Average Annual Returns as of 07/31/2019
|3 Months||YTD||1 Year||3 Year||5 Year||Since Inception*|
|Credit Opportunities Fund – Institutional||3.22%||7.52%||8.37%||4.07%||N/A||4.18%|
|Credit Opportunities Fund – Supra Institutional||3.24%||7.56%||8.42%||4.12%||4.13%||4.78%|
|Credit Opportunities Fund – Class A With Load||-1.20%||2.92%||3.57%||N/A||N/A||2.26%|
|Credit Opportunities Fund – Class A Without Load||3.18%||7.44%||8.13%||N/A||N/A||3.79%|
*Since Inception Dates: Institutional: 10/14/14 Supra Institutional: 1/3/13 Class A:8/31/16
Institutional Gross Expense Ratio: 0.83% Net Expense Ratio**: 0.63%
Supra Institutional Gross Expense Ratio: 0.80% Net Expense Ratio**: 0.60%
Class A Gross Expense Ratio: 1.10% Net Expense Ratio**: 0.91%
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns for the Class A shares with sales charge reflect a maximum sales charge of 4.25%. Performance for the Class A shares without sales charges do not reflect these loads. If they had, total returns would be reduced. Fund performance current to the most recent month-end may be obtained by calling 1-855-Muzinich (689-4642) and pressing “0” to speak to a customer service representative.
The Fund may impose a 1.00% redemption fee on shares held for less than 90 days. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced.
**NET RATIO: The Advisor has contractually agreed to waive its fees and reimburse certain expenses through April 30, 2020. EXPENSE CAP: In addition, the Advisor has agreed to limit Total Annual Operating Expenses (excluding taxes, leverage interest, interest on short positions, portfolio transaction expenses, as well as acquired fund fees and expenses if there are any) for the Supra Institutional Shares to 0.60%, the Institutional Shares to 0.70% and the Class A Shares to 0.95% of the Credit Opportunities Fund’s average daily net assets through April 30, 2020. Net expense ratios are as of a fund’s most recent prospectus and were applicable to investors.