| Ziegler Senior Floating Rate Fund | |||||||||||||
| SCHEDULE OF INVESTMENTS | |||||||||||||
| December 31, 2021 (Unaudited) | |||||||||||||
| Principal | Current | ||||||||||||
| Amount | Rate | Maturity | Value | ||||||||||
BANK LOANS(1) ― 95.4% | |||||||||||||
| AEROSPACE & DEFENSE ― 3.7% | |||||||||||||
| $ | 750,000 | American Airlines, Inc. (3 Month USD LIBOR + 4.750%, 0.75% Floor) | 5.500 | % | 4/20/2028 | $ | 778,459 | ||||||
| 299,900 | Mileage Plus Holdings, LLC (3 Month USD LIBOR + 5.250%, 1.00% Floor) | 6.250 | 6/21/2027 | 317,071 | |||||||||
| 247,500 | PAE Holding Corp. (3 Month USD LIBOR + 4.500%, 0.75% Floor) | 5.250 | 10/19/2027 | 248,119 | |||||||||
| 248,125 | Peraton Corp. (1 Month USD LIBOR + 3.750%, 0.75% Floor) | 4.500 | 2/1/2028 | 248,656 | |||||||||
| 491,228 | TransDigm, Inc. (1 Month USD LIBOR + 2.250%) | 2.354 | 8/22/2024 | 486,461 | |||||||||
| 491,228 | TransDigm, Inc. (1 Month USD LIBOR + 2.250%) | 2.354 | 5/30/2025 | 485,282 | |||||||||
| 2,564,048 | |||||||||||||
| AUTO COMPONENTS ― 3.9% | |||||||||||||
| 490,000 | Belron Finance US, LLC (3 Month USD LIBOR + 2.250%) | 2.438 | 10/30/2026 | 487,344 | |||||||||
| 845,208 | Clarios Global, LP (1 Month USD LIBOR + 3.250%) | 3.354 | 4/30/2026 | 841,932 | |||||||||
| 56,000 | Dexko Global, Inc. (1 Month USD LIBOR + 3.750%, 0.50% Floor)(2) | 4.250 | 10/4/2028 | 55,891 | |||||||||
| 294,000 | DexKo Global, Inc. (3 Month USD LIBOR + 3.750%, 0.50% Floor) | 4.250 | 10/4/2028 | 293,427 | |||||||||
| 498,750 | Garrett LX I SARL (3 Month USD LIBOR + 3.250%, 0.50% Floor) | 3.750 | 5/1/2028 | 498,441 | |||||||||
| 476,400 | PAI HoldCo, Inc. (3 Month USD LIBOR + 3.500%, 0.75% Floor) | 4.250 | 10/28/2027 | 476,798 | |||||||||
| 2,653,833 | |||||||||||||
| AUTOMOBILES ― 0.3% | |||||||||||||
| 184,173 | KAR Auction Services, Inc. (1 Month USD LIBOR + 2.250%) | 2.375 | 9/21/2026 | 181,871 | |||||||||
| BUILDING PRODUCTS ― 0.7% | |||||||||||||
| 248,750 | Foundation Building Materials, Inc. (1 Month USD LIBOR + 3.250%, 0.50% Floor) | 3.750 | 1/31/2028 | 247,351 | |||||||||
| 250,000 | Specialty Building Products Holdings, LLC (1 Month USD LIBOR + 3.750%, 0.50% Floor) | 4.250 | 10/15/2028 | 249,766 | |||||||||
| 497,117 | |||||||||||||
| CHEMICALS ― 2.4% | |||||||||||||
| 248,750 | Alpha 3 BV (1 Month USD LIBOR + 2.500%, 0.50% Floor) | 3.000 | 3/17/2028 | 248,586 | |||||||||
| 248,125 | CPC Acquisition Corp. (6 Month USD LIBOR + 3.750%, 0.75% Floor) | 4.500 | 12/29/2027 | 245,644 | |||||||||
| 422,875 | Herens US Holdco Corp. (6 Month USD LIBOR + 4.000%, 0.75% Floor) | 4.750 | 7/3/2028 | 423,285 | |||||||||
| 250,000 | Olympus Water US Holding Corp. (1 Month USD LIBOR + 4.000%, 0.50% Floor) | 4.500 | 11/9/2028 | 249,531 | |||||||||
| 496,250 | Plaskolite PPC Intermediate II LLC (3 Month USD LIBOR + 4.000%, 0.75% Floor) | 4.750 | 12/15/2025 | 491,754 | |||||||||
| 1,658,800 | |||||||||||||
| COMMERCIAL SERVICES & SUPPLIES ― 3.8% | |||||||||||||
| 748,125 | Allied Universal Holdco LLC (3 Month USD LIBOR + 3.750%, 0.50% Floor) | 4.250 | 5/12/2028 | 746,632 | |||||||||
| 497,517 | DG Investment Intermediate Holdings 2, Inc. (1 Month USD LIBOR + 3.500%, 0.75% Floor) | 4.250 | 3/31/2028 | 497,984 | |||||||||
| 171,766 | Garda World Security Corp. (1 Month USD LIBOR + 4.250%) | 4.360 | 10/30/2026 | 171,749 | |||||||||
| 579,353 | Prime Security Services Borrower, LLC (1 Month USD LIBOR + 2.750%, 0.75% Floor) | 3.500 | 9/23/2026 | 579,483 | |||||||||
| 128,286 | Prime Security Services Borrower, LLC (6 Month USD LIBOR + 2.750%, 0.75% Floor) | 3.500 | 9/23/2026 | 128,315 | |||||||||
| 487,575 | Trugreen, Ltd. (1 Month USD LIBOR + 4.000%, 0.75% Floor) | 4.750 | 11/2/2027 | 488,762 | |||||||||
| 2,612,925 | |||||||||||||
| CONSTRUCTION & ENGINEERING ― 0.1% | |||||||||||||
| 19,236 | McDermott International, Inc. (1 Month USD LIBOR + 3.000%) | 3.090 | 6/30/2024 | 11,445 | |||||||||
| 125,022 | McDermott International, Inc. (1 Month USD LIBOR + 1.000%) | 1.090 | 6/30/2025 | 56,468 | |||||||||
| 67,913 | |||||||||||||
| CONSTRUCTION MATERIALS ― 1.7% | |||||||||||||
| 424,434 | CPG International, Inc. (12 Month USD LIBOR + 2.500%, 0.75% Floor) | 3.250 | 5/6/2024 | 425,090 | |||||||||
| 362,798 | Tamko Building Products, LLC (1 Month USD LIBOR + 3.000%) | 3.104 | 5/29/2026 | 361,590 | |||||||||
| 373,420 | Tamko Building Products, LLC (2 Month USD LIBOR + 3.000%) | 3.141 | 5/29/2026 | 372,177 | |||||||||
| 1,158,857 | |||||||||||||
| Ziegler Senior Floating Rate Fund | |||||||||||||
| SCHEDULE OF INVESTMENTS | |||||||||||||
| December 31, 2021 (Unaudited)(Continued) | |||||||||||||
| Principal | Current | ||||||||||||
| Amount | Rate | Maturity | Value | ||||||||||
| CONTAINERS & PACKAGING ― 0.7% | |||||||||||||
| $ | 97,231 | Graham Packaging Company, Inc (1 Month USD LIBOR + 3.000%, 0.75% Floor) | 3.750 | % | 8/4/2027 | $ | 97,094 | ||||||
| 114,138 | Kloeckner Pentaplast of America, Inc. (3 Month USD LIBOR + 4.750%, 0.50% Floor) | 5.250 | 2/12/2026 | 111,427 | |||||||||
| 190,167 | Tank Holding Corp. (1 Month USD LIBOR + 5.000%, 0.75% Floor) | 5.750 | 3/26/2026 | 191,059 | |||||||||
| 99,000 | Tosca Services, LLC (1 Month USD LIBOR + 3.500%, 0.75% Floor) | 4.250 | 8/18/2027 | 98,939 | |||||||||
| 498,519 | |||||||||||||
| DISTRIBUTORS ― 0.7% | |||||||||||||
| 486,250 | FleetPride, Inc. (1 Month USD LIBOR + 4.500%) | 4.604 | 2/4/2026 | 486,712 | |||||||||
| DIVERSIFIED CONSUMER SERVICES ― 2.1% | |||||||||||||
| 247,500 | American Residential Services, LLC (3 Month USD LIBOR + 3.500%, 0.75% Floor) | 4.250 | 10/15/2027 | 247,809 | |||||||||
| 997,494 | Spin Holdco, Inc. (3 Month USD LIBOR + 4.000%, 0.75% Floor) | 4.750 | 3/6/2028 | 1,001,927 | |||||||||
| 200,000 | St. George's University Scholastic Services LLC (3 Month USD LIBOR + 3.250%, 0.50% Floor) | 3.750 | 6/29/2028 | 199,438 | |||||||||
| 1,449,174 | |||||||||||||
| DIVERSIFIED FINANCIAL SERVICES ― 3.0% | |||||||||||||
| 373,125 | Ankura Consulting Group, LLC (1 Month USD LIBOR + 4.500%, 0.75% Floor) | 5.250 | 3/17/2028 | 374,524 | |||||||||
| 350,000 | Ascensus Holidngs, Inc. (3 Month USD LIBOR + 3.500%, 0.50% Floor) | 4.000 | 8/2/2028 | 349,125 | |||||||||
| 516,488 | First Eagle Holdings, Inc. (3 Month USD LIBOR + 2.500%) | 2.724 | 2/1/2027 | 511,889 | |||||||||
| 305,718 | Orion Advisor Solutions, Inc. (1 Month USD LIBOR + 3.750%, 0.75% Floor) | 4.500 | 9/24/2027 | 306,626 | |||||||||
| 174,845 | Russell Investments US Institutional Holdco, Inc. (3 Month USD LIBOR + 3.500%, 1.00% Floor) | 4.500 | 5/30/2025 | 175,042 | |||||||||
| 75,155 | Russell Investments US Institutional Holdco, Inc. (6 Month USD LIBOR + 3.500%, 1.00% Floor) | 4.500 | 5/30/2025 | 75,239 | |||||||||
| 28 | SS&C Technologies, Inc. (1 Month USD LIBOR + 1.750%) | 1.854 | 4/16/2025 | 28 | |||||||||
| 267,835 | VFH Parent, LLC (1 Month USD LIBOR + 3.000%) | 3.102 | 3/2/2026 | 267,519 | |||||||||
| 2,059,992 | |||||||||||||
| DIVERSIFIED TELECOMMUNICATION SERVICES ― 4.7% | |||||||||||||
| 488,750 | CommScope, Inc. (1 Month USD LIBOR + 3.250%) | 3.354 | 4/6/2026 | 483,354 | |||||||||
| 500,000 | Consolidated Communications, Inc. (1 Month USD LIBOR + 3.500%, 0.75% Floor) | 4.250 | 10/4/2027 | 499,923 | |||||||||
| 490,022 | CSC Holdings, LLC (1 Month USD LIBOR + 2.500%) | 2.610 | 4/15/2027 | 484,509 | |||||||||
| 492,592 | Global Tel*Link Corp. (1 Month USD LIBOR + 4.250%) | 4.354 | 11/28/2025 | 480,021 | |||||||||
| 97,260 | Securus Technologies Holdings, LLC (3 Month USD LIBOR + 4.500%, 1.00% Floor) | 5.500 | 11/1/2024 | 94,829 | |||||||||
| 250,000 | UPC Financing Partnership (1 Month USD LIBOR + 3.000%) | 3.110 | 1/31/2029 | 249,453 | |||||||||
| 430,087 | West Corp. (3 Month USD LIBOR + 4.000%, 1.00% Floor) | 5.000 | 10/10/2024 | 409,331 | |||||||||
| 500,000 | Ziggo Financing Partnership (1 Month USD LIBOR + 2.500%) | 2.610 | 4/28/2028 | 495,313 | |||||||||
| 3,196,733 | |||||||||||||
| ELECTRIC UTILITIES ― 1.1% | |||||||||||||
| 727,650 | Brookfield WEC Holdings, Inc. (1 Month USD LIBOR + 2.750%, 0.50% Floor) | 3.250 | 8/1/2025 | 723,251 | |||||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS ― 0.8% | |||||||||||||
| 250,000 | Escape Velocity Holdings, Inc. (3 Month USD LIBOR + 4.250%, 0.50% Floor) | 4.750 | 10/6/2028 | 249,063 | |||||||||
| 409,461 | Plantronics, Inc. (1 Month USD LIBOR + 2.500%) | 2.604 | 7/2/2025 | 401,602 | |||||||||
| 768,095 | Ultra Clean Holdings, Inc. (1 Month USD LIBOR + 3.750%) | 3.854 | 8/27/2025 | 770,015 | |||||||||
| 1,420,680 | |||||||||||||
| ENERGY EQUIPMENT & SERVICES ― 0.8% | |||||||||||||
| 348,102 | EnergySolutions, LLC (3 Month USD LIBOR + 3.750%, 1.00% Floor) | 4.750 | 5/9/2025 | 348,102 | |||||||||
| 3,205 | Yak Access, LLC (1 Month USD LIBOR + 5.000%) | 5.090 | 7/11/2025 | 2,883 | |||||||||
| 217,949 | Yak Access, LLC (3 Month USD LIBOR + 5.000%) | 5.121 | 7/11/2025 | 196,064 | |||||||||
| 547,049 | |||||||||||||
| Ziegler Senior Floating Rate Fund | |||||||||||||
| SCHEDULE OF INVESTMENTS | |||||||||||||
| December 31, 2021 (Unaudited)(Continued) | |||||||||||||
| Principal | Current | ||||||||||||
| Amount | Rate | Maturity | Value | ||||||||||
| FOOD PRODUCTS ― 2.5% | |||||||||||||
| $ | 247,500 | Arterra Wines Canada, Inc. (3 Month USD LIBOR + 3.500%, 0.75% Floor) | 4.250 | % | 11/25/2027 | $ | 248,119 | ||||||
| 343,513 | Froneri US, Inc. (1 Month USD LIBOR + 2.250%) | 2.354 | 1/29/2027 | 339,688 | |||||||||
| 245,566 | Houston Foods, Inc. (1 Month USD LIBOR + 3.750%) | 3.854 | 7/21/2025 | 239,632 | |||||||||
| 494,845 | Pacific Bells, LLC (3 Month USD LIBOR + 4.500%, 0.50% Floor) | 5.000 | 11/10/2028 | 493,814 | |||||||||
| 5,155 | Pacific Bells, LLC (3 Month USD LIBOR + 4.500%, 0.50% Floor)(2) | 5.000 | 11/10/2028 | 5,144 | |||||||||
| 350,000 | Sycamore Buyer, LLC (3 Month USD LIBOR + 2.250%, 0.50% Floor) | 2.750 | 9/25/2028 | 348,798 | |||||||||
| 1,675,195 | |||||||||||||
| HEALTH CARE EQUIPMENT & SUPPLIES ― 3.5% | |||||||||||||
| 496,043 | Bausch Health Companies, Inc. (1 Month USD LIBOR + 2.750%) | 2.854 | 11/27/2025 | 493,716 | |||||||||
| 234,421 | LifeScan Global Corp. (3 Month USD LIBOR + 6.000%) | 6.130 | 10/1/2024 | 229,671 | |||||||||
| 490,000 | National Seating & Mobility, Inc. (1 Month USD LIBOR + 5.250%) | 5.354 | 11/16/2026 | 490,000 | |||||||||
| 726,369 | Phoenix Guarantor, Inc. (1 Month USD LIBOR + 3.250%) | 3.354 | 3/5/2026 | 722,679 | |||||||||
| 476,892 | YI, LLC (1 Month USD LIBOR + 4.000%, 1.00% Floor) | 5.000 | 11/7/2024 | 474,508 | |||||||||
| 2,410,574 | |||||||||||||
| HEALTH CARE PROVIDERS & SERVICES ― 9.0% | |||||||||||||
| 483,778 | Aspen Dental Management, Inc. (1 Month USD LIBOR + 2.750%) | 2.854 | 4/30/2025 | 478,418 | |||||||||
| 249,375 | Aspen Dental Management, Inc. (1 Month USD LIBOR + 3.50%, 0.50% Floor) | 4.000 | 12/23/2027 | 249,316 | |||||||||
| 726,840 | Bracket Intermediate Holding Corp. (3 Month USD LIBOR + 4.250%) | 4.377 | 9/5/2025 | 726,114 | |||||||||
| 35,398 | Confluent Health, LLC (1 Month USD LIBOR + 4.000%, 0.50% Floor)(2) | 4,500 | 11/30/2028 | 35,413 | |||||||||
| 164,602 | Confluent Health, LLC (1 Month USD LIBOR + 4.000%, 0.50% Floor) | 4.500 | 11/30/2028 | 164,670 | |||||||||
| 637,840 | Da Vinci Purchaser Corp. (1 Month USD LIBOR + 4.000%, 1.00% Floor) | 5.000 | 1/8/2027 | 639,435 | |||||||||
| 101,527 | Da Vinci Purchaser Corp. (1 Month USD LIBOR + 4.000%, 1.00% Floor) | 5.000 | 1/8/2027 | 101,781 | |||||||||
| 491,990 | Eyecare Partners, LLC (3 Month USD LIBOR + 3.750%) | 3.974 | 2/18/2027 | 489,992 | |||||||||
| 11,662 | National Mentor Holdings, Inc. (3 Month USD LIBOR + 3.750%, 0.75% Floor) | 4.500 | 3/2/2028 | 11,552 | |||||||||
| 369,393 | National Mentor Holdings, Inc. (3 Month USD LIBOR + 3.750%, 0.75% Floor) | 4.500 | 3/2/2028 | 365,930 | |||||||||
| 17,190 | National Mentor Holdings, Inc. (3 Month USD LIBOR + 3.750%, 0.75% Floor) (2) | 4.500 | 3/2/2028 | 17,028 | |||||||||
| 248,750 | Pacific Dental Services, Inc. (1 Month USD LIBOR + 3.25%, 0.75% Floor) | 4.000 | 5/5/2028 | 249,178 | |||||||||
| 497,487 | Pathway Vet Alliance, LLC (1 Month USD LIBOR + 3.750%) | 3.854 | 3/31/2027 | 496,555 | |||||||||
| 956,750 | Radiology Partners, Inc. (1 Month USD LIBOR + 4.250%) | 4.357 | 7/9/2025 | 944,661 | |||||||||
| 248,750 | Radnet Management, Inc. (3 Month USD LIBOR + 3.000%, 0.75% Floor) | 3.750 | 4/24/2028 | 249,061 | |||||||||
| 245,641 | Upstream Newco, Inc. (1 Month USD LIBOR + 4.250%) | 4.354 | 11/20/2026 | 246,293 | |||||||||
| 744,289 | US Renal Care, Inc. (1 Month USD LIBOR + 5.000%) | 5.125 | 6/26/2026 | 725,779 | |||||||||
| 6,191,176 | |||||||||||||
| HEALTH CARE TECHNOLOGY ― 5.0% | |||||||||||||
| 494,937 | Ensemble RCM, LLC (3 Month USD LIBOR + 3.750%) | 3.879 | 8/3/2026 | 495,399 | |||||||||
| 491,250 | Navicure, Inc. (1 Month USD LIBOR + 4.000%) | 4.104 | 10/22/2026 | 491,454 | |||||||||
| 496,250 | Project Ruby Ultimate Parent Corp. (1 Month USD LIBOR + 3.250%, 0.75% Floor) | 4.000 | 3/10/2028 | 496,352 | |||||||||
| 492,500 | Tivity Health, Inc. (1 Month USD LIBOR + 4.250%) | 4.354 | 6/30/2028 | 492,993 | |||||||||
| 970,120 | Verscend Holding Corp. (1 Month USD LIBOR + 4.000%) | 4.104 | 8/27/2025 | 971,090 | |||||||||
| 365,743 | Zelis Payments Buyer, Inc. (1 Month USD LIBOR + 3.500%) | 3.599 | 9/30/2026 | 364,258 | |||||||||
| 133,333 | Zelis Payments Buyer, Inc. (1 Month USD LIBOR + 3.500%)(2) | 3.500 | 9/30/2026 | 132,792 | |||||||||
| 3,444,338 | |||||||||||||
| HOTELS RESTAURANTS & LEISURE ― 4.2% | |||||||||||||
| 488,750 | Aimbridge Acquisition Co, Inc. (1 Month USD LIBOR + 3.750%) | 3.854 | 2/2/2026 | 478,975 | |||||||||
| 486,250 | AMC Entertainment, Inc. (1 Month USD LIBOR + 3.000%) | 3.103 | 4/22/2026 | 439,752 | |||||||||
| 344,750 | Aristocrat International PTY Ltd. (3 Month USD LIBOR + 3.750%, 1.00% Floor) | 4.750 | 10/21/2024 | 346,798 | |||||||||
| 493,750 | Caesars Resort Collection, LLC (1 Month USD LIBOR +3.500%) | 3.604 | 7/21/2025 | 494,738 | |||||||||
| 399,000 | Pug, LLC (1 Month USD LIBOR + 4.250%, 0.50% Floor) | 4.750 | 2/13/2027 | 399,000 | |||||||||
| 682,279 | Scientific Games International, Inc. (1 Month USD LIBOR + 2.750%) | 2.854 | 8/14/2024 | 680,893 | |||||||||
| 2,840,156 | |||||||||||||
| Ziegler Senior Floating Rate Fund | |||||||||||||
| SCHEDULE OF INVESTMENTS | |||||||||||||
| December 31, 2021 (Unaudited)(Continued) | |||||||||||||
| Principal | Current | ||||||||||||
| Amount | Rate | Maturity | Value | ||||||||||
| INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS ― 4.4% | |||||||||||||
| $ | 189,572 | Array Technologies, Inc. (3 Month USD LIBOR + 3.250%, 0.50% Floor) | 3.750 | % | 10/14/2027 | $ | 188,032 | ||||||
| 486,023 | Calpine Corp. (1 Month USD LIBOR + 2.500%) | 2.610 | 12/16/2027 | 483,491 | |||||||||
| 975,753 | Eastern Power, LLC (3 Month USD LIBOR + 3.750%, 1.00% Floor) | 4.750 | 10/2/2025 | 763,024 | |||||||||
| 50,972 | Lightstone Holdco, LLC (3 Month USD LIBOR + 3.750%, 1.00% Floor) | 4.750 | 1/30/2024 | 43,309 | |||||||||
| 903,727 | Lightstone Holdco, LLC (3 Month USD LIBOR + 3.750%, 1.00% Floor) | 4.750 | 1/30/2024 | 767,860 | |||||||||
| 855,000 | Talen Energy Supply, LLC (1 Month USD LIBOR + 3.750%) | 3.854 | 7/8/2026 | 762,852 | |||||||||
| 3,008,568 | |||||||||||||
| INDUSTRIAL CONGLOMERATES ― 1.4% | |||||||||||||
| 963,615 | CD&R Hydra Buyer, Inc. (1 Month USD LIBOR + 4.250%, 1.00% Floor) | 5.250 | 12/11/2024 | 966,024 | |||||||||
| INSURANCE ― 1.9% | |||||||||||||
| 99,000 | Asurion, LLC (1 Month USD LIBOR + 3.250%) | 3.354 | 12/23/2026 | 98,464 | |||||||||
| 247,070 | Baldwin Risk Partners, LLC (1 Month USD LIBOR + 3.500%, 0.50% Floor) | 4.000 | 10/14/2027 | 246,143 | |||||||||
| 491,250 | Broadstreet Partners, Inc. (1 Month USD LIBOR + 3.000%) | 3.104 | 1/27/2027 | 485,750 | |||||||||
| 498,945 | OneDigital Borrower, LLC (6 Month SOFR + 4.250%, 0.50% Floor) | 4.750 | 11/16/2027 | 498,633 | |||||||||
| 1,328,990 | |||||||||||||
| INTERNET SOFTWARE & SERVICES ― 2.1% | |||||||||||||
| 198,000 | Arches Buyer, Inc. (1 Month USD LIBOR + 3.250%, 0.50% Floor) | 3.750 | 12/6/2027 | 196,937 | |||||||||
| 498,238 | Constant Contact, Inc. (1 Month USD LIBOR + 4.000%, 0.75% Floor) | 4.750 | 2/10/2028 | 498,549 | |||||||||
| 248,125 | Playtika Holding Corp. (1 Month USD LIBOR + 2.750%) | 2.854 | 3/13/2028 | 247,453 | |||||||||
| 480,000 | Research Now Group, Inc. (6 Month USD LIBOR + 5.500%, 1.00% Floor) | 6.500 | 12/20/2024 | 474,650 | |||||||||
| 1,417,589 | |||||||||||||
| MACHINERY ― 3.4% | |||||||||||||
| 348,250 | Madison IAQ, LLC (3 Month USD LIBOR + 3.250%, 0.50% Floor) | 3.750 | 6/21/2028 | 348,395 | |||||||||
| 246,700 | MKS Instruments, Inc. (3 Month USD LIBOR + 2.250%, 0.50% Floor) | 2.750 | 10/20/2028 | 246,484 | |||||||||
| 489,822 | Patriot Container Corp. (1 Month USD LIBOR + 3.750%, 1.00% Floor) | 4.750 | 3/20/2025 | 482,475 | |||||||||
| 394,000 | Star US Bidco, LLC (1 Month USD LIBOR + 4.250%, 1.00% Floor) | 5.250 | 3/17/2027 | 393,756 | |||||||||
| 706,644 | Titan Acquisition, Ltd. (6 Month USD LIBOR + 3.000%) | 3.354 | 3/28/2025 | 696,093 | |||||||||
| 115,562 | TK Elevator US Newco, Inc. (3 Month USD LIBOR + 3.500%, 0.50% Floor) | 4.000 | 7/30/2027 | 115,787 | |||||||||
| 32,572 | TK Elevator US Newco, Inc. (6 Month USD LIBOR + 3.500%, 0.50% Floor) | 4.000 | 7/30/2027 | 32,635 | |||||||||
| 2,315,625 | |||||||||||||
| MEDIA ― 9.2% | |||||||||||||
| 970,000 | AppLovin Corp. (1 Month USD LIBOR + 3.250%) | 3.354 | 8/15/2025 | 969,394 | |||||||||
| 350,000 | Ascend Learning, LLC (3 Month USD LIBOR + 3.500%, 0.50% Floor) | 4.000 | 12/11/2028 | 349,928 | |||||||||
| 492,708 | Castle US Holding Corp. (3 Month USD LIBOR + 3.750%) | 3.974 | 1/29/2027 | 489,013 | |||||||||
| 547,250 | CMI Marketing, Inc. (1 Month USD LIBOR + 4.250%, 0.50% Floor) | 4.750 | 3/23/2028 | 553,407 | |||||||||
| 245,000 | Creative Artists Agency, LLC (1 Month USD LIBOR + 3.750%) | 3.854 | 11/26/2026 | 244,694 | |||||||||
| 977,500 | Diamond Sports Group, LLC (1 Month USD LIBOR + 3.250%) | 3.360 | 8/24/2026 | 459,151 | |||||||||
| 353,750 | Entravision Communication Corp. (1 Month USD LIBOR + 2.750%) | 2.854 | 11/29/2024 | 350,987 | |||||||||
| 424,821 | Gray Television, Inc. (1 Month USD LIBOR + 2.500%) | 2.599 | 1/2/2026 | 422,209 | |||||||||
| 222,900 | iHeartCommunications, Inc. (1 Month USD LIBOR + 3.250%, 0.50% Floor) | 3.750 | 5/1/2026 | 223,318 | |||||||||
| 336,706 | Lions Gate Capital Holdings, LLC (1 Month USD LIBOR + 2.250%) | 2.354 | 3/24/2025 | 334,883 | |||||||||
| 855,068 | Terrier Media Buyer, Inc. (1 Month USD LIBOR + 3.500%) | 3.604 | 12/17/2026 | 852,182 | |||||||||
| 457,584 | Univision Communications, Inc. (1 Month USD LIBOR + 3.250%, 0.75% Floor) | 4.000 | 3/13/2026 | 459,193 | |||||||||
| 453,401 | Vericast Corp. (1 Month USD LIBOR + 7.750%, 1.00% Floor) | 8.750 | 6/16/2026 | 414,232 | |||||||||
| 198,000 | Weld North Education, LLC (1 Month USD LIBOR + 3.750%, 0.50% Floor) | 4.250 | 12/21/2027 | 198,289 | |||||||||
| 6,320,880 | |||||||||||||
| METALS & MINING ― 0.6% | |||||||||||||
| 129,667 | GrafTech Finance, Inc. (1 Month USD LIBOR + 3.000%, 0.50% Floor) | 3.500 | 2/12/2025 | 129,856 | |||||||||
| 286,195 | MRC Global, Inc. (1 Month USD LIBOR + 3.000%) | 3.104 | 9/20/2024 | 285,122 | |||||||||
| 414,978 | |||||||||||||
| OIL, GAS & CONSUMABLE FUELS ― 2.1% | |||||||||||||
| 480,095 | Northriver Midstream TLB (3 Month USD LIBOR + 3.250%) | 3.382 | 10/1/2025 | 479,886 | |||||||||
| 987,500 | Prairie ECI Acquiror, LP (1 Month USD LIBOR + 4.750%) | 4.854 | 3/11/2026 | 957,327 | |||||||||
| 1,437,213 | |||||||||||||
| Ziegler Senior Floating Rate Fund | |||||||||||||
| SCHEDULE OF INVESTMENTS | |||||||||||||
| December 31, 2021 (Unaudited)(Continued) | |||||||||||||
| Principal | Current | ||||||||||||
| Amount | Rate | Maturity | Value | ||||||||||
| PHARMACEUTICALS ― 3.1% | |||||||||||||
| $ | 248,125 | Alkermes, Inc. (3 Month USD LIBOR + 2.500%, 0.50% Floor) | 3.000 | % | 3/12/2026 | $ | 244,403 | ||||||
| 671,429 | Alvogen Pharma U.S., Inc. (6 Month USD LIBOR + 5.250%, 1.00% Floor) | 6.250 | 12/29/2023 | 643,733 | |||||||||
| 971,958 | Amneal Pharmaceuticals, LLC (1 Month USD LIBOR + 3.500%) | 3.625 | 5/5/2025 | 963,696 | |||||||||
| 241,042 | Organon & Co. (6 Month USD LIBOR + 3.000%, 0.50% Floor) | 3.500 | 6/2/2028 | 241,619 | |||||||||
| 2,093,451 | |||||||||||||
| PROFESSIONAL SERVICES ― 0.9% | |||||||||||||
| 1,037 | APX Group, Inc. (Prime + 2.500%, 0.50% Floor) | 5.750 | 7/10/2028 | 1,037 | |||||||||
| 348,963 | APX Group, Inc. (1 Month USD LIBOR + 3.500%, 0.50% Floor) | 4.000 | 7/10/2028 | 349,890 | |||||||||
| 249,375 | Bingo Industries, Ltd. (3 Month USD LIBOR + 3.500%, 0.50% Floor) | 4.000 | 7/14/2028 | 249,063 | |||||||||
| 599,990 | |||||||||||||
| REAL ESTATE MANAGEMENT AND DEVELOPMENT ― 1.0% | |||||||||||||
| 650,867 | Cushman & Wakefield U.S. Borrower, LLC (1 Month USD LIBOR + 2.750%) | 2.854 | 8/21/2025 | 647,613 | |||||||||
| SOFTWARE ― 4.5% | |||||||||||||
| 477,638 | Athenahealth, Inc. (3 Month USD LIBOR + 4.250%) | 4.400 | 2/11/2026 | 478,294 | |||||||||
| 790,198 | Brave Parent Holdings, Inc. (1 Month USD LIBOR + 4.000%) | 4.104 | 4/18/2025 | 790,126 | |||||||||
| 495,000 | LogMeIn, Inc. (1 Month USD LIBOR + 4.750%) | 4.860 | 8/31/2027 | 492,936 | |||||||||
| 249,375 | Magenta Buyer, LLC (3 Month USD LIBOR + 5.000%, 0.75% Floor) | 5.750 | 7/27/2028 | 249,102 | |||||||||
| 606,346 | Project Alpha Intermediate Holding, Inc. (1 Month USD LIBOR + 4.000%) | 4.110 | 4/26/2024 | 608,052 | |||||||||
| 491,250 | VS Buyer, LLC (1 Month USD LIBOR + 3.000%) | 3.104 | 2/26/2027 | 490,022 | |||||||||
| 3,108,532 | |||||||||||||
| SPECIALTY RETAIL ― 2.2% | |||||||||||||
| 296 | Ascena Retail Group, Inc. (1 Month USD LIBOR + 4.500%, 0.75% Floor) (3) | 5.250 | 8/22/2022 | 2 | |||||||||
| 247,500 | Harbor Freight Tools USA, Inc. (1 Month USD LIBOR + 2.750%, 0.50% Floor) | 3.250 | 10/19/2027 | 247,298 | |||||||||
| 777,310 | Heartland Dental, LLC (1 Month USD LIBOR + 3.500%) | 3.604 | 4/30/2025 | 771,103 | |||||||||
| 496,193 | MED ParentCo, LP (1 Month USD LIBOR + 4.250%) | 4.354 | 8/31/2026 | 496,329 | |||||||||
| 1,514,732 | |||||||||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS ― 2.6% | |||||||||||||
| 488,308 | Gigamon, Inc. (6 Month USD LIBOR + 3.500%, 0.75% Floor) | 4.250 | 12/27/2024 | 489,302 | |||||||||
| 725,625 | LTI Holdings, Inc. (1 Month USD LIBOR + 3.500%) | 3.604 | 9/8/2025 | 718,169 | |||||||||
| 587,879 | Sonicwall US Holdings, Inc. (3 Month USD LIBOR + 3.750%, 0.50% Floor) | 4.250 | 5/16/2025 | 588,655 | |||||||||
| 1,796,126 | |||||||||||||
| TOTAL BANK LOANS (Cost $66,252,442) | $ | 65,308,224 | |||||||||||
| Ziegler Senior Floating Rate Fund | |||||||||||||
| SCHEDULE OF INVESTMENTS | |||||||||||||
| December 31, 2021 (Unaudited)(Continued) | |||||||||||||
| Shares | Value | ||||||||||||
| COMMON STOCK ― 0.0% | |||||||||||||
| CONSTRUCTION & ENGINEERING ― 0.0% | |||||||||||||
| 53,218 | Mcdermott International Ltd. (4) | $ | 21,819 | ||||||||||
| TOTAL COMMON STOCK (Cost $467,382) | 21,819 | ||||||||||||
| EXCHANGE TRADED FUND ― 2.8% | |||||||||||||
| 88,146 | Invesco Senior Loan ETF | 1,948,027 | |||||||||||
| TOTAL EXCHANGE TRADED FUND (Cost $1,950,184) | 1,948,027 | ||||||||||||
| SHORT TERM INVESTMENT ― 3.2% | |||||||||||||
| 2,162,153 | Invesco Government & Agency Portfolio Short-Term Investments Trust - Institutional Class, 0.03% (5) | 2,162,153 | |||||||||||
| TOTAL SHORT TERM INVESTMENT (Cost $2,162,153) | 2,162,153 | ||||||||||||
| TOTAL INVESTMENTS ― 101.4% (Cost $70,832,161) | 69,440,223 | ||||||||||||
| Liabilities in Excess of Other Assets ― (1.4)% | (925,314 | ) | |||||||||||
| TOTAL NET ASSETS ― 100.0% | $ | 68,514,909 | |||||||||||
Percentages are stated as a percent of net assets. | |||||||||||||
(1) Variable rates securities. Description includes reference rate and spread. Rates reset at each loan payment. | |||||||||||||
(2) Unfunded or partially unfunded loan commitment. Principal pledged has not been drawn. | |||||||||||||
(3) Defaulted security. | |||||||||||||
(4) Non income producing. | |||||||||||||
(5) Rate quoted is seven-day yield at period end. | |||||||||||||
The S&P’s industry classification was developed by and/or is the exclusive property of the Standard & Poor's Financial | |||||||||||||
Services, LLC ("S&P") and has been licensed for use by Ziegler Capital Management, LLC. | |||||||||||||
Ziegler Senior Floating Rate Fund
Schedule of Investments (Continued)
December 31, 2021 (Unaudited)
Security Valuation
Investments in securities traded on a national securities exchange are valued at the last reported sales price on the exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing Price (“NOCP”). Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP are valued at the mean of the most recent quoted bid and ask prices. Unlisted securities held by the Funds are valued at the last sale price in the over-the-counter (“OTC”) market. If there is no trading on a particular day, the mean between the last quoted bid and ask price is used.
Long-term fixed income securities are valued using prices provided by an independent pricing service approved by the Board of Trustees. Pricing services may use various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations. Short-term investments are valued at amortized cost, which approximates fair value. If amortized cost does not approximate fair value, short term securities are reported at fair value. Options and any other financial derivatives not traded on an exchange are valued by an independent pricing service using pricing models. Securities for which market quotations are not readily available are valued at their estimated fair value as determined in good faith by Ziegler Capital Management, LLC (the "Adviser" or “Ziegler”) under procedures established by and under the general supervision and responsibility of the Trust’s Board of Trustees.
Bank loans in which the Fund may invest have similar risks to lower-rated fixed income securities. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. Senior secured bank loans are supported by collateral; however, the value of the collateral may be insufficient to cover the amount owed to the Fund. By relying on a third party to administer a loan, the Fund is subject to the risk that the third party will fail to perform its obligations. The loans in which the Fund will invest are largely floating rate instruments; therefore, the interest rate risk generally is lower than for fixed-rate debt obligations. However, an increase in interest rates may adversely affect the borrower’s financial condition. Due to the unique and customized nature of loan agreements evidencing loans, loans are not as easily purchased or sold as publicly traded securities. Although the range of investors in loans has broadened in recent years, there can be no assurance that future levels of supply and demand in loan trading will provide the degree of liquidity which currently exists in the market. In addition, the terms of the loans may restrict their transferability without borrower consent. These factors may have an adverse effect on the market price and the Fund’s ability to dispose of particular portfolio investments. A less liquid secondary market also may make it more difficult for the Fund to obtain valuations of the loans in its portfolio.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad levels and described below:
Level 1 - quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.
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 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 - significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investment
Ziegler Senior Floating Rate Fund
Schedule of Investments (Continued)
December 31, 2021 (Unaudited)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund’s investments in each category investment type as of December 31, 2021:
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Bank Loans | $ | - | $ | 65,308,224 | $ | - | $ | 65,308,224 | ||||||||
| Common Stock | 21,819 | - | - | 21,819 | ||||||||||||
| Exchange Traded Fund | 1,948,027 | - | - | 1,948,027 | ||||||||||||
| Short-Term Investment | 2,162,153 | - | - | 2,162,153 | ||||||||||||
| Total | $ | 4,131,999 | $ | 65,308,224 | $ | - | $ | 69,440,223 | ||||||||
See the Schedule of Investments for further detail of investment classifications.