Performance

Average Annual Returns as of 03/31/2022

3 Months YTD 1 Year 3 Year 5 Year Since Inception*
Credit Opportunities Fund – Institutional -3.50% -3.50% -2.10% 3.44% 3.50% 3.54%
Credit Opportunities Fund – Supra Institutional -3.55% -3.55% -1.99% 3.52% 3.56% 4.11%

*Since Inception Dates: Institutional: 10/14/14 Supra Institutional: 1/3/13

Institutional Gross Expense Ratio: 0.85% Net Expense Ratio**: 0.67%
Supra Institutional Gross Expense Ratio: 0.77% Net Expense Ratio**: 0.60%

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. 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, 2023. EXPENSE CAP: In addition, the Advisor has agreed to limit Total Annual Operating Expenses (excluding taxes, interest expenses, interest on short positions, portfolio transaction expenses, acquired fund fees and expenses, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class specific expenses) to 0.60% of the Credit Opportunities Fund’s average daily net assets through April 30, 2023. Net expense ratios are as of a fund’s most recent prospectus and were applicable to investors.