High Income Floating Rate Fund

The Muzinich High Income Floating Rate Fund (the “Fund”) normally invests at least 80% of its net assets in a portfolio of floating rate bonds or loans. The Fund’s portfolio is typically well-diversified with short duration, below investment grade floating rate bank loans and notes that the Advisor believes have attractive risk/reward characteristics and which are issued by U.S. and foreign corporations. The Advisor selects floating rate bonds and loans based on a rigorous, bottom-up evaluation of each company and each security in the Fund’s portfolio. The Advisor considers both company-specific quantitative and qualitative factors when conducting its decision-making investment process.

The Advisor seeks to reduce the risk to the Fund from rising interest rates, which will typically result in falling bond prices, by investing principally in securities with interest rates that reset periodically. The Advisor believes that this floating rate approach reduces the risk to the portfolio from rising interest rates.