The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI,

Inc. and Standard & Poor's Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has

been licensed for use by Shenkman Capital Management, Inc.  Industries presented are at the discretion

of Shenkman Capital Management, Inc. and therefore may not follow the exact naming convention prescribed by GICS.

Shenkman Capital Floating Rate High Income Fund

Summary of Fair Value Disclosure at December 31, 2020 (Unaudited)

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis.  Accounting

principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes

inputs to valuation methods.  The three levels of inputs are:

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities that the

Fund has the ability to access.

Level 2 –

Observable inputs other than quoted prices included in Level 1 that are observable for

the asset or liability, either directly or indirectly.  These inputs may include quoted prices

for the identical instrument on an inactive market, prices for similar instruments, interest

rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 –

Unobservable inputs for the asset or liability, to the extent relevant observable inputs

are not available, representing the Fund's own assumptions about the assumptions a market

participant would use in valuing the asset or liability, and would be based on the best

information available.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2020:

Shenkman Capital Floating Rate High Income Fund

Level 1

Level 2

Level 3

Total

Fixed Income

   Bank Loans

$

-

$

223,991,971

$

-

$

223,991,971

   Corporate Bonds

-

35,450,558

-

35,450,558

Total Fixed Income

-

259,442,529

-

259,442,529

Equities

Information

73,570

-

507,319

580,889

Mining, Quarrying, and Oil and Gas Extraction

269,115

-

-

269,115

Total Equities

342,685

-

507,319

850,004

Warrant

31,658

-

-

31,658

Money Market Fund

26,189,268

-

-

26,189,268

Total Investments

$

26,563,611

$

259,442,529

$

507,319

$

286,513,459

Refer to the Fund's schedule of investments for a detailed break-out of holdings by industry classification.

Shenkman Capital Floating Rate High Income Fund

Level 3 Reconciliation Disclosure

Equities

Total

Balance as of September 30, 2020

$

2,560

$

2,560

Purchases

312,053

312,053

Change in unrealized appreciation

192,706

192,706

Balance as of December 31, 2020

$

507,319

$

507,319

Change in unrealized appreciation during the period for

Level 3 investments held at December 31, 2020

The Level 3 investments as of December 31, 2020 represented 0.18% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.