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style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">semi-annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Shenkman Capital Floating Rate High Income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Fund for the period of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">October 1, 2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">March 31, 2026. </span> semi-annual shareholder report <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://www.shenkmancapital.com/strategies#mutual_funds_floating_rate</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You can also request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1-855-743-6562</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span> https://www.shenkmancapital.com/strategies#mutual_funds_floating_rate 1-855-743-6562 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(based on a hypothetical $10,000 investment)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #E6FAFF;border-left:1.5pt solid #E6FAFF; border-right:1.5pt solid #E6FAFF; border-bottom:1.5pt solid #E6FAFF; margin-left:7.9pt;"> <tr style="height:1px;"> <td style="height:1px;width:50%;background-color:#E6FAFF;"></td> <td style="height:1px;width:22.33812949640288%;background-color:#E6FAFF;"></td> <td style="height:1px;width:27.661870503597125%;background-color:#E6FAFF;"></td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Class Name</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs of a $10,000 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>investment</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs paid as a percentage of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>a $10,000 investment</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>*</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class F</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$28</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.56%</span></div> </td> </tr> </table></div> 28 0.0056 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.41007194244604%;"></td> <td style="height:1px;width:25.58992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Assets</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$275,411,812</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Number of Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">390</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">40%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Average Credit Quality</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">B1 / BB-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">*</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Weighted Average Maturity</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">4.47 years</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>30-Day SEC Yield</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">8.11%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>30-Day SEC Yield Unsubsidized</b></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">7.93%</span></div> </td> </tr> </table></div> 275411812 390 0.40 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>WHAT DID THE FUND INVEST IN? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:8.25pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:81.23020257826887%;"></td> <td style="height:1px;width:18.769797421731123%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Invesco Senior Loan ETF</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">First American Government Obligations Fund </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">- Class X</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.6%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Delivery Hero Finco LLC</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.0%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Grifols Worldwide Operations USA, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.9%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cincinnati Bell, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">McAfee Corp.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Central Parent LLC</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Asurion LLC</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cirque Du Soleil Holding USA Newco, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">IRB Holding Corp.</span></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:0pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:81.23020257826887%;"></td> <td style="height:1px;width:18.769797421731123%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Security Type</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Bank Loans</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">87.3%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Exchange Traded Funds</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.1%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Corporate Bonds</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.1%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Money Market Funds</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.6%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Common Stocks</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.0%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cash &amp; Other</span></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-2.1%</span></div> </td> </tr> </table></div> 0.048 0.046 0.010 0.009 0.008 0.008 0.008 0.007 0.007 0.007 0.873 0.051 0.051 0.046 0.000 -0.021 https://www.shenkmancapital.com/strategies#mutual_funds_floating_rate Shenkman Capital Floating Rate High Income Fund Institutional Class SFHIX 2026-03-31 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">semi-annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Shenkman Capital Floating Rate High Income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Fund for the period of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">October 1, 2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">March 31, 2026. </span> semi-annual shareholder report <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://www.shenkmancapital.com/strategies#mutual_funds_floating_rate</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You can also request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1-855-743-6562</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span> https://www.shenkmancapital.com/strategies#mutual_funds_floating_rate 1-855-743-6562 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(based on a hypothetical $10,000 investment)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #E6FAFF;border-left:1.5pt solid #E6FAFF; border-right:1.5pt solid #E6FAFF; border-bottom:1.5pt solid #E6FAFF; margin-left:7.9pt;"> <tr style="height:1px;"> <td style="height:1px;width:50%;background-color:#E6FAFF;"></td> <td style="height:1px;width:22.33812949640288%;background-color:#E6FAFF;"></td> <td style="height:1px;width:27.661870503597125%;background-color:#E6FAFF;"></td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Class Name</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs of a $10,000 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>investment</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs paid as a percentage of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>a $10,000 investment</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>*</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Institutional Class</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$27</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.54%</span></div> </td> </tr> </table></div> 27 0.0054 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.41007194244604%;"></td> <td style="height:1px;width:25.58992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Assets</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$275,411,812</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Number of Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">390</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">40%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Average Credit Quality</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">B1 / BB-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">*</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Weighted Average Maturity</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">4.47 years</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>30-Day SEC Yield</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">8.15%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>30-Day SEC Yield Unsubsidized</b></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">7.97%</span></div> </td> </tr> </table></div> 275411812 390 0.40 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>WHAT DID THE FUND INVEST IN? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:8.25pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:81.23020257826887%;"></td> <td style="height:1px;width:18.769797421731123%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Invesco Senior Loan ETF</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">First American Government Obligations Fund </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">- Class X</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.6%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Delivery Hero Finco LLC</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.0%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Grifols Worldwide Operations USA, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.9%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cincinnati Bell, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">McAfee Corp.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Central Parent LLC</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Asurion LLC</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cirque Du Soleil Holding USA Newco, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">IRB Holding Corp.</span></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:0pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:81.23020257826887%;"></td> <td style="height:1px;width:18.769797421731123%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Security Type</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Bank Loans</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">87.3%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Exchange Traded Funds</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.1%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Corporate Bonds</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.1%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Money Market Funds</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.6%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Common Stocks</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.0%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cash &amp; Other</span></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-2.1%</span></div> </td> </tr> </table></div> 0.048 0.046 0.010 0.009 0.008 0.008 0.008 0.007 0.007 0.007 0.873 0.051 0.051 0.046 0.000 -0.021 https://www.shenkmancapital.com/strategies#mutual_funds_floating_rate Shenkman Capital Short Duration High Income Fund Class A SCFAX 2026-03-31 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">semi-annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Shenkman Capital Short Duration High Income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Fund for the period of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">October 1, 2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">March 31, 2026. </span> semi-annual shareholder report <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://www.shenkmancapital.com/strategies#mutual_funds_short_duration</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You can also request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1-855-743-6562</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span> https://www.shenkmancapital.com/strategies#mutual_funds_short_duration 1-855-743-6562 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(based on a hypothetical $10,000 investment)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #E6FAFF;border-left:1.5pt solid #E6FAFF; border-right:1.5pt solid #E6FAFF; border-bottom:1.5pt solid #E6FAFF; margin-left:7.9pt;"> <tr style="height:1px;"> <td style="height:1px;width:50%;background-color:#E6FAFF;"></td> <td style="height:1px;width:22.33812949640288%;background-color:#E6FAFF;"></td> <td style="height:1px;width:27.661870503597125%;background-color:#E6FAFF;"></td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Class Name</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs of a $10,000 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>investment</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs paid as a percentage of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>a $10,000 investment</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>*</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class A</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$48</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.95%</span></div> </td> </tr> </table></div> 48 0.0095 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.41007194244604%;"></td> <td style="height:1px;width:25.58992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Assets</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$2,107,993,398</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Number of Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">392</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">29%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Average Credit Quality</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">B1 / BB-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">*</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Weighted Average Maturity</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">2.88 years</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Effective Duration</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">1.60 years</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>30-Day SEC Yield</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">4.85%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>30-Day SEC Yield Unsubsidized</b></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">4.85%</span></div> </td> </tr> </table></div> 2107993398 392 0.29 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>WHAT DID THE FUND INVEST IN? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:8.25pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:81.23020257826887%;"></td> <td style="height:1px;width:18.769797421731123%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">LifePoint Health, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.0%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">HUB International Ltd.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.9%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Outfront Media Capital LLC / Outfront Media </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Capital Corp.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">IQVIA, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">First American Government Obligations Fund </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">- Class X</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">TransDigm, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Light &amp; Wonder International, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">SS&amp;C Technologies, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Allison Transmission, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">EMRLD Borrower LP / Emerald Co.-Issuer, Inc.</span></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:0pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:81.23020257826887%;"></td> <td style="height:1px;width:18.769797421731123%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Security Type</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Corporate Bonds</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">91.4%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Bank Loans</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.6%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Money Market Funds</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Convertible Bonds</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.6%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cash &amp; Other</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.6%</span></div> </td> </tr> </table></div> 0.010 0.009 0.008 0.008 0.008 0.007 0.007 0.007 0.007 0.007 0.914 0.056 0.008 0.006 0.016 https://www.shenkmancapital.com/strategies#mutual_funds_short_duration Shenkman Capital Short Duration High Income Fund Class C SCFCX 2026-03-31 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">semi-annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Shenkman Capital Short Duration High Income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Fund for the period of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">October 1, 2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">March 31, 2026. </span> semi-annual shareholder report <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://www.shenkmancapital.com/strategies#mutual_funds_short_duration</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You can also request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1-855-743-6562</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span> https://www.shenkmancapital.com/strategies#mutual_funds_short_duration 1-855-743-6562 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(based on a hypothetical $10,000 investment)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #E6FAFF;border-left:1.5pt solid #E6FAFF; border-right:1.5pt solid #E6FAFF; border-bottom:1.5pt solid #E6FAFF; margin-left:7.9pt;"> <tr style="height:1px;"> <td style="height:1px;width:50%;background-color:#E6FAFF;"></td> <td style="height:1px;width:22.33812949640288%;background-color:#E6FAFF;"></td> <td style="height:1px;width:27.661870503597125%;background-color:#E6FAFF;"></td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Class Name</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs of a $10,000 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>investment</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs paid as a percentage of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>a $10,000 investment</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>*</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class C</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$85</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.70%</span></div> </td> </tr> </table></div> 85 0.0170 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.41007194244604%;"></td> <td style="height:1px;width:25.58992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Assets</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$2,107,993,398</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Number of Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">392</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">29%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Average Credit Quality</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">B1 / BB-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">*</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Weighted Average Maturity</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">2.88 years</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Effective Duration</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">1.60 years</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>30-Day SEC Yield</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">4.21%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>30-Day SEC Yield Unsubsidized</b></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">4.21%</span></div> </td> </tr> </table></div> 2107993398 392 0.29 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>WHAT DID THE FUND INVEST IN? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:8.25pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:81.23020257826887%;"></td> <td style="height:1px;width:18.769797421731123%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">LifePoint Health, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.0%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">HUB International Ltd.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.9%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Outfront Media Capital LLC / Outfront Media </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Capital Corp.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">IQVIA, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">First American Government Obligations Fund </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">- Class X</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">TransDigm, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Light &amp; Wonder International, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">SS&amp;C Technologies, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Allison Transmission, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">EMRLD Borrower LP / Emerald Co.-Issuer, Inc.</span></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:0pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:81.23020257826887%;"></td> <td style="height:1px;width:18.769797421731123%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Security Type</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Corporate Bonds</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">91.4%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Bank Loans</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.6%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Money Market Funds</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Convertible Bonds</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.6%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cash &amp; Other</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.6%</span></div> </td> </tr> </table></div> 0.010 0.009 0.008 0.008 0.008 0.007 0.007 0.007 0.007 0.007 0.914 0.056 0.008 0.006 0.016 https://www.shenkmancapital.com/strategies#mutual_funds_short_duration Shenkman Capital Short Duration High Income Fund Class F SCFFX 2026-03-31 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">semi-annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Shenkman Capital Short Duration High Income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Fund for the period of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">October 1, 2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">March 31, 2026. </span> semi-annual shareholder report <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://www.shenkmancapital.com/strategies#mutual_funds_short_duration</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You can also request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1-855-743-6562</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span> https://www.shenkmancapital.com/strategies#mutual_funds_short_duration 1-855-743-6562 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(based on a hypothetical $10,000 investment)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #E6FAFF;border-left:1.5pt solid #E6FAFF; border-right:1.5pt solid #E6FAFF; border-bottom:1.5pt solid #E6FAFF; margin-left:7.9pt;"> <tr style="height:1px;"> <td style="height:1px;width:50%;background-color:#E6FAFF;"></td> <td style="height:1px;width:22.33812949640288%;background-color:#E6FAFF;"></td> <td style="height:1px;width:27.661870503597125%;background-color:#E6FAFF;"></td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Class Name</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs of a $10,000 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>investment</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs paid as a percentage of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>a $10,000 investment</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>*</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class F</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$37</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.73%</span></div> </td> </tr> </table></div> 37 0.0073 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.41007194244604%;"></td> <td style="height:1px;width:25.58992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Assets</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$2,107,993,398</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Number of Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">392</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">29%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Average Credit Quality</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">B1 / BB-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">*</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Weighted Average Maturity</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">2.88 years</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Effective Duration</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">1.60 years</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>30-Day SEC Yield</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">5.25%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>30-Day SEC Yield Unsubsidized</b></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">5.25%</span></div> </td> </tr> </table></div> 2107993398 392 0.29 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>WHAT DID THE FUND INVEST IN? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:8.25pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:81.23020257826887%;"></td> <td style="height:1px;width:18.769797421731123%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">LifePoint Health, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.0%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">HUB International Ltd.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.9%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Outfront Media Capital LLC / Outfront Media </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Capital Corp.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">IQVIA, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">First American Government Obligations Fund </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">- Class X</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">TransDigm, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Light &amp; Wonder International, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">SS&amp;C Technologies, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Allison Transmission, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">EMRLD Borrower LP / Emerald Co.-Issuer, Inc.</span></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:0pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:81.23020257826887%;"></td> <td style="height:1px;width:18.769797421731123%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Security Type</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Corporate Bonds</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">91.4%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Bank Loans</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.6%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Money Market Funds</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Convertible Bonds</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.6%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cash &amp; Other</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.6%</span></div> </td> </tr> </table></div> 0.010 0.009 0.008 0.008 0.008 0.007 0.007 0.007 0.007 0.007 0.914 0.056 0.008 0.006 0.016 https://www.shenkmancapital.com/strategies#mutual_funds_short_duration Shenkman Capital Short Duration High Income Fund Institutional Class SCFIX 2026-03-31 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">semi-annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Shenkman Capital Short Duration High Income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Fund for the period of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">October 1, 2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">March 31, 2026. </span> semi-annual shareholder report <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://www.shenkmancapital.com/strategies#mutual_funds_short_duration</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You can also request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1-855-743-6562</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span> https://www.shenkmancapital.com/strategies#mutual_funds_short_duration 1-855-743-6562 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(based on a hypothetical $10,000 investment)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #E6FAFF;border-left:1.5pt solid #E6FAFF; border-right:1.5pt solid #E6FAFF; border-bottom:1.5pt solid #E6FAFF; margin-left:7.9pt;"> <tr style="height:1px;"> <td style="height:1px;width:50%;background-color:#E6FAFF;"></td> <td style="height:1px;width:22.33812949640288%;background-color:#E6FAFF;"></td> <td style="height:1px;width:27.661870503597125%;background-color:#E6FAFF;"></td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Class Name</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs of a $10,000 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>investment</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs paid as a percentage of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>a $10,000 investment</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>*</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Institutional Class</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$33</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.65%</span></div> </td> </tr> </table></div> 33 0.0065 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.41007194244604%;"></td> <td style="height:1px;width:25.58992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Assets</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$2,107,993,398</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Number of Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">392</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">29%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Average Credit Quality</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">B1 / BB-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">*</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Weighted Average Maturity</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">2.88 years</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Effective Duration</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">1.60 years</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>30-Day SEC Yield</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">5.35%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>30-Day SEC Yield Unsubsidized</b></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">5.34%</span></div> </td> </tr> </table></div> 2107993398 392 0.29 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#00518A;;"><b>WHAT DID THE FUND INVEST IN? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">March 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:8.25pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:81.23020257826887%;"></td> <td style="height:1px;width:18.769797421731123%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">LifePoint Health, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.0%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">HUB International Ltd.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.9%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Outfront Media Capital LLC / Outfront Media </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Capital Corp.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">IQVIA, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">First American Government Obligations Fund </span></span><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">- Class X</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">TransDigm, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Light &amp; Wonder International, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">SS&amp;C Technologies, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Allison Transmission, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">EMRLD Borrower LP / Emerald Co.-Issuer, Inc.</span></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.7%</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:0pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:81.23020257826887%;"></td> <td style="height:1px;width:18.769797421731123%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Security Type</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Corporate Bonds</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">91.4%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Bank Loans</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.6%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Money Market Funds</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.8%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Convertible Bonds</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.6%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cash &amp; Other</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.6%</span></div> </td> </tr> </table></div> 0.010 0.009 0.008 0.008 0.008 0.007 0.007 0.007 0.007 0.007 0.914 0.056 0.008 0.006 0.016 https://www.shenkmancapital.com/strategies#mutual_funds_short_duration *Annualized *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. *Annualized *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. *Annualized *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. *Annualized *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. *Annualized *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. *Annualized *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.