Muzinich EmergingMarketsShortDuration Fund Hedged GBP Accumulation S Units/  IE00BCCW0P20  /

The Fund seeks to protect capital and generate attractive returns which exceed those available from similar duration Benchmark Government Bonds. The portfolio is well-diversified. 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 Muzinch EmergingMarketsShortDuration Fund invests primarily in bonds (securities that represent an obligation to repay a debt along with interest) 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 can be both high yield (sub investment grade) and investment grade bonds issued by borrowers registered in or doing business mainly in emerging markets in Asia, Africa, Latin America and certain parts of Europe. The Fund is actively managed and run on an entirely discretionary basis. The Fund is not managed in reference to any benchmark. The net income will be reinvested in the Fund on behalf of investors. The Manager endeavours to reduce currency risk this unit class could face from assets held in currencies different from the unit class currency. For this purpose, the Manager may utilize derivatives such as currency forward contracts which lock in a future price for buying or selling currency.

The Fund seeks to protect capital and generate attractive returns which exceed those available from similar duration Benchmark Government Bonds. The portfolio is well-diversified. 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 Muzinch EmergingMarketsShortDuration Fund invests primarily in bonds (securities that represent an obligation to repay a debt along with interest) 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 can be both high yield (sub investment grade) and investment grade bonds issued by borrowers registered in or doing business mainly in emerging markets in Asia, Africa, Latin America and certain parts of Europe.