of Foreside Financial Group, LLC, doing business as ACA Group ("ACA").

**NOTE 5 – DISTRIBUTION AGREEMENT AND PLAN** 

The Short Duration High Income Fund adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan"). The Plan permits the Short Duration High Income Fund to pay for distribution and related expenses at an annual rate of up to 0.25% of the average daily net assets of the Short Duration High Income Fund's Class A shares and up to 1.00% of the average daily net assets of the Short Duration High Income Fund's Class C shares. The expenses covered by the Plan may include the cost in connection with the promotion and distribution of shares and the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, and the printing and mailing of sales literature. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred. For the six months ended March 31, 2025, the Short Duration High Income Fund incurred distribution expenses on its Class A and Class C shares of $35,452 and $115,275, respectively.

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**SHENKMAN CAPITAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

**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, 2025, the Floating Rate High Income Fund's Class F shares incurred $802 in shareholder servicing fees. For the six months ended March 31, 2025, the Class A, Class C and Class F shares of the Short Duration High Income Fund incurred $7,009, $6,281 and $296,547, respectively, in shareholder servicing fees.

**NOTE 7 – PURCHASES AND SALES OF SECURITIES** 

For the six months ended March 31, 2025, 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** | $133221027 | $128567210  |
| **Short Duration High Income Fund** | 477590939 | 821928544 |

---

The Funds had no purchases or sales of U.S. government obligations during the six months ended March 31, 2025.

**NOTE 8 – LINES OF CREDIT** 

The Floating Rate High Income Fund has a secured line of credit in the amount of $40,000,000 or 20% of the market value or 33% of the fair value of the unencumbered assets of the Fund. The Short Duration High Income Fund has a secured line of credit in the amount of $150,000,000 or 20% of the market value or 33% of the fair value of the unencumbered assets of the Fund. These lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds' custodian, U.S. Bank N.A. During the six months ended March 31, 2025, the Floating Rate High Income Fund did not draw upon its line of credit. The Short Duration High Income Fund had an outstanding average day balance of $25,516, a weighted average interest rate of 7.50% and paid $968 in interest. The maximum amount outstanding for the Short Duration High Income Fund during the six months ended March 31, 2025 was $4,644,000. At March 31, 2025, neither of the Funds had any outstanding loan amounts.

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**SHENKMAN CAPITAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

**NOTE 9 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

As of September 30, 2024, the Funds' most recently completed fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Floating Rate**<br>**High Income Fund** | **Short Duration**<br>**High Income Fund**  |
| Cost of investments | &nbsp;&nbsp; $281938896 | $1794441502  |
| Gross unrealized appreciation | &nbsp;&nbsp; 2755572 | 27834956  |
| Gross unrealized depreciation | &nbsp;&nbsp; (3593570) | (4100830)  |
| Net unrealized appreciation/(depreciation) | &nbsp;&nbsp; (837998) | 23734126  |
| Undistributed ordinary income | &nbsp;&nbsp; 231106 | 4722090  |
| Total distributable earnings | &nbsp;&nbsp; 231106 | 4722090  |
| Other accumulated losses | &nbsp;&nbsp; (24378578) | (49468209)  |
| Total accumulated earnings/(losses) | &nbsp;&nbsp; $(24985470) | $(21011993) |

---

At September 30, 2024, the Funds' most recently completed fiscal year end, the Funds had tax basis capital losses to offset future gains as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Capital Loss Carryover** | **Capital Loss Carryover** | **Capital Loss Carryover** | **Capital Loss Carryover** |
|  | **Long-Term** | **Short-Term**  | **Total** | **Expiration Date**  |
| **Floating Rate High Income Fund** | $23049867 | $1155256 | $24205123 | No Expiration  |
| **Short Duration High Income Fund** | 32064595 | 12975004 | 45039599 | No Expiration |

---

The tax character of distributions paid during the six months ended March 31, 2025 and the year ended September 30, 2024 were as follows:

**Floating Rate High Income Fund** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024**  |
| Ordinary income | &nbsp;&nbsp; $10236556 | &nbsp;&nbsp;&nbsp; $22396275  |
| Total distributions paid | &nbsp;&nbsp; $10236556 | &nbsp;&nbsp;&nbsp; $22396275 |

---

**Short Duration High Income Fund** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024**  |
| Ordinary income | &nbsp;&nbsp; $48151461 | &nbsp;&nbsp; $106929252  |
| Total distributions paid | &nbsp;&nbsp; $48151461 | &nbsp;&nbsp; $106929252 |

---

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, 2024.

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**SHENKMAN CAPITAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

**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, 2025, the Funds' percentage of control ownership positions greater than 25% was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent of Shares Held**  |
| Floating Rate High Income Fund | National Financial Services LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.91%  |
| Short Duration High Income Fund | Merrill Lynch Pierce Fenner & Smith | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.57% |

---

**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 a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); deflation (or expectations for deflation); interest rates; global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition, the value of the Funds' investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities. 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.**

The effects of any future pandemic or other global event to public health and business and market conditions may have a significant negative impact on the performance of the Funds' investments, increase the Funds' volatility, exacerbate pre-existing political, social and economic risks to the Funds, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on the Funds' investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact the Funds will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

**High Yield Risk. Bonds and loans rated below BBB by S&P or Baa by Moody's (commonly referred to as "junk bonds or loans") typically carry higher coupon rates than investment grade bonds, but also are described as speculative by both S&P and Moody's and may be subject to greater market price fluctuations, less liquidity and greater risk of income or principal including greater possibility of default and bankruptcy of the issuer of such instruments than more highly rated bonds and loans. Lower-rated bonds and loans also are more likely to be sensitive to adverse economic or company developments and more subject to price fluctuations in response to changes in interest rates. The market for lower-rated debt issues generally is thinner and less active than that for higher quality instruments, which may limit a Fund's ability to sell such instruments at fair value in response to changes in the economy or financial markets. During periods of economic downturn or rising interest rates, highly leveraged issuers of lower- rated instruments may experience financial stress which could adversely affect their ability to make payments of interest and principal and increase the possibility of default.**

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**SHENKMAN CAPITAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

**Bank Loan Risk. A Fund's investments in assignments of secured and unsecured bank loans may create substantial risk. In making investments in such loans, which are made by banks or other financial intermediaries to borrowers, a Fund will depend primarily upon the creditworthiness of the borrower, whose financial condition may be troubled or highly leveraged, for payment of principal and interest. If a Fund does not receive scheduled interest or principal payments on such indebtedness, such Fund's share price could be adversely affected. A Fund may invest in loans that are rated by a nationally recognized statistical rating organization or are unrated, and may invest in loans of any credit quality, including "distressed" companies with respect to which there is a substantial risk of losing the entire amount invested. In addition, certain bank loans in which a Fund may invest may be illiquid and, therefore, difficult to value and/or sell at a price that is beneficial to the Fund. A Fund, as a participant in a loan, has no direct claim on the loan and would be a creditor of the lender, and not the borrower, in the event of a borrower's insolvency or default. Transactions in many loans settle on a delayed basis, and a Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale (i.e., more than seven days after the sale). As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund's redemption obligations until potentially a substantial period after the sale of 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.**

**Counterparty Risk. Each Fund may establish relationships to obtain financing and prime brokerage services that permit the Fund to trade in any variety of markets or asset classes over time. However, there can be no assurance that a Fund will be able to establish or maintain such relationships, which could prevent the Fund from trading at optimal rates and terms. Moreover, a disruption in the financing and prime brokerage services provided by any such relationships could have an impact on a Fund's business due to the Fund's reliance on such counterparties.**

When a Fund enters into a contract directly with dealer counterparties, the Fund is exposed to the risk that a counterparty will not settle a transaction in accordance with its terms because of a solvency or liquidity problem with the counterparty. Delays in settlement may also result from disputes over the terms of the contract (whether or not bona fide). In addition, each Fund may have a concentrated risk in a particular counterparty, which may mean that if such counterparty were to become insolvent or have a liquidity problem, losses would be greater than if the Fund had entered into contracts with multiple counterparties. If there is a default by a counterparty, a Fund under most normal circumstances will have contractual remedies pursuant to the agreements related to the transaction. However, exercising such contractual rights may involve delays or costs which could result in the net asset value of a Fund being less than if the Fund had not entered into the transaction. Furthermore, there is a risk that any of such counterparties could become insolvent and/or the subject of insolvency proceedings. In such case, the recovery of a Fund's collateral from such counterparty or the payment of claims therefor may be significantly delayed and the Fund may recover substantially less than the full value of the collateral entrusted to such counterparty. In addition, there are a number of proposed rules that, if they were to go into effect, may impact the laws that apply to insolvency proceeding and may impact whether a Fund may terminate its agreement with an insolvent counterparty.

**Credit Risk. A company may not be able to repay its debt. The Funds invest primarily in "high yield" securities and loans (*i.e.,* rated below Baa3 or BBB- by one or more nationally recognized statistical rating organizations or are unrated but are of comparable credit quality to obligations rated below investment-grade). High yield securities and loans have greater credit risk than more highly rated debt obligations and have a greater possibility that an adverse change in the financial condition of the issuer or the economy may impair the ability of the issuer to make payments of principal and interest. Bankruptcy and similar laws applicable to issuers of the high yield securities and loans may also limit the amount of a Fund's recovery if the issuer becomes insolvent. High yield securities and loans have historically experienced greater default rates than has been the case for investment-grade securities.**

**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, a Fund's access to collateral may be limited by bankruptcy or other insolvency laws. Further, certain floating rate loans may not be fully collateralized and may decline in value.**

**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** 

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**SHENKMAN CAPITAL FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

to decline. Although the value of each Fund's investments will vary, the fluctuations in value of a Fund's investments in floating rate instruments should be minimized as a result of changes in market interest rates. However, because floating rates on loans and other instruments only reset periodically, changes in prevailing interest rates can still be expected to cause some fluctuation in the value of a Fund.

Over the past several years, the Federal Reserve has maintained the level of interest rates at or near historic lows. However, more recently, interest rates have begun to increase as a result of action that has been taken by the Federal Reserve, which has raised, and may continue to raise, interest rates. If interest rates rise, a Fund's yield may not increase proportionately, and the maturities of fixed income securities that have the ability to be prepaid or called by the issuer may be extended. Changing interest rates may have unpredictable effects on the markets and a Fund's investments. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities. A Fund may be exposed to heightened interest rate risk as interest rates rise from historically low levels. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by a Fund.

**Investment Risk. Neither Fund is a complete investment program and you may lose money by investing in the Funds. Each Fund invests primarily in debt obligations issued by non-investment grade companies that may have significant risks as a result of business, financial, market or legal uncertainties. There can be no assurance that the Advisor will correctly evaluate the nature and magnitude of the various factors that could affect the value of, and return on, a Fund's investments. Prices of the investments held by the Funds may be volatile, and a variety of other factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of a Fund's activities and the value of its investments.**

**Liquidity Risk. Low or lack of trading volume may make it difficult to sell instruments held by the Funds at quoted market prices. The Funds' 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 a Fund may not be liquid in all circumstances so that, in volatile markets, the Advisor may not be able to close out a position without incurring a loss. The foregoing risks may be accentuated when the Funds are required to liquidate positions to meet withdrawal requests. Additionally, floating rate loans generally are subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Funds need to liquidate such loans. High yield bonds and loans generally trade only in the over-the-counter market rather than on an organized exchange and may be more difficult to purchase or sell at a fair price, which could have a negative impact on a Fund's performance.**

**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 risk and conversion value-related equity risk. Convertible bonds are similar to other fixed-income securities because they usually pay a fixed interest rate and are obligated to repay principal on a given date in the future. The market value of fixed-income securities tends to decline as interest rates increase. Convertible bonds are particularly sensitive to changes in interest rates when their conversion to equity feature is small relative to the interest and principal value of the bond. Convertible issuers may not be able to make principal and interest payments on the bond as they become due. Convertible bonds may also be subject to prepayment or redemption risk. If a convertible bond held by a Fund is called for redemption, the Fund will be required to surrender the security for redemption and convert it into the issuing company's common stock or cash at a time that may be unfavorable to the Fund. Convertible securities have characteristics similar to common stocks 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. Stock prices in general may decline over short or even extended periods of time. Market prices of equity securities in broad market segments may be adversely affected by a prominent issuer having experienced losses or by the lack of earnings or such an issuer's failure to meet the market's expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates. When a convertible bond's value is more closely tied to its conversion to stock feature, it is sensitive to the underlying stock's price.**

**Foreign Instruments Risk. Foreign companies may differ from domestic companies in the same industry. Foreign companies or entities are frequently not subject to accounting and financial reporting standards applicable to U.S. companies, and there may be less information available about foreign issuers. Securities of foreign issuers are generally less liquid and more volatile than those of comparable domestic issuers. Investment in foreign issuers includes** 

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**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

risks such as less social, political and economic stability; smaller securities markets and lower trading volume, which may result in less liquidity and greater price volatility; national policies that may restrict a Fund's' investment opportunities, including restrictions on investments in issuers or industries, or expropriation or confiscation of assets or property; less developed legal structures governing private or foreign investment; and the imposition of foreign exchange limitations (including currency blockage). The exchange rates between the U.S. dollar and foreign currencies might fluctuate, which could negatively affect the value of a Fund's investments.

**Management Risk. Each Fund is an actively managed portfolio. The Advisor's management practices and investment strategies might not work to produce the desired results. The success of a Fund is largely dependent upon the ability of the Advisor to manage the Fund and implement the Fund's investment program. If a Fund were to lose the services of the Advisor or its senior officers, the Fund may be adversely affected. Additionally, if a Fund or any of the other accounts managed by the 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 a Fund as it has in the past and continue operations.**

**Market Risk. The prices of some or all of the instruments in which the Funds invest may decline for a number of reasons, including in response to economic developments and perceptions about the creditworthiness of individual issuers. The success of each Fund's activities will be affected by general economic and market conditions, such as interest rates, availability of credit, credit defaults, inflation rates, commodity prices, economic uncertainty, changes in laws (including laws relating to taxation of each Fund's investments), trade barriers, currency exchange controls, and national and international political circumstances (including wars, terrorist acts or security operations). These factors may affect the level and volatility of the prices and the liquidity of each Fund's investments. Volatility or illiquidity could impair each Fund's profitability or result in losses. The Funds may maintain substantial trading positions that can be adversely affected by the level of volatility in the financial markets. There can be no assurance that what is perceived as an investment opportunity will not, in fact, result in substantial losses. There is more risk that prices will go down for investors investing over short time horizons.**

**Leverage Risk. Any event that adversely affects the value of an investment, either directly or indirectly would be magnified to the extent that leverage is used. The cumulative effect of the use of leverage, directly or indirectly, in a market that moves adversely to the investments of the entity employing leverage could result in a loss to a Fund that would be greater than if leverage were not employed. Additionally, any leverage obtained, if terminated on short notice by the lender, could result in a Fund being forced to unwind positions quickly and at prices below what the Fund deems to be fair value for the positions.**

**Preferred Stock Risk. The value of preferred stocks may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. 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. While most preferred stocks pay a dividend, the Funds may purchase preferred stock where the issuer has omitted, or is in danger of omitting, payment of its dividend.**

**Rule 144A Securities Risk. The market for Rule 144A securities typically is less active than the market for public securities. Rule 144A securities carry the risk that the trading market may not continue and the Funds might be unable to dispose of these securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemption requirements.**

**U.S. Government Obligations Risk. Securities issued by U.S. government agencies or government- sponsored entities may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association ("GNMA"), a wholly owned U.S. government corporation, is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or the Department of Veterans Affairs. U.S. government agencies or government-sponsored entities (*i.e*., not backed by the full faith and credit of the U.S. government) include the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. government. FHLMC guarantees the** 

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**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. government. If a government-sponsored entity is unable to meet its obligations, the performance of the Funds may be adversely impacted. U.S. government obligations are viewed as having minimal or no credit risk but are still subject to interest rate risk.

**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. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. If a Fund's asset base is small, a significant portion of the Fund's performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As a Fund's assets grow, the effect of the Fund's investments in IPOs on the Fund's performance probably will decline, which could reduce the Fund's performance. 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. The level of risk will be increased to the extent that a Fund has significant exposure to smaller capitalized or unseasoned companies (those with less than a three-year operating history).**

**When-Issued Instruments Risk. When-issued instruments involve the risk that the price or yield obtained in a transaction (and therefore the value of an instrument) may be less favorable than the price or yield (and therefore the value of an instrument) available in the market when the instruments' delivery takes place. In addition, when a Fund engages in when-issued transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in a Fund incurring a loss 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.** 

**Principal Risks of Investing in the Floating Rate Fund** 

**Collateralized Loan Obligations Risk. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Floating Rate Fund invests. Some CLOs have credit ratings, but are typically issued in various classes with various priorities. Normally, CLOs are privately offered and sold (that is, they are not registered under the securities laws) and may be characterized by the Fund as illiquid securities; however, an active dealer market may exist for CLOs that qualify for Rule 144A transactions. In addition to the normal interest rate, default and other risks of fixed-income securities, CLOs carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Fund may invest in CLOs that are subordinate to other classes, values may be volatile, and disputes with the issuer may produce unexpected investment results.**

**Covenant Lite Loan Risk. 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 provide fewer investor protections if certain criteria are breached. The Floating Rate Fund may experience losses or delays in enforcing its rights on its holdings of covenant lite loans.**

**Investment Company Risk. If the Floating Rate Fund invests in shares of another mutual fund, shareholders will indirectly bear fees and expenses charged by the underlying mutual funds in which the Fund invests in addition to the Fund's direct fees and expenses. The Fund also will incur brokerage costs when it purchases ETFs. Furthermore, investments in other mutual funds could affect the timing, amount and character of distributions to shareholders and therefore may increase the amount of taxes payable by investors in the Fund.**

**Zero Coupon Securities Risk. While interest payments are not made on such securities, holders of such securities are deemed to have received income ("phantom income") annually, notwithstanding that cash may not be received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This** 

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**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder's ability to reinvest at higher rates in the future. For this reason, 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 currently. Longer term zero coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. Zero coupon securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular intervals. Further, to maintain its qualification for pass-through treatment under the Federal tax laws, the Fund is required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to generate the cash to satisfy these distributions. The required distributions may result in an increase in the Fund's exposure to zero coupon securities. During a period of severe market conditions, the market for such securities may become even less liquid. In addition, as these securities do not pay cash interest, the Fund's investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Fund's portfolio.

**NOTE 12 – OFFICERS** 

Ms. Lillian Kabakali resigned as Secretary and Vice President of the Trust effective February 21, 2025. Ms. Elaine Richards was appointed Secretary and Vice President of the Trust effective February 21, 2025. Previously, Ms. Richards served as Assistant Secretary of the Trust.

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**Shenkman Capital Short Duration High Income Fund** 

**Shenkman Capital Floating Rate High Income Fund** 

**Approval of Investment Advisory Agreement (Unaudited)** 

At meetings held on October 17, 2024 and December 12-13, 2024, the Board (which is comprised of five 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 High Income Fund") and the Shenkman Capital Floating Rate High Income Fund (the "Floating Rate High Income 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:

&nbsp;&nbsp;&nbsp;&nbsp;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, valuation procedures, 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 compliance topics and fund marketing/distribution. 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.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Funds' historical performance and the overall performance of the Advisor . In assessing the quality of the portfolio management
 delivered by the Advisor, the Board reviewed the performance of each Fund as of June 30, 2024 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 High Income Fund: The Board noted that the Fund underperformed the Morningstar peer group average for the one-year period, outperformed for the three-, and five-year periods and performed at the average for the ten-year period, all periods ended June 30, 2024. The Board noted that the Fund underperformed the average of its Cohort for the one-, five- and ten-year periods and outperformed for the three-year period, all periods ended June 30, 2024. The Board also reviewed the performance of the Fund** 

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**Shenkman Capital Short Duration High Income Fund** 

**Shenkman Capital Floating Rate High Income Fund** 

**Approval of Investment Advisory Agreement (Unaudited)(Continued)** 

against broad-based securities market benchmarks, noting that it had outperformed its primary benchmark over the one-, three-, five, and ten-year periods ended June 30, 2024. The Board also considered that the Fund underperformed its secondary benchmark for the one-, three-, five-, and ten-year periods ended June 30, 2024.

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 outperformed the similarly managed account composite for the one-, three-, five-, and ten-year periods ended June 30, 2024.

**Floating Rate High Income Fund: The Board noted that the Fund underperformed the Morningstar peer group average for the one-year period, and outperformed for the three-, and five-year periods ended June 30, 2024. The Board also noted that the Fund underperformed the average of its Cohort for the one-, and three-year period and outperformed for the five-year period ended June 30, 2024. 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, 2024.** 

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 outperformed the similarly managed account composite for the one-year period, and underperformed for the three-, and five-year periods ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;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 applicable Morningstar peer
 group, 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 High Income 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 both the Fund's contractual management fee and net expense ratio were below the Cohort median and average. The Board also took into consideration the services the Advisor provides to its similarly managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund. The Board found that the management fees charged to the Fund were generally within the range of the fees charged to the Advisor's similarly managed account clients and that to the extent fees charged to the Fund were higher than for similarly managed accounts, it was largely a reflection of the nature of the client and services provided.** 

**Floating Rate High Income 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. The Board also took into consideration the services the Advisor provides to its similarly managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund. The Board found that the management fees charged to the Fund were generally within the range of the fees charged to the Advisor's similarly managed account clients and that to the extent fees charged to the Fund were higher than for similarly managed accounts, it was largely a reflection of the nature of the client and services provided.** 

The Board determined that it would continue to monitor the appropriateness of the advisory fees for the Funds and concluded that, at this time, the fees to be paid to the Adviser were fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;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

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Shenkman Capital Short Duration High Income Fund** 

**Shenkman Capital Floating Rate High Income Fund** 

**Approval of Investment Advisory Agreement (Unaudited)(Continued)** 

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.

&nbsp;&nbsp;&nbsp;&nbsp;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 High Income 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 High Income Fund and the Floating Rate High Income 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 High Income Fund and the Floating Rate High Income Fund would be in the best interest of each Fund and its shareholders.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**SHENKMAN CAPITAL FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)** 

**The below information is required disclosure from Form N-CSR**

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Refer to information provided within financial statements.

55<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and 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 (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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](scm-efp15826_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange
 Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not
 previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment
 companies.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](scm-efp15826_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) Advisors
 Series Trust

---

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

---

Date <u>6/5/25</u>

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

---

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

---

Date <u>6/5/25</u>

---

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

---

Date <u>6/6/25</u>

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

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jeffrey T. Rauman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advisors Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/5/25 | /s/ Jeffrey T. Rauman |
|  |  | Jeffrey T. Rauman |
|  |  | President/Chief Executive Officer/Principal Executive Officer Advisors Series Trust |

---

**<u>CERTIFICATIONS</u>**

I, Kevin J. Hayden, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advisors Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/6/25 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden |
|  |  | Vice President/Treasurer/Principal Financial Officer Advisors Series Trust |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisors Series Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Advisors Series Trust for the period ended March 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisors Series Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Jeffrey T. Rauman<br>| /s/ Kevin J. Hayden |
| Jeffrey T. Rauman<br>| Kevin J. Hayden |
| President/Chief Executive Officer/Principal Executive Officer Advisors Series Trust | Vice President/Treasurer/Principal Financial Officer Advisors Series Trust |

---

Dated: <u>6/5/25</u> Dated: <u> 6/6/25</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Advisors Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.