The Fund follows a flexible, “go-anywhere” strategy within the credit markets, designed to provide income and capital appreciation over time. Under normal market conditions, the Fund invests at least 80% of its net assets in fixed or floating rate income-producing instruments, with a primary emphasis on corporate bonds and syndicated loans—including floating rate loans—issued by U.S. and international companies. These investments are selected based on the Team’s assessment of attractive risk/reward characteristics.
While the Fund is actively positioned to take advantage of opportunities across global credit markets, it also has the ability to take a defensive stance. In periods of heightened market stress, the Fund may shift its allocation toward cash or more conservative fixed income instruments, such as U.S. Government securities, in an effort to preserve capital.
Institutional Gross Expense Ratio: 0.89% Net Expense Ratio**: 0.67%
Supra Institutional Gross Expense Ratio: 0.82% 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, 2026. 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, shareholder servicing fees and any other class specific expenses) to 0.60% of the Dynamic Income Fund’s average daily net assets through April 30, 2026. Net expense ratios are as of a fund’s most recent prospectus and were applicable to investors.
