Muzinich Global High Yield Fund - Discretionary S EUR DIS H Fonds

The Fund seeks to generate attractive returns and protect capital by investing in debt instruments that meet the Fund's environmental, social and governance ('ESG') criteria while seeking to meet its sustainable objective of assisting in the transition to a low carbon economy. The Product primarily invests in corporate bonds. Such bonds will generally be rated sub-investment grade (i.e. high yield), but may be rated investment grade and be issued by US and European issuers as well as emerging market issues (up to 20% of the Fund's Net Asset Value). Such bonds will also meet the Fund's ESG criteria. The Product significantly reduces exposure to the most carbon intensive companies and implements specific screening criteria. The Product may use derivatives (financial instruments whose value is linked to the price of an underlying asset) for hedging and efficient portfolio management purposes.