NPORT-EX 2 lowduration.htm

Muzinich Low Duration Fund
  
Schedule of Investments
  
March 31, 2025 (Unaudited)
  
   
CORPORATE BONDS - 82.8%
  
Par
    
Value
  
Aerospace/Defense - 0.3%
  
TransDigm, Inc., 6.38%, 03/01/2029 (a)
    
$
3,200,000
    
$
3,236,207
  
                   
Agency - 0.4%
  
Airport Authority, 4.88%, 01/12/2026
      
2,000,000
      
2,008,385
  
Istituto Per Il Credito Sportivo E Culturale SPA, 5.25%, 10/31/2025
EUR
    
2,800,000
      
3,070,884
  
       
5,079,269
  
                   
Airlines - 1.9%
  
Air Canada, 3.88%, 08/15/2026 (a)
      
550,000
      
538,183
  
Air France-KLM
  
7.25%, 05/31/2026
EUR
    
2,000,000
      
2,256,133
  
4.63%, 05/23/2029
EUR
    
2,000,000
      
2,219,699
  
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026 (a)
      
1,310,417
      
1,305,770
  
Cathay Pacific MTN Financing HK Ltd., 4.88%, 08/17/2026
      
2,440,000
      
2,438,193
  
Delta Air Lines, Inc., 7.00%, 05/01/2025 (a)
      
1,110,000
      
1,111,526
  
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/2025 (a)
      
589,836
      
587,824
  
Finnair Oyj, 4.75%, 05/24/2029
EUR
    
1,500,000
      
1,654,394
  
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (a)
      
2,990,250
      
3,003,900
  
Singapore Airlines Ltd., 3.00%, 07/20/2026
      
1,100,000
      
1,080,276
  
United Airlines, Inc., 4.38%, 04/15/2026 (a)
      
3,150,000
      
3,104,794
  
Wizz Air Finance Co. BV, 1.00%, 01/19/2026
EUR
    
3,725,000
      
3,947,333
  
       
23,248,025
  
                   
Automotive & Auto Parts - 10.6%
  
American Honda Finance Corp., 4.55%, 03/03/2028
      
4,425,000
      
4,421,468
  
Benteler International AG, 9.38%, 05/15/2028
EUR
    
1,400,000
      
1,589,516
  
Clarios Global LP / Clarios US Finance Co.
  
4.38%, 05/15/2026
EUR
    
1,500,000
      
1,621,379
  
6.75%, 02/15/2030 (a)
      
1,150,000
      
1,161,960
  
Ford Motor Credit Co. LLC
  
3.38%, 11/13/2025
      
5,351,000
      
5,287,243
  
6.95%, 06/10/2026
      
3,000,000
      
3,046,370
  
5.80%, 03/05/2027
      
3,000,000
      
3,013,305
  
4.13%, 08/17/2027
      
1,750,000
      
1,690,390
  
5.92%, 03/20/2028
      
2,175,000
      
2,182,248
  
4.17%, 11/21/2028
EUR
    
2,500,000
      
2,737,721
  
4.45%, 02/14/2030
EUR
    
3,000,000
      
3,261,858
  
4.00%, 11/13/2030
      
600,000
      
537,069
  
Forvia SE
  
2.75%, 02/15/2027
EUR
    
1,100,000
      
1,153,824
  
5.13%, 06/15/2029
EUR
    
750,000
      
793,744
  
5.50%, 06/15/2031
EUR
    
2,325,000
      
2,428,160
  
General Motors Financial Co., Inc.
  
4.35%, 04/09/2025
      
1,170,000
      
1,169,824
  
5.40%, 04/06/2026
      
1,000,000
      
1,004,369
  
2.35%, 02/26/2027
      
1,000,000
      
954,439
  
5.40%, 05/08/2027
      
3,840,000
      
3,877,448
  
5.80%, 06/23/2028
      
2,000,000
      
2,041,959
  
5.80%, 01/07/2029
      
2,000,000
      
2,036,614
  
Harley-Davidson Financial Services, Inc., 6.50%, 03/10/2028 (a)
      
1,500,000
      
1,544,360
  
Hyundai Capital America
  
5.80%, 06/26/2025
      
3,000,000
      
3,006,320
  
6.00%, 07/11/2025 (a)
      
3,000,000
      
3,008,889
  
5.30%, 01/08/2029 (a)
      
3,325,000
      
3,354,879
  
5.30%, 01/08/2030 (a)
      
3,075,000
      
3,094,884
  
IHO Verwaltungs GmbH
  
8.75% (includes 9.50% PIK), 05/15/2028
EUR
    
2,250,000
      
2,545,455
  
6.75% (includes 7.50% PIK), 11/15/2029
EUR
    
2,050,000
      
2,273,474
  
Jaguar Land Rover Automotive PLC
  
7.75%, 10/15/2025 (a)
      
1,100,000
      
1,101,201
  
4.50%, 07/15/2028
EUR
    
6,625,000
      
7,187,338
  
Kia Corp.
  
3.25%, 04/21/2026
      
1,200,000
      
1,183,876
  
1.75%, 10/16/2026
      
3,000,000
      
2,877,868
  
LKQ Corp., 5.75%, 06/15/2028
      
460,000
      
470,424
  
Mahle GmbH, 6.50%, 05/02/2031
EUR
    
1,550,000
      
1,657,835
  
Nissan Motor Acceptance Co. LLC, 6.95%, 09/15/2026
      
2,000,000
      
2,033,172
  
Nissan Motor Co. Ltd.
  
3.52%, 09/17/2025 (a)
      
4,784,000
      
4,734,038
  
2.65%, 03/17/2026
EUR
    
700,000
      
750,635
  
4.35%, 09/17/2027 (a)
      
2,500,000
      
2,427,656
  
Opmobility, 4.88%, 03/13/2029
EUR
    
1,700,000
      
1,865,798
  
Porsche Automobil Holding SE, 3.75%, 09/27/2029
EUR
    
4,975,000
      
5,417,885
  
RCI Banque SA
  
4.63%, 07/13/2026
EUR
    
4,500,000
      
4,957,318
  
3.75%, 10/04/2027
EUR
    
5,575,000
      
6,129,186
  
3.88%, 09/30/2030
EUR
    
1,500,000
      
1,637,692
  
Stellantis NV
  
3.38%, 11/19/2028
EUR
    
4,625,000
      
5,017,169
  
4.38%, 03/14/2030
EUR
    
175,000
      
194,840
  
3.50%, 09/19/2030
EUR
    
2,025,000
      
2,153,361
  
TI Automotive Finance PLC, 3.75%, 04/15/2029
EUR
    
2,500,000
      
2,713,841
  
Toyota Motor Credit Corp., 3.00%, 04/01/2025
      
3,000,000
      
3,000,000
  
Volkswagen Financial Services NV, 5.88%, 05/23/2029
GBP
    
4,100,000
      
5,354,377
  
Volkswagen Leasing GmbH, 3.88%, 10/11/2028
EUR
    
2,300,000
      
2,539,028
  
ZF Europe Finance BV
  
2.50%, 10/23/2027
EUR
    
800,000
      
808,774
  
4.75%, 01/31/2029
EUR
    
1,000,000
      
1,041,530
  
       
132,094,011
  
                   
Banking - 16.9%
  
Abanca Corp. Bancaria SA, 8.38% to 09/23/2028 then 5 yr. Swap Rate EUR + 5.25%, 09/23/2033
EUR
    
3,600,000
      
4,413,558
  
AIB Group PLC, 2.88% to 05/30/2026 then 5 yr. Swap Rate EUR + 3.30%, 05/30/2031
EUR
    
7,100,000
      
7,641,659
  
Alpha Services and Holdings SA, 6.00% to 09/13/2029 then 5 yr. Swap Rate EUR + 3.27%, 09/13/2034
EUR
    
1,650,000
      
1,901,420
  
Australia & New Zealand Banking Group Ltd., 2.95% to 07/22/2025 then 5 yr. CMT Rate + 1.29%, 07/22/2030 (a)
      
2,700,000
      
2,681,214
  
Banco BPM SpA, 4.88% to 01/17/2029 then 3 mo. EURIBOR + 2.35%, 01/17/2030
EUR
    
1,850,000
      
2,099,599
  
Banco de Sabadell SA, 2.50% to 04/15/2026 then 5 yr. Swap Rate EUR + 2.95%, 04/15/2031
EUR
    
900,000
      
965,253
  
Banco Santander SA, 2.25% to 10/04/2027 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.65%, 10/04/2032
GBP
    
2,100,000
      
2,516,920
  
Bank of America Corp.
  
4.83% to 07/22/2025 then SOFR + 1.75%, 07/22/2026
      
1,945,000
      
1,945,904
  
4.38% to 04/27/2027 then SOFR + 1.58%, 04/27/2028
      
900,000
      
896,090
  
3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028
      
1,500,000
      
1,453,329
  
5.82% to 09/15/2028 then SOFR + 1.57%, 09/15/2029
      
5,000,000
      
5,177,194
  
Bank of Ireland Group PLC
  
4.88% to 07/16/2027 then 1 yr. Swap Rate EUR + 2.05%, 07/16/2028
EUR
    
1,650,000
      
1,856,915
  
7.59% to 12/06/2027 then UK Government Bonds 5 Year Note Generic Bid Yield + 4.70%, 12/06/2032
GBP
    
1,100,000
      
1,479,419
  
Bankinter SA, 5.00% to 06/25/2029 then 5 yr. Swap Rate EUR + 2.35%, 06/25/2034
EUR
    
2,000,000
      
2,242,185
  
Banque Federative du Credit Mutuel SA
  
3.88% to 06/16/2027 then 5 yr. Swap Rate EUR + 2.20%, 06/16/2032
EUR
    
2,300,000
      
2,508,205
  
4.00% to 01/15/2030 then 5 yr. Swap Rate EUR + 1.75%, 01/15/2035
EUR
    
4,500,000
      
4,847,128
  
Barclays PLC
  
7.33% to 11/02/2025 then 1 yr. CMT Rate + 3.05%, 11/02/2026
      
3,500,000
      
3,550,201
  
5.83% to 05/09/2026 then SOFR + 2.21%, 05/09/2027
      
1,400,000
      
1,416,813
  
8.41% to 11/14/2027 then UK Government Bonds 5 Year Note Generic Bid Yield + 4.75%, 11/14/2032
GBP
    
725,000
      
995,346
  
BNP Paribas SA
  
2.59% to 01/20/2027 then SOFR + 1.23%, 01/20/2028
      
3,000,000
      
2,888,814
  
2.38% to 11/20/2025 then 5 yr. Swap Rate EUR + 1.85%, 11/20/2030
EUR
    
1,600,000
      
1,721,110
  
2.00% to 05/24/2026 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.65%, 05/24/2031
GBP
    
2,500,000
      
3,106,839
  
4.16% to 08/28/2029 then 5 yr. Swap Rate EUR + 1.70%, 08/28/2034
EUR
    
1,400,000
      
1,529,494
  
BPCE SA
  
2.50% to 11/30/2027 then BPISDS05 + 1.83%, 11/30/2032
GBP
    
4,800,000
      
5,716,932
  
1.50% to 01/13/2027 then 5 yr. Swap Rate EUR + 1.75%, 01/13/2042
EUR
    
2,200,000
      
2,304,753
  
CaixaBank SA
  
6.68% to 09/13/2026 then SOFR + 2.08%, 09/13/2027 (a)
      
1,150,000
      
1,182,424
  
5.67% to 03/15/2029 then SOFR + 1.78%, 03/15/2030 (a)
      
2,575,000
      
2,639,610
  
2.25% to 04/17/2025 then 5 yr. Swap Rate EUR + 1.68%, 04/17/2030
EUR
    
1,500,000
      
1,621,426
  
6.25% to 02/23/2028 then 5 yr. Swap Rate EUR + 3.55%, 02/23/2033
EUR
    
1,800,000
      
2,081,881
  
6.88% to 10/25/2028 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.70%, 10/25/2033
GBP
    
1,500,000
      
2,004,363
  
Ceska sporitelna AS
  
5.94% to 06/29/2026 then 3 mo. EURIBOR + 2.40%, 06/29/2027
EUR
    
1,700,000
      
1,900,366
  
5.74% to 03/08/2027 then 3 mo. EURIBOR + 2.35%, 03/08/2028
EUR
    
1,600,000
      
1,812,336
  
Citigroup, Inc., 4.79% to 03/04/2028 then SOFR + 0.87%, 03/04/2029
      
2,675,000
      
2,679,406
  
Commerzbank AG
  
4.00% to 12/05/2025 then 5 yr. Swap Rate EUR + 4.35%, 12/05/2030
EUR
    
3,900,000
      
4,227,239
  
1.38% to 12/29/2026 then 5 yr. Swap Rate EUR + 1.73%, 12/29/2031
EUR
    
4,900,000
      
5,146,486
  
4.88% to 10/16/2029 then 5 yr. Swap Rate EUR + 2.15%, 10/16/2034
EUR
    
5,300,000
      
5,918,670
  
Credit Agricole SA
  
4.63% to 09/11/2027 then SOFR + 1.21%, 09/11/2028 (a)
      
1,100,000
      
1,096,454
  
5.50% to 08/28/2028 then 5 yr. Swap Rate EUR + 2.25%, 08/28/2033
EUR
    
4,400,000
      
5,025,939
  
Credit Agricole SA/London, 1.91% to 06/16/2025 then SOFR + 1.68%, 06/16/2026 (a)
      
5,500,000
      
5,466,436
  
Danske Bank AS
  
1.62% to 09/11/2025 then 1 yr. CMT Rate + 1.35%, 09/11/2026 (a)
      
850,000
      
838,702
  
1.50% to 09/02/2025 then 5 yr. Swap Rate EUR + 1.90%, 09/02/2030
EUR
    
3,200,000
      
3,434,216
  
1.00% to 05/15/2026 then 5 yr. Swap Rate EUR + 1.40%, 05/15/2031
EUR
    
2,000,000
      
2,118,803
  
Deutsche Bank AG
  
4.00% to 07/12/2027 then 3 mo. EURIBOR + 0.95%, 07/12/2028
EUR
    
2,400,000
      
2,650,081
  
4.00% to 06/24/2027 then 5 yr. Swap Rate EUR + 3.30%, 06/24/2032
EUR
    
3,100,000
      
3,373,677
  
Deutsche Bank AG/New York NY
  
6.12% to 07/14/2025 then SOFR + 3.19%, 07/14/2026
      
2,500,000
      
2,508,109
  
7.15% to 07/13/2026 then SOFR + 2.52%, 07/13/2027
      
2,700,000
      
2,775,644
  
Erste Group Bank AG, 0.88% to 11/15/2027 then 5 yr. Swap Rate EUR + 1.10%, 11/15/2032
EUR
    
2,500,000
      
2,544,023
  
Hamburg Commercial Bank AG
  
0.50% to 09/22/2025 then 3 mo. EURIBOR + 0.90%, 09/22/2026
EUR
    
2,300,000
      
2,456,113
  
4.50%, 07/24/2028
EUR
    
2,100,000
      
2,333,982
  
HSBC Holdings PLC
  
4.58% to 06/19/2028 then 3 mo. Term SOFR + 1.80%, 06/19/2029
      
1,280,000
      
1,268,030
  
6.36% to 11/16/2027 then 5 yr. Swap Rate EUR + 3.30%, 11/16/2032
EUR
    
3,000,000
      
3,472,022
  
8.20% to 11/16/2029 then UK Government Bonds 5 Year Note Generic Bid Yield + 4.55%, 11/16/2034
GBP
    
3,230,000
      
4,546,486
  
4.60% to 03/22/2030 then 5 yr. Swap Rate EUR + 1.85%, 03/22/2035
EUR
    
320,000
      
355,148
  
KBC Group NV, 5.80% to 01/19/2028 then 1 yr. CMT Rate + 2.10%, 01/19/2029 (a)
      
2,800,000
      
2,875,370
  
La Banque Postale SA, 0.88% to 01/26/2026 then 5 yr. Swap Rate EUR + 1.38%, 01/26/2031
EUR
    
3,100,000
      
3,304,039
  
Lloyds Banking Group PLC, 5.99% to 08/07/2026 then 1 yr. CMT Rate + 1.48%, 08/07/2027
      
5,500,000
      
5,590,403
  
NatWest Group PLC
  
5.85% to 03/02/2026 then 1 yr. CMT Rate + 1.35%, 03/02/2027
      
200,000
      
202,099
  
4.89% to 05/18/2028 then 3 mo. LIBOR US + 1.75%, 05/18/2029 (b)
      
1,783,000
      
1,785,674
  
3.62% to 08/14/2025 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.55%, 08/14/2030
GBP
    
1,800,000
      
2,317,685
  
NBK SPC Ltd., 1.63% to 09/15/2026 then SOFR + 1.05%, 09/15/2027
      
750,000
      
717,723
  
Nova Ljubljanska Banka dd, 7.13% to 06/27/2026 then 1 yr. Swap Rate EUR + 3.61%, 06/27/2027
EUR
    
1,100,000
      
1,249,272
  
Permanent TSB Group Holdings PLC, 6.63% to 04/25/2027 then EURIBOR ICE Swap Rate + 3.50%, 04/25/2028
EUR
    
4,425,000
      
5,126,150
  
QNB Finance Ltd., 5.63% (SOFR + 1.20%), 04/02/2029
      
4,300,000
      
4,341,802
  
Santander UK Group Holdings PLC
  
1.67% to 06/14/2026 then SOFR + 0.99%, 06/14/2027
      
800,000
      
770,671
  
7.10% to 11/16/2026 then BPSWS1 + 2.87%, 11/16/2027
GBP
    
1,000,000
      
1,326,491
  
Societe Generale SA
  
1.49% to 12/14/2025 then 1 yr. CMT Rate + 1.10%, 12/14/2026 (a)
      
1,000,000
      
976,912
  
1.00% to 11/24/2025 then 5 yr. Swap Rate EUR + 1.55%, 11/24/2030
EUR
    
6,200,000
      
6,612,561
  
1.13% to 06/30/2026 then 5 yr. Swap Rate EUR + 1.60%, 06/30/2031
EUR
    
2,200,000
      
2,321,923
  
Standard Chartered PLC
  
6.42% (SOFR + 2.03%), 02/08/2028
      
1,600,000
      
1,636,002
  
5.56% (SOFR + 1.17%), 05/14/2028
      
900,000
      
907,033
  
5.55% to 01/21/2028 then 1 yr. CMT Rate + 1.05%, 01/21/2029 (a)
      
5,000,000
      
5,085,156
  
2.50% to 09/09/2025 then 5 yr. Swap Rate EUR + 2.80%, 09/09/2030
EUR
    
6,905,000
      
7,446,878
  
Tatra Banka as, 4.97% to 04/29/2029 then 3 mo. EURIBOR + 2.10%, 04/29/2030
EUR
    
1,000,000
      
1,128,379
  
Unicaja Banco SA, 6.50% to 09/11/2027 then 1 yr. Swap Rate EUR + 3.25%, 09/11/2028
EUR
    
1,100,000
      
1,280,624
  
UniCredit SpA
  
2.73% to 01/15/2027 then 5 yr. Swap Rate EUR + 2.80%, 01/15/2032
EUR
    
1,600,000
      
1,707,856
  
5.86% to 06/19/2027 then 5 yr. Mid Swap Rate USD + 3.70%, 06/19/2032 (a)
      
3,600,000
      
3,611,347
  
Volksbank Wien AG, 5.75% to 06/21/2029 then 5 yr. Swap Rate EUR + 3.10%, 06/21/2034
EUR
    
1,400,000
      
1,561,459
  
Wells Fargo & Co., 5.24% to 01/24/2030 then SOFR + 1.11%, 01/24/2031
      
1,250,000
      
1,269,733
  
       
210,487,608
  
                   
Broadcasting - 1.7%
  
Asmodee Group AB, 5.75%, 12/15/2029
EUR
    
986,667
      
1,109,382
  
Netflix, Inc., 4.88%, 06/15/2030 (a)
      
700,000
      
706,704
  
Nexstar Media, Inc., 4.75%, 11/01/2028 (a)
      
2,975,000
      
2,784,682
  
Pinewood Finco PLC
  
3.25%, 09/30/2025
GBP
    
500,000
      
637,892
  
6.00%, 03/27/2030
GBP
    
2,075,000
      
2,647,964
  
TEGNA, Inc., 4.63%, 03/15/2028
      
3,025,000
      
2,868,217
  
Univision Communications, Inc.
  
6.63%, 06/01/2027 (a)
      
1,275,000
      
1,264,791
  
8.00%, 08/15/2028 (a)
      
2,800,000
      
2,811,761
  
Warnermedia Holdings, Inc., 3.76%, 03/15/2027
      
6,248,000
      
6,094,783
  
       
20,926,176
  
                   
Building Materials - 0.6%
  
HT Troplast GmbH, 9.38%, 07/15/2028
EUR
    
1,800,000
      
2,030,506
  
James Hardie International Finance DAC
  
3.63%, 10/01/2026
EUR
    
2,655,000
      
2,863,754
  
5.00%, 01/15/2028 (a)
      
922,000
      
896,468
  
Standard Industries, Inc./NY, 2.25%, 11/21/2026
EUR
    
2,000,000
      
2,105,635
  
       
7,896,363
  
                   
Cable/Satellite TV - 1.2%
  
CCO Holdings LLC / CCO Holdings Capital Corp.
  
5.50%, 05/01/2026 (a)
      
3,250,000
      
3,247,225
  
5.38%, 06/01/2029 (a)
      
8,800,000
      
8,510,295
  
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.75%, 02/15/2028
      
1,200,000
      
1,162,717
  
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (a)
      
2,650,000
      
2,569,718
  
       
15,489,955
  
                   
Capital Goods - 2.0%
  
CK Hutchison International 24 Ltd., 5.38%, 04/26/2029
      
8,000,000
      
8,182,178
  
Esab Corp., 6.25%, 04/15/2029 (a)
      
800,000
      
813,379
  
Ingersoll Rand, Inc., 5.40%, 08/14/2028
      
1,475,000
      
1,510,625
  
Regal Rexnord Corp., 6.05%, 02/15/2026
      
4,640,000
      
4,675,750
  
Traton Finance Luxembourg SA
  
4.13%, 11/22/2025
EUR
    
800,000
      
871,250
  
3.38%, 01/14/2028
EUR
    
2,100,000
      
2,286,997
  
5.63%, 01/16/2029
GBP
    
4,200,000
      
5,414,653
  
Weir Group PLC, 6.88%, 06/14/2028
GBP
    
1,250,000
      
1,680,462
  
       
25,435,294
  
                   
Chemicals - 1.3%
  
Celanese US Holdings LLC, 6.42%, 07/15/2027
      
1,861,000
      
1,890,298
  
INEOS Finance PLC, 6.63%, 05/15/2028
EUR
    
1,775,000
      
1,972,967
  
INEOS Quattro Finance 2 PLC, 6.75%, 04/15/2030
EUR
    
1,825,000
      
1,975,355
  
International Flavors & Fragrances, Inc.
  
1.23%, 10/01/2025 (a)
      
1,600,000
      
1,570,745
  
1.83%, 10/15/2027 (a)
      
3,505,000
      
3,261,540
  
2.30%, 11/01/2030 (a)
      
1,400,000
      
1,209,074
  
Orbia Advance Corp. SAB de CV
  
1.88%, 05/11/2026
      
3,100,000
      
2,998,514
  
4.00%, 10/04/2027
      
1,020,000
      
987,261
  
       
15,865,754
  
                   
Consumer-Products - 0.1%
  
Coty, Inc., 4.50%, 05/15/2027
EUR
    
1,150,000
      
1,265,171
  
                   
Containers - 0.7%
  
Amcor Flexibles North America, Inc.
  
4.00%, 05/17/2025
      
850,000
      
848,831
  
5.10%, 03/17/2030 (a)
      
1,500,000
      
1,511,376
  
Berry Global, Inc., 5.50%, 04/15/2028
      
3,850,000
      
3,924,825
  
OI European Group BV, 5.25%, 06/01/2029
EUR
    
1,725,000
      
1,879,179
  
ProGroup AG, 5.13%, 04/15/2029
EUR
    
1,200,000
      
1,282,642
  
       
9,446,853
  
                   
Diversified Financial Services - 10.7%
  
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
  
2.45%, 10/29/2026
      
2,039,000
      
1,970,316
  
6.10%, 01/15/2027
      
800,000
      
818,113
  
6.45%, 04/15/2027
      
2,181,000
      
2,250,963
  
Air Lease Corp.
  
2.88%, 01/15/2026
      
4,364,000
      
4,301,663
  
2.20%, 01/15/2027
      
1,310,000
      
1,255,435
  
AIR Lease Corp. Sukuk Ltd., 5.85%, 04/01/2028
      
1,025,000
      
1,046,083
  
Aircastle Ltd., 5.25%, 08/11/2025 (a)
      
4,430,000
      
4,433,142
  
Aircastle Ltd. / Aircastle Ireland DAC, 5.25%, 03/15/2030 (a)
      
2,400,000
      
2,389,661
  
Ares Capital Corp.
  
3.25%, 07/15/2025
      
200,000
      
199,100
  
7.00%, 01/15/2027
      
3,875,000
      
3,994,247
  
Aviation Capital Group LLC
  
4.13%, 08/01/2025 (a)
      
1,000,000
      
996,596
  
3.50%, 11/01/2027 (a)
      
4,500,000
      
4,346,670
  
6.25%, 04/15/2028 (a)
      
1,000,000
      
1,035,119
  
Avolon Holdings Funding Ltd.
  
5.50%, 01/15/2026 (a)
      
2,130,000
      
2,139,105
  
4.25%, 04/15/2026 (a)
      
1,425,000
      
1,417,283
  
AXA Logistics Europe Master SCA, 0.38%, 11/15/2026
EUR
    
575,000
      
597,551
  
Blackstone Private Credit Fund
  
7.05%, 09/29/2025
      
500,000
      
504,909
  
1.75%, 11/30/2026
EUR
    
3,700,000
      
3,904,156
  
2.63%, 12/15/2026
      
4,000,000
      
3,831,268
  
3.25%, 03/15/2027
      
1,500,000
      
1,445,119
  
Blackstone Secured Lending Fund, 5.35%, 04/13/2028
      
2,325,000
      
2,323,283
  
Blue Owl Capital Corp., 3.75%, 07/22/2025
      
1,115,000
      
1,111,618
  
Blue Owl Credit Income Corp.
  
7.75%, 09/16/2027
      
2,475,000
      
2,582,860
  
7.95%, 06/13/2028
      
1,300,000
      
1,376,965
  
BOC Aviation Ltd., 6.69% (3 mo. LIBOR US + 1.30%), 05/21/2025 (b)
      
3,000,000
      
3,007,199
  
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, 8.50%, 01/15/2031
GBP
    
625,000
      
858,591
  
Burford Capital Global Finance LLC, 6.25%, 04/15/2028 (a)
      
2,825,000
      
2,809,936
  
CA Auto Bank SPA/Ireland, 6.00%, 12/06/2026
GBP
    
4,250,000
      
5,557,055
  
California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/2032 (a)
      
2,350,000
      
2,278,226
  
DAE Sukuk Difc Ltd., 3.75%, 02/15/2026
      
280,000
      
277,935
  
Dcli Bidco LLC, 7.75%, 11/15/2029 (a)
      
2,300,000
      
2,368,903
  
Fiserv, Inc.
  
5.38%, 08/21/2028
      
800,000
      
817,939
  
3.50%, 07/01/2029
      
2,900,000
      
2,756,552
  
Goldman Sachs Group, Inc., 5.80% to 08/10/2025 then SOFR + 1.08%, 08/10/2026
      
2,500,000
      
2,509,993
  
HPS Corporate Lending Fund, 5.45%, 01/14/2028 (a)
      
2,800,000
      
2,789,755
  
Hyundai Card Co. Ltd., 5.75%, 04/24/2029
      
860,000
      
884,916
  
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 05/15/2027
      
5,900,000
      
5,615,961
  
India Vehicle Finance, 5.85%, 03/25/2029
      
2,630,000
      
2,607,410
  
Jerrold Finco PLC, 5.25%, 01/15/2027
GBP
    
1,900,000
      
2,428,529
  
Macquarie Bank Ltd., 4.88%, 06/10/2025 (a)
      
2,100,000
      
2,098,994
  
Mirae Asset Securities Co. Ltd.
  
2.63%, 07/30/2025
      
4,780,000
      
4,747,675
  
5.50%, 07/31/2027
      
2,275,000
      
2,307,803
  
Mitsubishi HC Capital UK PLC, 3.32% (3 mo. EURIBOR + 0.70%), 04/30/2026
EUR
    
1,400,000
      
1,516,191
  
Morgan Stanley
  
4.68% to 07/17/2025 then SOFR + 1.67%, 07/17/2026
      
600,000
      
599,864
  
6.14% to 10/16/2025 then SOFR + 1.77%, 10/16/2026
      
2,500,000
      
2,519,414
  
5.16% to 04/20/2028 then SOFR + 1.59%, 04/20/2029
      
1,000,000
      
1,013,116
  
5.23% to 01/15/2030 then SOFR + 1.11%, 01/15/2031
      
2,375,000
      
2,412,081
  
Morgan Stanley Bank NA, 5.50% to 05/26/2027 then SOFR + 0.87%, 05/26/2028
      
1,250,000
      
1,272,754
  
Nasdaq, Inc., 5.35%, 06/28/2028
      
850,000
      
869,669
  
PayPal Holdings, Inc., 4.45%, 03/06/2028
      
675,000
      
677,150
  
REC Ltd.
  
2.25%, 09/01/2026
      
200,000
      
192,972
  
2.75%, 01/13/2027
      
2,840,000
      
2,738,881
  
Shriram Finance Ltd.
  
4.15%, 07/18/2025
      
900,000
      
893,810
  
6.15%, 04/03/2028
      
5,375,000
      
5,332,156
  
Sofina SA, 1.00%, 09/23/2028
EUR
    
3,100,000
      
3,112,604
  
SoftBank Group Corp.
  
4.00%, 07/06/2026
      
1,475,000
      
1,443,505
  
5.00%, 04/15/2028
EUR
    
3,000,000
      
3,284,702
  
Synchrony Financial, 4.88%, 06/13/2025
      
3,750,000
      
3,748,311
  
UBS Group AG, 2.19% to 06/05/2025 then SOFR + 2.04%, 06/05/2026 (a)
      
4,250,000
      
4,230,071
  
       
132,851,848
  
                   
Diversified Media - 0.5%
  
Clear Channel Outdoor Holdings, Inc., 9.00%, 09/15/2028 (a)
      
2,600,000
      
2,671,812
  
Prosus NV, 3.26%, 01/19/2027
      
3,600,000
      
3,486,320
  
       
6,158,132
  
                   
Energy - 1.1%
  
Devon Energy Corp., 5.88%, 06/15/2028
      
1,280,000
      
1,283,829
  
Expand Energy Corp., 5.38%, 02/01/2029
      
2,000,000
      
1,993,036
  
ONEOK, Inc., 4.40%, 10/15/2029
      
1,125,000
      
1,104,119
  
Plains All American Pipeline LP / PAA Finance Corp., 4.65%, 10/15/2025
      
2,176,000
      
2,175,475
  
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 5.50%, 01/15/2028 (a)
      
5,875,000
      
5,720,590
  
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.88%, 01/15/2029
      
1,000,000
      
1,022,738
  
       
13,299,787
  
                   
Food & Drug Retail - 0.2%
  
Phoenix PIB Dutch Finance BV, 2.38%, 08/05/2025
EUR
    
400,000
      
428,628
  
Picard Groupe SAS, 6.38%, 07/01/2029
EUR
    
1,975,000
      
2,201,654
  
       
2,630,282
  
                   
Food/Beverage/Tobacco - 2.3%
  
Bacardi Ltd. / Bacardi-Martini BV, 5.25%, 01/15/2029 (a)
      
500,000
      
503,622
  
Barry Callebaut Services NV, 3.75%, 02/19/2028
EUR
    
2,100,000
      
2,292,585
  
Bright Food Singapore Holdings Pte Ltd., 1.75%, 07/22/2025
EUR
    
4,150,000
      
4,473,040
  
Coca-Cola Europacific Partners PLC, 1.50%, 01/15/2027 (a)
      
1,600,000
      
1,518,287
  
Flora Food Management BV, 6.88%, 07/02/2029
EUR
    
2,125,000
      
2,337,961
  
Keurig Dr Pepper, Inc., 5.05%, 03/15/2029
      
4,450,000
      
4,505,751
  
Mars, Inc., 4.80%, 03/01/2030 (a)
      
3,750,000
      
3,767,989
  
Performance Food Group, Inc., 6.13%, 09/15/2032 (a)
      
1,300,000
      
1,293,822
  
Tereos Finance Groupe I SA, 5.88%, 04/30/2030
EUR
    
625,000
      
692,572
  
The Campbell's Co., 5.20%, 03/21/2029
      
2,825,000
      
2,866,762
  
Viterra Finance BV, 0.38%, 09/24/2025
EUR
    
4,075,000
      
4,357,852
  
       
28,610,243
  
                   
Gaming - 0.8%
  
Cirsa Finance International Sarl, 6.50%, 03/15/2029
EUR
    
1,050,000
      
1,181,301
  
Flutter Treasury DAC
  
5.00%, 04/29/2029
EUR
    
825,000
      
915,318
  
6.38%, 04/29/2029 (a)
      
950,000
      
967,930
  
International Game Technology PLC, 3.50%, 06/15/2026
EUR
    
2,400,000
      
2,593,052
  
Sands China Ltd.
  
5.13%, 08/08/2025 (c)
      
1,300,000
      
1,299,692
  
2.30%, 03/08/2027 (c)
      
800,000
      
758,819
  
5.40%, 08/08/2028 (c)
      
2,400,000
      
2,403,852
  
       
10,119,964
  
                   
Healthcare - 3.7%
  
Amgen, Inc.
  
5.51%, 03/02/2026
      
500,000
      
500,097
  
5.25%, 03/02/2030
      
700,000
      
715,719
  
Centene Corp., 4.63%, 12/15/2029
      
625,000
      
599,049
  
CVS Health Corp., 5.00%, 01/30/2029
      
4,350,000
      
4,370,252
  
Ephios Subco 3 Sarl, 7.88%, 01/31/2031
EUR
    
1,075,000
      
1,241,221
  
GE HealthCare Technologies, Inc., 4.80%, 08/14/2029
      
2,075,000
      
2,080,159
  
Gilead Sciences, Inc., 1.65%, 10/01/2030
      
1,200,000
      
1,025,526
  
Grifols SA, 7.13%, 05/01/2030
EUR
    
1,500,000
      
1,679,390
  
Gruenenthal GmbH, 4.63%, 11/15/2031
EUR
    
2,275,000
      
2,379,915
  
HCA, Inc.
  
5.88%, 02/15/2026
      
2,980,000
      
2,991,885
  
5.00%, 03/01/2028
      
1,050,000
      
1,058,268
  
5.63%, 09/01/2028
      
3,704,000
      
3,786,920
  
4.13%, 06/15/2029
      
2,000,000
      
1,941,232
  
IQVIA, Inc.
  
5.70%, 05/15/2028
      
1,675,000
      
1,706,515
  
6.25%, 02/01/2029
      
5,000,000
      
5,208,670
  
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 (a)
      
1,425,000
      
1,444,508
  
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 2.88%, 04/30/2028
EUR
    
4,000,000
      
4,122,326
  
Perrigo Finance Unlimited Co., 5.38%, 09/30/2032
EUR
    
675,000
      
740,732
  
Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/2026
      
350,000
      
350,498
  
Quest Diagnostics, Inc., 4.63%, 12/15/2029
      
1,130,000
      
1,124,325
  
Stryker Corp.
  
4.25%, 09/11/2029
      
575,000
      
567,714
  
4.85%, 02/10/2030
      
1,250,000
      
1,261,546
  
UCB SA, 4.25%, 03/20/2030
EUR
    
1,400,000
      
1,551,632
  
Werfen SA/Spain, 4.63%, 06/06/2028
EUR
    
3,500,000
      
3,935,715
  
       
46,383,814
  
                   
Homebuilders/Real Estate - 5.2%
  
AccorInvest Group SA
  
6.38%, 10/15/2029
EUR
    
600,000
      
669,767
  
5.50%, 11/15/2031
EUR
    
2,900,000
      
3,107,356
  
Akelius Residential Property AB, 2.38%, 08/15/2025
GBP
    
3,250,000
      
4,155,553
  
American Tower Corp.
  
5.25%, 07/15/2028
      
3,200,000
      
3,255,494
  
5.20%, 02/15/2029
      
700,000
      
710,988
  
ARGAN SA, 1.01%, 11/17/2026
EUR
    
1,000,000
      
1,045,561
  
Aroundtown SA
  
0.63%, 07/09/2025
EUR
    
1,400,000
      
1,504,312
  
4.80%, 07/16/2029
EUR
    
1,500,000
      
1,673,982
  
Assemblin Caverion Group AB, 6.25%, 07/01/2030
EUR
    
575,000
      
638,459
  
Balder Finland Oyj, 1.00%, 01/18/2027
EUR
    
1,690,000
      
1,762,982
  
CTP NV, 0.50%, 06/21/2025
EUR
    
2,700,000
      
2,904,610
  
Digital Dutch Finco BV, 0.63%, 07/15/2025
EUR
    
2,100,000
      
2,256,835
  
Fastighets AB Balder, 1.88%, 01/23/2026
EUR
    
1,100,000
      
1,179,496
  
Hammerson PLC
  
3.50%, 10/27/2025
GBP
    
1,434,000
      
1,834,855
  
6.00%, 02/23/2026
GBP
    
2,100,000
      
2,738,234
  
7.25%, 04/21/2028
GBP
    
1,900,000
      
2,582,396
  
Heimstaden Bostad AB
  
1.13%, 01/21/2026
EUR
    
1,150,000
      
1,221,754
  
3.88%, 11/05/2029
EUR
    
2,125,000
      
2,257,527
  
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/01/2025 (a)
      
3,130,000
      
3,122,394
  
Logicor Financing Sarl, 4.63%, 07/25/2028
EUR
    
1,700,000
      
1,895,551
  
MasTec, Inc., 4.50%, 08/15/2028 (a)
      
1,180,000
      
1,152,034
  
NE Property BV, 1.88%, 10/09/2026
EUR
    
1,400,000
      
1,490,014
  
P3 Group Sarl, 4.63%, 02/13/2030
EUR
    
1,425,000
      
1,587,757
  
Toll Brothers Finance Corp., 4.88%, 03/15/2027
      
1,500,000
      
1,500,399
  
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 (a)
      
2,561,000
      
2,722,223
  
VICI Properties LP, 4.75%, 04/01/2028
      
550,000
      
551,240
  
VICI Properties LP / VICI Note Co., Inc.
  
4.63%, 06/15/2025 (a)
      
2,000,000
      
2,001,100
  
4.50%, 09/01/2026 (a)
      
2,800,000
      
2,787,853
  
4.25%, 12/01/2026 (a)
      
3,210,000
      
3,176,122
  
Webuild SpA
  
3.88%, 07/28/2026
EUR
    
100,000
      
108,678
  
5.38%, 06/20/2029
EUR
    
1,300,000
      
1,462,741
  
4.88%, 04/30/2030
EUR
    
3,475,000
      
3,852,647
  
Weyerhaeuser Co., 4.75%, 05/15/2026
      
1,325,000
      
1,327,038
  
       
64,237,952
  
                   
Hotels - 0.6%
  
Hyatt Hotels Corp., 5.25%, 06/30/2029
      
2,500,000
      
2,523,406
  
Marriott International, Inc./MD, 4.90%, 04/15/2029
      
2,000,000
      
2,010,187
  
Whitbread Group PLC, 3.38%, 10/16/2025
GBP
    
2,000,000
      
2,557,312
  
       
7,090,905
  
                   
Insurance - 0.6%
  
Athora Holding Ltd., 6.63%, 06/16/2028
EUR
    
2,400,000
      
2,803,117
  
Fidelidade - Co. De Seguros SA/Portugal, 4.25% to 09/04/2026 then 5 yr. Swap Rate EUR + 4.49%, 09/04/2031
EUR
    
4,000,000
      
4,343,595
  
Rothesay Life PLC, 8.00%, 10/30/2025
GBP
    
450,000
      
589,721
  
       
7,736,433
  
                   
Leisure - 0.8%
  
Carnival Corp., 6.00%, 05/01/2029 (a)
      
2,950,000
      
2,928,751
  
CPUK Finance Ltd., 6.50%, 08/28/2026
GBP
    
510,000
      
654,541
  
Royal Caribbean Cruises Ltd.
  
5.63%, 09/30/2031 (a)
      
4,350,000
      
4,273,009
  
6.00%, 02/01/2033 (a)
      
1,672,000
      
1,671,214
  
       
9,527,515
  
                   
Metals/Mining - 0.2%
  
Novelis Corp., 3.25%, 11/15/2026 (a)
      
3,000,000
      
2,903,302
  
                   
Paper - 0.6%
  
Suzano Austria GmbH, 6.00%, 01/15/2029
      
2,100,000
      
2,141,893
  
Suzano International Finance BV, 5.50%, 01/17/2027
      
4,500,000
      
4,548,154
  
WEPA Hygieneprodukte GmbH, 5.63%, 01/15/2031
EUR
    
1,250,000
      
1,387,255
  
       
8,077,302
  
                   
Publishing/Printing - 0.2%
  
Informa PLC, 3.13%, 07/05/2026
GBP
    
1,600,000
      
2,018,312
  
                   
Restaurants - 0.1%
  
Bertrand Franchise Finance SAS, 6.49% (3 mo. EURIBOR + 3.75%), 07/18/2030
EUR
    
1,075,000
      
1,168,222
  
                   
Services - 3.8%
  
Arena Luxembourg Finance Sarl
  
1.88%, 02/01/2028
EUR
    
2,000,000
      
2,055,233
  
4.84% (3 mo. EURIBOR + 2.50%), 05/01/2030
EUR
    
1,975,000
      
2,140,047
  
Boels Topholding BV, 5.75%, 05/15/2030
EUR
    
1,950,000
      
2,166,779
  
Euronet Worldwide, Inc., 1.38%, 05/22/2026
EUR
    
2,000,000
      
2,115,010
  
Kapla Holding SAS, 6.00% (3 mo. EURIBOR + 3.50%), 07/31/2030
EUR
    
1,975,000
      
2,142,250
  
Leasys SpA
  
4.63%, 02/16/2027
EUR
    
3,330,000
      
3,712,108
  
2.88%, 08/17/2027
EUR
    
1,800,000
      
1,946,064
  
3.88%, 10/12/2027
EUR
    
2,200,000
      
2,430,516
  
Loxam SAS
  
4.50%, 02/15/2027
EUR
    
425,000
      
463,188
  
6.38%, 05/31/2029
EUR
    
1,050,000
      
1,185,711
  
4.25%, 02/15/2030
EUR
    
1,400,000
      
1,502,039
  
Pachelbel Bidco SpA, 7.13%, 05/17/2031
EUR
    
1,500,000
      
1,721,692
  
PeopleCert Wisdom Issuer PLC, 5.75%, 09/15/2026
EUR
    
1,500,000
      
1,624,286
  
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 01/15/2028 (a)
      
5,675,000
      
5,682,786
  
Q-Park Holding I BV, 5.13%, 03/01/2029
EUR
    
1,000,000
      
1,101,876
  
RAC Bond Co. PLC, 4.87%, 05/06/2026
GBP
    
3,300,000
      
4,256,563
  
Rekeep SpA, 9.00%, 09/15/2029
EUR
    
1,950,000
      
2,082,496
  
Summer BC Holdco B SARL, 5.88%, 02/15/2030
EUR
    
775,000
      
825,322
  
Uber Technologies, Inc., 4.50%, 08/15/2029 (a)
      
5,500,000
      
5,405,509
  
WESCO Distribution, Inc., 6.38%, 03/15/2029 (a)
      
2,250,000
      
2,278,377
  
       
46,837,852
  
                   
Steel - 0.5%
  
ABJA Investment Co. Pte Ltd., 5.45%, 01/24/2028
      
3,500,000
      
3,529,854
  
ArcelorMittal SA, 4.88%, 09/26/2026
EUR
    
2,550,000
      
2,836,113
  
       
6,365,967
  
                   
Super Retail - 1.7%
  
AA Bond Co. Ltd., 8.45%, 01/31/2028
GBP
    
4,000,000
      
5,479,155
  
B&M European Value Retail SA, 8.13%, 11/15/2030
GBP
    
850,000
      
1,143,971
  
Dufry One BV, 2.00%, 02/15/2027
EUR
    
3,000,000
      
3,152,467
  
ITM Entreprises SASU, 5.75%, 07/22/2029
EUR
    
3,100,000
      
3,590,149
  
Magnera Corp., 7.25%, 11/15/2031 (a)
      
3,075,000
      
2,994,450
  
Meituan, 4.50%, 04/02/2028
      
3,400,000
      
3,378,726
  
Tapestry, Inc., 5.10%, 03/11/2030
      
1,100,000
      
1,098,921
  
       
20,837,839
  
                   
Supranational - 0.2%
  
Africa Finance Corp., 4.38%, 04/17/2026
      
2,200,000
      
2,182,950
  
                   
Technology - 5.4%
  
Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/2030
EUR
    
2,975,000
      
3,257,165
  
ams-OSRAM AG, 10.50%, 03/30/2029
EUR
    
2,575,000
      
2,814,636
  
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027
      
500,000
      
494,561
  
Broadcom, Inc.
  
3.15%, 11/15/2025
      
800,000
      
793,244
  
4.75%, 04/15/2029
      
2,000,000
      
2,006,587
  
5.05%, 07/12/2029
      
600,000
      
607,914
  
Cloud Software Group, Inc., 6.50%, 03/31/2029 (a)
      
5,250,000
      
5,102,930
  
Dell International LLC / EMC Corp., 4.75%, 04/01/2028
      
1,175,000
      
1,179,655
  
Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 (a)
      
2,125,000
      
2,144,318
  
Foundry JV Holdco LLC, 5.90%, 01/25/2030 (a)
      
1,280,000
      
1,325,035
  
Hewlett Packard Enterprise Co.
  
4.45%, 09/25/2026
      
2,675,000
      
2,668,820
  
4.55%, 10/15/2029
      
2,325,000
      
2,298,106
  
HP, Inc., 4.00%, 04/15/2029
      
5,000,000
      
4,846,918
  
Intel Corp.
  
3.15%, 05/11/2027
      
540,000
      
523,389
  
3.75%, 08/05/2027
      
500,000
      
489,485
  
IPD 3 BV, 8.00%, 06/15/2028
EUR
    
1,100,000
      
1,245,771
  
LG Energy Solution Ltd.
  
5.38%, 07/02/2027 (a)
      
950,000
      
957,684
  
5.75%, 09/25/2028
      
1,830,000
      
1,867,524
  
Micron Technology, Inc., 4.19%, 02/15/2027
      
1,100,000
      
1,091,464
  
Oracle Corp.
  
2.95%, 05/15/2025
      
2,000,000
      
1,995,517
  
6.15%, 11/09/2029
      
1,600,000
      
1,692,402
  
2.95%, 04/01/2030
      
1,200,000
      
1,101,378
  
OVH Groupe SAS, 4.75%, 02/05/2031
EUR
    
1,500,000
      
1,609,739
  
Rocket Software, Inc., 9.00%, 11/28/2028 (a)
      
2,675,000
      
2,760,449
  
Roper Technologies, Inc., 4.50%, 10/15/2029
      
1,140,000
      
1,132,249
  
SK Battery America, Inc., 4.88%, 01/23/2027
      
2,000,000
      
2,010,139
  
SK Hynix, Inc.
  
6.25%, 01/17/2026
      
2,000,000
      
2,021,374
  
6.38%, 01/17/2028
      
2,000,000
      
2,081,303
  
Teleperformance SE
  
5.25%, 11/22/2028
EUR
    
2,900,000
      
3,317,954
  
4.25%, 01/21/2030
EUR
    
4,800,000
      
5,238,871
  
Ubisoft Entertainment SA, 0.88%, 11/24/2027
EUR
    
2,800,000
      
2,741,071
  
VMware LLC
  
4.50%, 05/15/2025
      
1,800,000
      
1,798,841
  
3.90%, 08/21/2027
      
2,500,000
      
2,455,788
  
       
67,672,281
  
                   
Telecommunications - 3.2%
  
Bharti Airtel Ltd., 4.38%, 06/10/2025
      
4,100,000
      
4,096,467
  
eircom Finance DAC, 2.63%, 02/15/2027
EUR
    
1,600,000
      
1,694,402
  
Eutelsat SA, 9.75%, 04/13/2029
EUR
    
1,100,000
      
1,171,302
  
iliad SA
  
2.38%, 06/17/2026
EUR
    
500,000
      
534,040
  
5.38%, 05/02/2031
EUR
    
1,900,000
      
2,141,534
  
Level 3 Financing, Inc., 10.50%, 04/15/2029 (a)
      
1,775,000
      
1,961,375
  
Matterhorn Telecom SA, 3.13%, 09/15/2026
EUR
    
1,600,000
      
1,719,084
  
PLT VII Finance Sarl, 6.00% (3 mo. EURIBOR + 3.50%), 06/15/2031
EUR
    
1,350,000
      
1,461,584
  
RCS & RDS SA, 3.25%, 02/05/2028
EUR
    
2,400,000
      
2,523,664
  
Rogers Communications, Inc., 5.00%, 02/15/2029
      
2,000,000
      
2,000,602
  
SES SA
  
0.88%, 11/04/2027
EUR
    
1,100,000
      
1,122,009
  
3.50%, 01/14/2029
EUR
    
2,400,000
      
2,564,744
  
Sitios Latinoamerica SAB de CV, 6.00%, 11/25/2029
      
2,850,000
      
2,880,125
  
TDC Net AS
  
5.06%, 05/31/2028
EUR
    
1,500,000
      
1,675,424
  
5.19%, 08/02/2029
EUR
    
975,000
      
1,095,875
  
Telecommunications co Telekom Srbija AD Belgrade, 7.00%, 10/28/2029
      
750,000
      
749,383
  
T-Mobile USA, Inc.
  
4.75%, 02/01/2028
      
2,000,000
      
2,000,296
  
4.85%, 01/15/2029
      
1,500,000
      
1,508,166
  
3.38%, 04/15/2029
      
2,000,000
      
1,901,142
  
United Group BV
  
6.75%, 02/15/2031
EUR
    
675,000
      
742,718
  
6.50%, 10/31/2031
EUR
    
3,775,000
      
4,111,177
  
       
39,655,113
  
                   
Transportation Excluding Air/Rail - 1.5%
  
Abertis Infraestructuras SA, 3.38%, 11/27/2026
GBP
    
2,000,000
      
2,512,055
  
DP World Ltd./United Arab Emirates, 2.38%, 09/25/2026
EUR
    
5,200,000
      
5,578,300
  
GXO Logistics, Inc., 1.65%, 07/15/2026
      
1,675,000
      
1,609,661
  
International Distribution Services PLC, 7.38%, 09/14/2030
GBP
    
2,800,000
      
3,749,339
  
Pelabuhan Indonesia Persero PT, 4.25%, 05/05/2025
      
200,000
      
200,313
  
Penske Truck Leasing Co. Lp / PTL Finance Corp., 5.55%, 05/01/2028 (a)
      
2,775,000
      
2,838,717
  
Q-Park Holding I BV, 2.00%, 03/01/2027
EUR
    
1,800,000
      
1,886,496
  
       
18,374,881
  
                   
Utilities - 1.2%
  
Boston Gas Co., 3.00%, 08/01/2029 (a)
      
3,000,000
      
2,779,380
  
EEW Energy from Waste GmbH, 0.36%, 06/30/2026
EUR
    
1,100,000
      
1,152,631
  
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/2026
      
3,000,000
      
2,942,192
  
Essential Utilities, Inc., 4.80%, 08/15/2027
      
950,000
      
953,211
  
National Central Cooling Co. PJSC, 2.50%, 10/21/2027
      
2,230,000
      
2,105,053
  
NextEra Energy Capital Holdings, Inc., 5.05%, 03/15/2030
      
1,875,000
      
1,898,342
  
Vistra Operations Co. LLC, 5.05%, 12/30/2026 (a)
      
525,000
      
526,637
  
Yorkshire Water Finance PLC, 1.75%, 11/26/2026
GBP
    
1,950,000
      
2,377,514
  
       
14,734,960
  
TOTAL CORPORATE BONDS (Cost $1,012,395,026)
      
1,029,946,542
  
                   
CONVERTIBLE BONDS - 5.9%
  
Par
    
Value
  
Banking - 5.9%
  
ABN AMRO Bank NV, 4.75%, 07/28/2025
      
500,000
      
499,261
  
AIB Group PLC, 4.63% to 05/20/2030 then 5 yr. Swap Rate EUR + 1.90%, 05/20/2035
EUR
    
5,000,000
      
5,524,108
  
Banco Bilbao Vizcaya Argentaria SA
  
5.75% to 09/15/2028 then 5 yr. Swap Rate EUR + 2.80%, 09/15/2033
EUR
    
3,000,000
      
3,456,210
  
8.25% to 11/30/2028 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.60%, 11/30/2033
GBP
    
2,000,000
      
2,778,283
  
Banco Santander SA, 5.00% to 04/22/2029 then 5 yr. Swap Rate EUR + 2.50%, 04/22/2034
EUR
    
2,800,000
      
3,158,864
  
Bank of Ireland Group PLC
  
6.75% to 03/01/2028 then 5 yr. Swap Rate EUR + 4.15%, 03/01/2033
EUR
    
4,500,000
      
5,248,054
  
4.75% to 08/10/2029 then 5 yr. Swap Rate EUR + 1.85%, 08/10/2034
EUR
    
3,200,000
      
3,563,636
  
Bayerische Landesbank
  
1.00% to 09/23/2026 then 5 yr. Swap Rate EUR + 1.35%, 09/23/2031
EUR
    
4,600,000
      
4,815,200
  
1.38% to 11/22/2027 then 5 yr. Swap Rate EUR + 1.40%, 11/22/2032
EUR
    
2,300,000
      
2,338,250
  
Credit Agricole SA, 1.87% to 12/09/2026 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.50%, 12/09/2031
GBP
    
1,500,000
      
1,824,789
  
de Volksbank NV, 1.75% to 10/22/2025 then 5 yr. Swap Rate EUR + 2.10%, 10/22/2030
EUR
    
5,600,000
      
6,023,841
  
Deutsche Bank AG, 4.00% to 06/24/2025 then SONIA + 1.94%, 06/24/2026
GBP
    
1,000,000
      
1,287,563
  
ING Groep NV
  
1.00% to 11/13/2025 then 5 yr. Swap Rate EUR + 1.20%, 11/13/2030
EUR
    
2,000,000
      
2,134,022
  
2.13% to 05/26/2026 then 5 yr. Swap Rate EUR + 2.40%, 05/26/2031
EUR
    
700,000
      
749,635
  
Landsbankinn HF, 5.00%, 05/13/2028
EUR
    
5,025,000
      
5,703,338
  
Lloyds Banking Group PLC, 1.99% to 12/15/2026 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.60%, 12/15/2031
GBP
    
2,500,000
      
3,064,636
  
National Australia Bank Ltd., 1.70% to 09/15/2026 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.40%, 09/15/2031
GBP
    
500,000
      
612,961
  
NatWest Group PLC
  
2.11% to 11/28/2026 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.75%, 11/28/2031
GBP
    
4,800,000
      
5,902,309
  
5.64% to 10/17/2029 then UK Government Bonds 5 Year Note Generic Bid Yield + 2.10%, 10/17/2034
GBP
    
1,100,000
      
1,406,880
  
Permanent TSB Group Holdings PLC, 3.00% to 08/19/2026 then 5 yr. Swap Rate EUR + 3.22%, 08/19/2031
EUR
    
2,600,000
      
2,789,220
  
Piraeus Bank SA, 4.63% to 07/17/2028 then EURIBOR ICE Swap Rate + 1.72%, 07/17/2029
EUR
    
2,350,000
      
2,631,635
  
Swedbank AB, 7.27% to 11/15/2027 then UK Government Bonds 5 Year Note Generic Bid Yield + 3.80%, 11/15/2032
GBP
    
1,800,000
      
2,426,177
  
Virgin Money UK PLC, 5.13% to 12/11/2025 then UK Government Bonds 5 Year Note Generic Bid Yield + 5.25%, 12/11/2030
GBP
    
4,350,000
      
5,603,213
  
       
73,542,085
  
TOTAL CONVERTIBLE BONDS (Cost $72,277,162)
      
73,542,085
  
                   
BANK LOANS - 3.5%
  
Par
    
Value
  
Capital Goods - 0.1%
  
Emrld Borrower LP, Senior Secured First Lien, 14.64% (3 mo. SOFR US + 2.50%), 08/04/2031
      
885,550
      
878,514
  
                   
Diversified Financial Services - 0.7%
  
Citadel Securities Global Holdings LLC, Senior Secured First Lien, 11.04% (1 mo. SOFR US + 2.00%), 10/31/2031
      
2,475,047
      
2,475,369
  
Jane Street Group LLC, Senior Secured First Lien
  
12.61% (3 mo. SOFR US + 2.00%), 12/15/2031
      
369,785
      
365,856
  
12.71% (3 mo. SOFR US + 2.00%), 12/15/2031
      
3,092,253
      
3,059,398
  
NorthAB LLC, Senior Secured First Lien, 13.62% (3 mo. SOFR US + 2.50%), 11/24/2028
      
2,970,000
      
2,951,170
  
       
8,851,793
  
                   
Diversified Media - 0.2%
  
Advantage Sales & Marketing, Inc., Senior Secured First Lien, 17.61% (3 mo. SOFR US + 4.25%), 10/28/2027
      
2,266,373
      
2,192,399
  
                   
Healthcare - 0.3%
  
Financiere Mendel SASU, Senior Secured First Lien, 11.04% (3 mo. EURIBOR + 3.00%), 11/13/2030
EUR
    
1,000,000
      
1,078,081
  
Phoenix Guarantor, Inc., Senior Secured First Lien, 13.78% (1 mo. SOFR US + 2.50%), 02/21/2031
      
2,475,063
      
2,468,169
  
       
3,546,250
  
                   
Railroads - 0.3%
  
Genesee & Wyoming, Inc., Senior Secured First Lien, 13.35% (3 mo. SOFR US + 1.75%), 04/10/2031
      
3,482,500
      
3,454,205
  
                   
Restaurants - 0.2%
  
1011778 BC ULC, Senior Secured First Lien, 13.15% (1 mo. SOFR US + 1.75%), 09/23/2030
      
1,985,000
      
1,969,586
  
                   
Services - 0.4%
  
Camelot US Acquisition LLC, Senior Secured First Lien, 15.16% (1 mo. SOFR US + 2.75%), 01/31/2031
      
2,324,709
      
2,296,128
  
Circet Europe SASU, Senior Secured First Lien, 9.36% (3 mo. EURIBOR + 3.25%), 10/16/2028
EUR
    
1,000,000
      
1,077,248
  
PG Polaris BidCo Sarl, Senior Secured First Lien
  
14.90% (3 mo. SOFR US + 3.00%), 03/24/2031
      
295,984
      
296,354
  
16.11% (3 mo. SOFR US + 3.00%), 03/24/2031
      
902,412
      
903,540
  
       
4,573,270
  
                   
Super Retail - 0.1%
  
Peer Holding III BV, Senior Secured First Lien
  
14.13% (3 mo. SOFR US + 2.50%), 07/01/2031
      
877,800
      
877,361
  
12.20% (3 wk. EURIBOR + 3.25%), 11/24/2031
EUR
    
1,000,000
      
1,082,347
  
       
1,959,708
  
                   
Technology - 0.3%
  
Coherent Corp., Senior Secured First Lien, 12.66% (1 mo. SOFR US + 2.00%), 07/02/2029
      
1,060,438
      
1,060,327
  
Gen Digital, Inc., Senior Secured First Lien, 13.15% (1 mo. SOFR US + 1.75%), 09/12/2029
      
2,431,564
      
2,422,068
  
       
3,482,395
  
                   
Telecommunications - 0.4%
  
Iridium Satellite LLC, Senior Secured First Lien, 14.15% (1 mo. SOFR US + 2.25%), 09/20/2030
      
2,468,750
      
2,432,102
  
Masorange Finco PLC, Senior Secured First Lien, 10.44% (1 mo. EURIBOR + 2.75%), 03/25/2031
EUR
    
1,000,000
      
1,073,258
  
T-Mobile Netherlands 2/25 TLB, Senior Secured First Lien, 11.34% (3 mo. EURIBOR + 3.15%), 03/30/2029
EUR
    
1,000,000
      
1,077,140
  
Ziggo BV, Senior Secured First Lien, 8.37% (1 mo. EURIBOR + 3.00%), 01/31/2029
EUR
    
1,000,000
      
1,044,669
  
       
5,627,169
  
                   
Transportation Excluding Air/Rail - 0.1%
  
First Student Bidco, Inc., Senior Secured First Lien
  
11.19% (3 mo. SOFR US + 2.50%), 07/21/2028
      
1,189,494
      
1,188,899
  
13.69% (3 mo. SOFR US + 2.50%), 07/21/2028
      
350,642
      
350,467
  
       
1,539,366
  
                   
Utilities - 0.4%
  
Calpine Construction Finance Co. LP, Senior Secured First Lien, 13.89% (1 mo. SOFR US + 2.00%), 07/31/2030
      
3,500,000
      
3,494,173
  
Constellation Renewables LLC, Senior Secured First Lien, 14.59% (3 mo. SOFR US + 2.25%), 12/15/2027
      
989,946
      
990,099
  
       
4,484,272
  
TOTAL BANK LOANS (Cost $42,866,225)
      
42,558,927
  
                   
COLLATERALIZED LOAN OBLIGATIONS - 2.9%
  
Par
    
Value
  
Ares European CLO, Series 21X, Class A, 3.68% (3 mo. EURIBOR + 1.22%), 04/15/2038
EUR
    
2,300,000
      
2,490,316
  
Avoca CLO, Series 32X, Class A1, 0.00% (3 mo. EURIBOR + 1.17%), 04/15/2039 (d)
EUR
    
2,300,000
      
2,488,631
  
Bain Capital Credit CLO, Series 2024-6A, Class A1, 5.65% (3 mo. Term SOFR + 1.33%), 01/21/2038 (a)
      
2,000,000
      
2,000,936
  
Bain Capital Euro CLO, Series 2024-3X, Class A1, 3.91% (3 mo. EURIBOR + 1.30%), 01/18/2038
EUR
    
2,000,000
      
2,167,527
  
Ballyrock CLO Ltd., Series 2024-28A, Class A1A, 5.65% (3 mo. Term SOFR + 1.32%), 01/20/2038 (a)
      
1,375,000
      
1,371,362
  
Blackrock European Clo XIII DAC, Series 15X, Class A, 3.87% (3 mo. EURIBOR + 1.29%), 01/28/2038
EUR
    
1,700,000
      
1,833,484
  
Cairn CLO, Series 2024-19X, Class A, 3.89% (3 mo. EURIBOR + 1.30%), 04/15/2039
EUR
    
2,000,000
      
2,165,675
  
Capital Four CLO, Series 8X, Class A, 4.35% (3 mo. EURIBOR + 1.29%), 10/25/2037
EUR
    
1,750,000
      
1,890,744
  
CVC Cordatus Loan Fund, Series 33X, Class A1, 4.12% (3 mo. EURIBOR + 1.29%), 03/24/2038
EUR
    
2,000,000
      
2,160,746
  
Henley CLO, Series 12X, Class A1, 4.06% (3 mo. EURIBOR + 1.28%), 01/15/2038
EUR
    
1,800,000
      
1,942,885
  
Jubilee CLO, Series 2024-29X, Class A, 4.31% (3 mo. EURIBOR + 1.30%), 01/15/2039
EUR
    
2,000,000
      
2,162,014
  
Neuberger Berman CLO Ltd., Series 2024-58A, Class A, 5.90% (3 mo. Term SOFR + 1.34%), 10/18/2038 (a)
      
1,100,000
      
1,099,204
  
Penta CLO, Series 2024-18X, Class A, 4.14% (3 mo. EURIBOR + 1.28%), 01/15/2038
EUR
    
2,000,000
      
2,157,602
  
Providus CLO, Series 11X, Class A, 3.99% (3 mo. EURIBOR + 1.29%), 01/20/2038
EUR
    
2,000,000
      
2,158,108
  
Ravensdale Park CLO, Series 1X, Class A, 0.00% (3 mo. EURIBOR + 1.17%), 04/25/2038 (d)(e)
EUR
    
950,000
      
1,027,238
  
RRE Loan Management, Series 24X, Class A1, 3.53% (3 mo. EURIBOR + 1.16%), 04/15/2040
EUR
    
2,300,000
      
2,486,246
  
Trinitas Euro CLO, Series 8X, Class A, 3.93% (3 mo. EURIBOR + 1.30%), 01/15/2038
EUR
    
2,000,000
      
2,160,765
  
Voya Euro CLO, Series 8X, Class A, 4.07% (3 mo. EURIBOR + 1.28%), 01/15/2039
EUR
    
2,000,000
      
2,164,021
  
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $35,560,798)
      
35,927,504
  
                   
SHORT-TERM INVESTMENTS - 3.0%
          
Value
 
Money Market Funds - 3.0%
    
Shares
          
First American Treasury Obligations Fund - Class X, 4.25% (f)
      
37,649,552
      
37,649,552
  
TOTAL SHORT-TERM INVESTMENTS (Cost $37,649,552)
      
37,649,552
  
                   
TOTAL INVESTMENTS - 98.1% (Cost $1,200,748,763)
      
1,219,624,610
  
Other Assets in Excess of Liabilities - 1.9%
      
24,174,345
  
TOTAL NET ASSETS - 100.0%
            
$
1,243,798,955
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
           
Par amount is in USD unless otherwise indicated.
          

CMT - Constant Maturity Treasury
EURIBOR - Euro Interbank Offered Rate
LIBOR - London Interbank Offered Rate
LLC - Limited Liability Company
LP - Limited Partnership
PIK - Payment in Kind
PJSC - Public Joint Stock Company
PLC - Public Limited Company
SOFR - Secured Overnight Financing Rate
SONIA - Sterling Overnight Index Average
 
EUR - Euro
GBP - British Pound

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $211,133,212 or 17.0% of the Fund’s net assets.
(b)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(c)
Step coupon bond. The rate disclosed is as of March 31, 2025.
(d)
Zero coupon bonds make no periodic interest payments.
(e)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $1,027,238 or 0.1% of net assets as of March 31, 2025.
(f)
The rate shown represents the 7-day annualized effective yield as of March 31, 2025.
Muzinich Low Duration Fund
  
Schedule of Forward Currency Contracts
  
March 31, 2025 (Unaudited)
  
   
Counterparty
Settlement Date
Currency Purchased
  
Currency Sold
    
Unrealized
Appreciation
(Depreciation)
  
U.S. Bancorp Investments, Inc.
04/16/2025
USD
    
254,203,000
  
EUR
    
233,000,000
    
$
2,044,786
  
U.S. Bancorp Investments, Inc.
06/17/2025
USD
    
242,632,680
  
EUR
    
222,000,000
      
1,518,603
  
U.S. Bancorp Investments, Inc.
04/16/2025
USD
    
107,941,057
  
GBP
    
88,000,000
      
(5,728,525
)
Net Unrealized Appreciation (Depreciation)
    
$
(2,165,136
)
   
EUR - Euro
  
GBP - British Pound
  
USD - United States Dollar
  
Summary of Fair Value Disclosure as of March 31, 2025 (Unaudited)
 
Muzinich Low Duration Fund has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Corporate Bonds
  
$
2,789,754
    
$
1,027,156,788
    
$
–
    
$
1,029,946,542
  
  Convertible Bonds
    
–
      
73,542,085
      
–
      
73,542,085
  
  Bank Loans
    
–
      
42,558,927
      
–
      
42,558,927
  
  Collateralized Loan Obligations
    
–
      
34,900,266
      
1,027,238
      
35,927,504
  
  Money Market Funds
    
37,649,552
      
–
      
–
      
37,649,552
  
Total Investments
  
$
40,439,306
    
$
1,178,158,066
    
$
1,027,238
    
$
1,219,624,610
  
   
Other Financial Instruments:
                                
  Forwards*
  
$
–
    
$
3,563,389
      
–
    
$
3,563,389
  
Total Other Financial Instruments
  
$
–
    
$
3,563,389
    
$
–
    
$
3,563,389
  
                                 
Liabilities:
                                
Other Financial Instruments:
                                
  Forwards*
  
$
–
    
$
(5,728,525
)
    
–
    
$
(5,728,525
)
Total Other Financial Instruments
  
$
–
    
$
(5,728,525
)
  
$
–
    
$
(5,728,525
)
   
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of March 31, 2025.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.
  
The following is a reconciliation of the Low Duration Fund’s Level 3 assets for which significant unobservable inputs were used to determine fair value:
 
   
Bank Loans
  
Balance as of December 31, 2024
  
$
-
  
Acquisitions
    
988,523
  
Dispositions
    
-
  
Accrued discounts/premiums
    
-
  
Realized gain (loss)
    
-
  
Change in unrealized appreciation/depreciation
    
38,715
  
Transfer in and/or out of Level 3
    
-
  
Balance as of March 31, 2025
  
$
1,027,238
  
         
Change in unrealized appreciation/depreciation for Level 3 investments held at March 31, 2025
  
$
38,715
  

Type of Security
  
Fair Value at
March 31, 2025
  
Valuation Techniques
  
Unobservable Input
    
Input Value(s)
  
Collateralized Loan Obligation CLO
  
$
1,027,238
  
Cost
    
N/A
      
N/A
  
                           
Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price.
  
Muzinich & Co., Inc., as Advisor to the Fund and the Fund's Valuation Designee under Rule 2a-5 of the Investment Company Act of 1940, oversees valuation techniques.