Company Press Release

SHENKMAN CAPITAL MANAGEMENT, INC. Launches the Shenkman Short Duration High Income Fund

New York, NY October 31, 2012 – SHENKMAN CAPITAL MANAGEMENT, INC., one of the largest independent managers of high yield assets in the United States, today announced the launch of the Shenkman Short Duration High Income Fund. The new fund commenced operations today and is the first U.S. mutual fund sponsored by Shenkman Capital.

The new mutual fund will invest in a diversified portfolio of corporate bonds and other obligations issued by non-investment grade rated (“high yield”) companies. The Fund will primarily invest in securities that have short durations (i.e., typically three years or less). The ticker symbols are SCFIX and SCFAX.

“We are excited to offer the Shenkman Short Duration High Income Fund as a potential solution to the dual challenges confronting investors today, namely ultra low interest rates and price volatility,” said Mark R. Shenkman, Shenkman Capital’s President and Chief Investment Officer. “We believe our core philosophy of seeking capital preservation and compounding interest income is well suited for this fund and the market environment,” he said.

Nicholas Sarchese, Senior Vice President of Shenkman Capital, will be the dayto-day portfolio manager to the fund. Mr. Sarchese will have the resources of Shenkman Capital’s 15-member Credit Research team to ferret out suitable investments for the fund. “Shenkman Capital’s rigorous, bottom-up, fundamental credit research helps to identify opportunities within the higher quality, shorter duration segment of the market,” he said.

About Shenkman Capital

Shenkman Capital is an independent investment management firm, founded and registered as an investment adviser with the SEC in July, 1985. Since its founding over 27 years ago, Shenkman Capital has dedicated its investment management services exclusively to the leveraged finance markets. As an early participant in the asset class, it has earned a reputation as a pioneer and a prudent practitioner of comprehensive credit research analytics. Shenkman Capital manages assets for a predominantly institutional client base and has offices in New York, NY, Stamford, CT, and London, UK.

Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer- term debt securities. Investment by the Fund in lower-rated, non-rated, and unsecured securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may invest in foreign securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. In order to achieve its investment objectives, the Fund may use derivatives. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments.

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and may be obtained by calling 1-855-SHENKMAN (1-855-743-6562). Read carefully before investing.

Diversification does not assure a profit nor protect against loss in a declining market.

Duration is a measure of the sensitivity of the price (the value of principal) of a fixed- income investment to a change in interest rates. Duration is expressed as a number of years.

The Securities and Exchange Commission (SEC) does not approve or disapprove of any firm or investment.

Shenkman Capital Management, Inc. is the Advisor to the Shenkman Short Duration High Income Fund, which is distributed by Quasar Distributors, LLC.