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The SHENKMAN Funds are offered only to United States Residents, and information on this web site is intended only for such persons. Nothing on this website should be considered a solicitation to buy or an offer to sell shares of any SHENKMAN Funds in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.Mutual fund investing involves risk. Principal loss is possible. There can be no assurance that the Fund will achieve its stated objectives. In addition to the normal risks associated with investing, bonds, bank loans and the funds that invest in them are subject to interest rate risk and can be expected to decline in value as interest rates rise. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may invest in foreign securities that involve political, economic and currency risks, greater volatility and differences in accounting methods. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Leverage may cause the effect of an increase or decrease in the value of the portfolio securities to be magnified and the fund to be more volatile than if leverage was not used. The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing.© 2016 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ (based on a Morningstar Risk Adjusted Return measure that accounts for variation in a fund’s monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Shenkman Short Duration High Income Fund Class I received 4 stars among 646 high yield bond funds for the three-year period ending 3/31/2016.