Muzinich Mutual Funds

Mutual US Funds

Credit Opportunities Fund

The Muzinich Credit Opportunities Fund (the “Fund”) is a tactical strategy that typically invests at least 80% of its net assets in corporate bonds and floating rate loans that the Advisor believes have attractive risk/reward characteristics and which are issued by U.S. and foreign corporations. The Credit Opportunities Fund seeks to provide a high level of income and capital appreciation.

Mutual US Funds

Muzinich Flexible U.S. High Yield Income Fund

The Muzinich Flexible U.S. High Yield Income Fund (the “Fund”) typically invests at least 80% of its net assets in below investment grade debt of U.S. corporations. The Fund’s portfolio is typically well-diversified with below investment grade bonds issued by U.S. corporations that the Advisor believes have attractive risk/reward characteristics. The Fund typically focuses on bonds rated BB+ to B- by Standard & Poor’s or Ba1 to B3 by Moody’s, or which are deemed equivalent by the Advisor. The Fund may invest up to 20% of its net assets in foreign securities, of which 10% may include securities in emerging market countries. The Fund may also invest up to 20% of its net assets in floating rate loans.

Mutual US Funds

Low Duration Fund

The Muzinich Low Duration Fund (the “Fund”) typically invests at least 80% of the Fund’s net assets in a well-diversified portfolio of corporate bonds and senior loans, including floating rate loans. Like bonds, senior loans represent amounts borrowed by companies or other entities. Investments are primarily made in securities domiciled in or with principal business in developed markets, both outside the US and within the US. The Fund may have a majority of its assets in foreign securities, with permitted-currency emerging market exposure not to exceed 20% of the Fund’s assets. The permitted currencies of the Fund’s securities are USD, EUR, CHF, and GBP.