Shenkman High Income Fund USD Class A (Institutional) Accumulating Shares

The Shenkman High Income Fund (the “Fund”) seeks to achieve maximum total return (i.e., current income and capital appreciation). The Fund invests primarily (at least 80% of its net asset value) in fixed income high yield securities (i.e., corporate bonds rated below BBB-/Baa3 by a ratings agency). A ratings agency gives a below investment grade rating when it believes there is a relatively high risk that the issuer of the bond will not be able to make payments when due under the bond. The majority of the Fund’s investments are issued by U.S. companies and designated in U.S. dollars. The Fund may also invest up to 20% of its net asset value in fixed income high yield securities of non-U.S. issuers (other than emerging markets) or fixed income high yield securities designated in currencies other than U.S. dollars. An emerging market country is considered to have social or business activities in the process of rapid growth. The Fund may hold fixed income securities (i.e., corporate bonds) of any quality, any of which may be of low, medium or high exposure to fluctuations in the market, and may also invest in fixed income securities that are not rated or that are rated BBB-/Baa3 or above (i.e., investment grade rated). A ratings agency gives an investment grade rating when it believes there is a relatively low risk that the issuer of bonds will be unable to make payments when due under the bond. Recommendation: The Fund may not be appropriate for investors who plan to withdraw their money within 3 to 5 years. Income earned from the Fund’s investments is distributed to investors in this share class on a quarterly basis. You can sell your shares on each working day (generally each working day on which banks are open in Ireland and on which the New York Stock Exchange is open). For more information about the Fund’s objectives and investment policies, see “Investment Objectives and Policies of the Funds” in the Fund’s prospectus.