Muzinich Europeyield Fund Hedged Euro Accumulation A Units

The Fund seeks to generate attractive returns and protect capital. The investment manager seeks to meet its objective through the careful selection of publicly traded debt securities issued primarily by European and European currency-denominated North American corporate borrowers that, at the time of purchase, have primarily a Moody’s or Standard & Poor’s or equivalent rating of at least B3/B-, but typically less than A. The Fund primarily invests in publicly traded debt securities (including notes, such as floating rate short-term and medium-term notes, Contingent Convertible Securities and bonds) of European corporate borrowers and European currency denominated debt securities of North American corporate borrowers generally traded on Recognised Exchanges in Europe. Such bonds will be rated by Moody’s/Standard & Poor’s (or as deemed equivalent by the Investment Manager) at least B3/B-, but typically less than A.