Muzinich ShortDurationHighYield Fund Hedged Euro Accumulation R Units/  IE00B3MB7B14  /

The Fund seeks to protect capital and generate attractive returns which exceed those available from similar duration Benchmark Government Bonds. The Muzinich ShortDurationHighYield Fund invests primarily in high yield (sub investment grade) corporate bonds, with short maturities or short duration-to-worst. Duration-to-worst denotes how sensitive a bond is to changes in the general interest rate environment with shorter durations denoting less sensitivity. It is calculated assuming a bond will be repaid at the date most advantageous to the issuer even if that occurs before the bond's stated maturity date. These bonds, which are mainly priced in US Dollars, are issued primarily by North American companies. In order to control risk, the portfolio is well-diversified across more than 100 bond issuers and 20 industries. The Investment Manager may use derivatives to hedge investments in the Fund's securities and their related assets, markets and currencies. Derivatives are financial instruments whose value is linked to the price of an underlying asset.

The Fund seeks to protect capital and generate attractive returns which exceed those available from similar duration Benchmark Government Bonds.