| Muzinich Credit Opportunities Fund | |
| Schedule of Investments | |
| as of March 31, 2024 (Unaudited) | |
| | |
| CORPORATE BONDS - 80.8% | | Par | | | Value | |
| Aerospace/Defense - 0.5% | |
TransDigm Inc, 6.63%, 03/01/2032 (a) | | | $ | 1,350,000 | | | $ | 1,366,068 | |
| | | | | | | | | | |
| Airlines - 2.1% | |
| American Airlines Inc/AAdvantage Loyalty IP Ltd | |
5.50%, 04/20/2026(a) | | | | 412,500 | | | | 409,882 | |
5.75%, 04/20/2029(a) | | | | 425,000 | | | | 418,442 | |
| easyJet FinCo BV, 1.88%, 03/03/2028 | EUR | | | 900,000 | | | | 910,469 | |
| Emirates Airline, 4.50%, 02/06/2025 | | | | 215,197 | | | | 212,781 | |
| Korean Air Lines Co Ltd, 4.75%, 09/23/2025 | | | | 620,000 | | | | 611,875 | |
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 6.50%, 06/20/2027 (a) | | | | 585,000 | | | | 589,186 | |
| Singapore Airlines Ltd, 3.00%, 07/20/2026 | | | | 1,836,000 | | | | 1,743,724 | |
| Wizz Air Finance Co BV, 1.00%, 01/19/2026 | EUR | | | 650,000 | | | | 659,802 | |
| | | | | 5,556,161 | |
| | | | | | | | | | |
| Automotive & Auto Parts - 5.0% | |
| Autoliv Inc, 4.25%, 03/15/2028 | EUR | | | 500,000 | | | | 550,621 | |
| Ford Motor Credit Co LLC | |
| 6.05%, 03/05/2031 | | | | 900,000 | | | | 908,163 | |
| 7.12%, 11/07/2033 | | | | 1,500,000 | | | | 1,616,350 | |
| Forvia SE, 2.75%, 02/15/2027 | EUR | | | 1,000,000 | | | | 1,033,806 | |
| General Motors Financial Co Inc, 6.10%, 01/07/2034 | | | | 1,200,000 | | | | 1,234,148 | |
| Hyundai Capital America | |
1.65%, 09/17/2026(a) | | | | 1,698,000 | | | | 1,554,262 | |
5.40%, 01/08/2031(a) | | | | 1,300,000 | | | | 1,305,474 | |
| IHO Verwaltungs GmbH, 3.75% (4.50% PIK), 09/15/2026 | EUR | | | 400,000 | | | | 426,305 | |
| Kia Corp, 3.25%, 04/21/2026 | | | | 470,000 | | | | 451,325 | |
| Magna International Inc, 4.38%, 03/17/2032 | EUR | | | 500,000 | | | | 572,403 | |
| Nissan Motor Acceptance Co LLC, 7.05%, 09/15/2028 | | | | 400,000 | | | | 418,804 | |
Nissan Motor Co Ltd, 4.81%, 09/17/2030 (a) | | | | 850,000 | | | | 795,043 | |
Phinia Inc, 6.75%, 04/15/2029 (a) | | | | 275,000 | | | | 277,981 | |
| Stellantis NV | |
| 4.25%, 06/16/2031 | EUR | | | 975,000 | | | | 1,096,230 | |
| 2.75%, 04/01/2032 | EUR | | | 500,000 | | | | 510,891 | |
| Volkswagen International Finance NV | |
| 4.63% to 06/27/2028 then 10 Year Swap Rate EUR + 3.98%, Perpetual | EUR | | | 200,000 | | | | 210,468 | |
| 7.50% to 09/06/2028 then 5 Year Swap Rate EUR + 4.29%, Perpetual | EUR | | | 200,000 | | | | 234,875 | |
| | | | | 13,197,149 | |
| | | | | | | | | | |
| Banking - 7.8% | |
| Banco Bilbao Vizcaya Argentaria SA, 3.88%, 01/15/2034 | EUR | | | 400,000 | | | | 439,933 | |
| Banco Santander SA | |
| 9.63% to 11/21/2033 then 5 yr. CMT Rate + 5.30%, Perpetual | | | | 800,000 | | | | 883,516 | |
| 6.35%, 03/14/2034 | | | | 1,000,000 | | | | 1,002,833 | |
| Bancolombia SA, 6.91% to 10/18/2027 then 5 yr. CMT Rate + 2.93%, 10/18/2027 | | | | 500,000 | | | | 502,819 | |
| Bank of America Corp, 1.90% to 07/23/2030 then SOFR + 1.53%, 07/23/2031 | | | | 1,275,000 | | | | 1,047,610 | |
| Barclays PLC | |
| 2.85% to 05/07/2025 then SOFR + 2.71%, 05/07/2026 | | | | 1,000,000 | | | | 969,720 | |
| 9.63% to 06/15/2030 then USISSO05 + 5.78%, Perpetual | | | | 800,000 | | | | 850,183 | |
| 5.69% to 03/12/2029 then SOFR + 1.74%, 03/12/2030 | | | | 1,025,000 | | | | 1,031,125 | |
| BBVA Bancomer SA, 8.13% to 01/08/2034 then 5 yr. CMT Rate + 4.21%, 01/08/2039 | | | | 650,000 | | | | 674,058 | |
| BNP Paribas SA, 2.00% to 05/24/2026 then UK Government Bonds 5 Year Note Generic Bid Yield + 1.65%, 05/24/2031 | GBP | | | 1,000,000 | | | | 1,161,229 | |
BPCE SA, 1.65% to 10/06/2025 then SOFR + 1.52%, 10/06/2026 (a) | | | | 700,000 | | | | 657,616 | |
| Citigroup Inc, 4.70% to 01/30/2025 then SOFR + 3.23%, Perpetual | | | | 650,000 | | | | 635,699 | |
| Danske Bank AS, 1.38% to 02/12/2025 then 5 Year Swap Rate EUR + 1.70%, 02/12/2030 | EUR | | | 300,000 | | | | 314,914 | |
| Deutsche Bank AG, 7.08% to 02/10/2033 then SOFR + 3.65%, 02/10/2034 | | | | 900,000 | | | | 927,065 | |
| First Abu Dhabi Bank PJSC, 6.32% to 04/04/2029 then 5 yr. CMT Rate + 1.70%, 04/04/2034 | | | | 1,350,000 | | | | 1,382,199 | |
| HSBC Holdings PLC, 5.72% to 03/04/2034 then SOFR + 1.78%, 03/04/2035 | | | | 1,350,000 | | | | 1,366,770 | |
| Lloyds Banking Group PLC, 4.38% to 04/05/2029 then 5 Year Swap Rate EUR + 2.05%, 04/05/2034 | EUR | | | 900,000 | | | | 966,122 | |
| Mizuho Financial Group Inc, 5.58% to 05/26/2034 then 1 yr. CMT Rate + 1.30%, 05/26/2035 | | | | 1,300,000 | | | | 1,317,230 | |
| Permanent TSB Group Holdings PLC, 6.63% to 04/25/2027 then EURIBOR ICE Swap Rate + 3.50%, 04/25/2028 | EUR | | | 800,000 | | | | 918,841 | |
| Powszechna Kasa Oszczednosci Bank Polski SA, 4.50% to 03/27/2027 then 3 Month EURIBOR + 1.60%, 03/27/2028 | EUR | | | 750,000 | | | | 809,723 | |
Societe Generale SA, 10.00% to 05/14/2029 then 5 yr. CMT Rate + 5.45%, Perpetual (a) | | | | 800,000 | | | | 850,515 | |
| Standard Chartered PLC, 7.28% (SOFR + 1.93%), 07/06/2027 | | | | 270,000 | | | | 275,132 | |
UniCredit SPA, 5.46% to 06/30/2030 then 5 yr. CMT Rate + 4.75%, 06/30/2035 (a) | | | | 600,000 | | | | 563,803 | |
| United Overseas Bank Ltd, 3.86% to 10/07/2027 then 5 yr. CMT Rate + 1.45%, 10/07/2032 | | | | 900,000 | | | | 855,152 | |
| 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 | | | 300,000 | | | | 372,574 | |
| | | | | 20,776,381 | |
| | | | | | | | | | |
| Broadcasting - 0.9% | |
Sirius XM Radio Inc, 3.13%, 09/01/2026 (a) | | | | 700,000 | | | | 656,438 | |
TEGNA Inc, 4.75%, 03/15/2026 (a) | | | | 1,125,000 | | | | 1,103,620 | |
| Universal Music Group NV, 4.00%, 06/13/2031 | EUR | | | 575,000 | | | | 642,464 | |
| | | | | 2,402,522 | |
| | | | | | | | | | |
| Building Materials - 1.2% | |
| Builders FirstSource Inc | |
4.25%, 02/01/2032(a) | | | | 500,000 | | | | 448,822 | |
6.38%, 03/01/2034(a) | | | | 1,050,000 | | | | 1,056,312 | |
| St Marys Cement Inc, 5.75%, 04/02/2034 | | | | 800,000 | | | | 794,400 | |
Standard Industries Inc, 5.00%, 02/15/2027 (a) | | | | 900,000 | | | | 874,473 | |
| | | | | 3,174,007 | |
| | | | | | | | | | |
| Cable/Satellite TV - 0.3% | |
CCO Holdings LLC / CCO Holdings Capital Corp, 5.13%, 05/01/2027 (a) | | | | 700,000 | | | | 666,449 | |
| Grupo Televisa SAB, 6.63%, 01/15/2040 | | | | 400,000 | | | | 408,786 | |
| | | | | 1,075,235 | |
| | | | | | | | | | |
| Capital Goods - 1.5% | |
| AGCO International Holdings BV, 0.80%, 10/06/2028 | EUR | | | 275,000 | | | | 261,693 | |
Esab Corp, 6.25%, 04/15/2029 (a) | | | | 225,000 | | | | 226,340 | |
| Hillenbrand Inc, 6.25%, 02/15/2029 | | | | 500,000 | | | | 505,004 | |
Regal Rexnord Corp, 6.05%, 04/15/2028 (a) | | | | 1,350,000 | | | | 1,370,902 | |
| Traton Finance Luxembourg SA | |
| 4.13%, 11/22/2025 | EUR | | | 400,000 | | | | 433,427 | |
| 3.75%, 03/27/2030 | EUR | | | 600,000 | | | | 646,528 | |
| Vestas Wind Systems AS, 4.13%, 06/15/2031 | EUR | | | 450,000 | | | | 498,268 | |
| | | | | 3,942,162 | |
| | | | | | | | | | |
| Chemicals - 2.7% | |
| Alpek SAB de CV, 4.25%, 09/18/2029 | | | | 868,000 | | | | 807,795 | |
| Celanese US Holdings LLC, 6.55%, 11/15/2030 | | | | 1,025,000 | | | | 1,079,175 | |
| Givaudan Finance Europe BV, 4.13%, 11/28/2033 | EUR | | | 600,000 | | | | 682,817 | |
| IMCD NV, 4.88%, 09/18/2028 | EUR | | | 325,000 | | | | 364,287 | |
International Flavors & Fragrances Inc, 2.30%, 11/01/2030 (a) | | | | 1,225,000 | | | | 1,018,520 | |
| Orbia Advance Corp SAB de CV, 4.00%, 10/04/2027 | | | | 1,400,000 | | | | 1,330,866 | |
| Sherwin-Williams Co, 2.95%, 08/15/2029 | | | | 2,100,000 | | | | 1,906,321 | |
| | | | | 7,189,781 | |
| | | | | | | | | | |
| Containers - 2.0% | |
| Ball Corp, 6.00%, 06/15/2029 | | | | 1,125,000 | | | | 1,137,315 | |
Berry Global Inc, 5.65%, 01/15/2034 (a) | | | | 1,000,000 | | | | 995,363 | |
Graphic Packaging International LLC, 0.82%, 04/15/2024 (a) | | | | 1,525,000 | | | | 1,522,158 | |
Sealed Air Corp/Sealed Air Corp US, 6.13%, 02/01/2028 (a) | | | | 225,000 | | | | 225,794 | |
| SIG Combibloc PurchaseCo SARL, 2.13%, 06/18/2025 | EUR | | | 775,000 | | | | 818,588 | |
| Verallia SA, 1.88%, 11/10/2031 | EUR | | | 600,000 | | | | 566,266 | |
| | | | | 5,265,484 | |
| | | | | | | | | | |
| Diversified Financial Services - 8.7% | |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.15%, 09/30/2030 | | | | 900,000 | | | | 935,243 | |
| AXA Logistics Europe Master SCA, 0.38%, 11/15/2026 | EUR | | | 500,000 | | | | 493,899 | |
| CA Auto Bank SPA | |
| 4.38%, 06/08/2026 | EUR | | | 850,000 | | | | 927,053 | |
| 6.00%, 12/06/2026 | GBP | | | 725,000 | | | | 929,281 | |
| CBRE Global Investors Open-Ended Funds SCA SICAV-SIF-Pan European Core Fund, 4.75%, 03/27/2034 | EUR | | | 600,000 | | | | 662,205 | |
| DAE Funding LLC, 3.38%, 03/20/2028 | | | | 1,400,000 | | | | 1,294,359 | |
| Esic Sukuk Ltd, 5.83%, 02/14/2029 | | | | 1,060,000 | | | | 1,059,811 | |
| Fidelity National Info Service, 2.00%, 05/21/2030 | EUR | | | 800,000 | | | | 791,682 | |
| Goldman Sachs Group Inc, 4.22% to 05/01/2028 then 3 mo. Term SOFR + 1.56%, 05/01/2029 | | | | 1,900,000 | | | | 1,830,205 | |
| Grupo de Inversiones Suramericana SA, 5.50%, 04/29/2026 | | | | 1,500,000 | | | | 1,470,626 | |
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/2031 (a) | | | | 400,000 | | | | 419,237 | |
| ICD Funding Ltd, 3.22%, 04/28/2026 | | | | 1,900,000 | | | | 1,810,497 | |
| India Vehicle Finance, 5.85%, 03/25/2029 | | | | 410,000 | | | | 411,622 | |
| Macquarie Airfinance Holdings Ltd | |
8.38%, 05/01/2028(a) | | | | 725,000 | | | | 769,115 | |
6.50%, 03/26/2031(a) | | | | 200,000 | | | | 203,760 | |
| MDGH GMTN RSC Ltd | |
| 2.88%, 11/07/2029 | | | | 880,000 | | | | 795,234 | |
| 3.70%, 11/07/2049 | | | | 790,000 | | | | 599,946 | |
| Morgan Stanley | |
| 5.17% to 01/16/2029 then SOFR + 1.45%, 01/16/2030 | | | | 775,000 | | | | 776,279 | |
| 5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034 | | | | 450,000 | | | | 446,765 | |
| 5.47% to 01/18/2034 then SOFR + 1.73%, 01/18/2035 | | | | 1,950,000 | | | | 1,969,978 | |
| Motability Operations Group PLC, 3.88%, 01/24/2034 | EUR | | | 1,400,000 | | | | 1,549,594 | |
| Nasdaq Inc, 5.55%, 02/15/2034 | | | | 1,125,000 | | | | 1,145,638 | |
UBS Group AG, 9.25% to 11/13/2033 then 5 yr. CMT Rate + 4.76%, Perpetual (a) | | | | 1,500,000 | | | | 1,696,572 | |
| | | | | 22,988,601 | |
| | | | | | | | | | |
| Energy - 10.8% | |
| Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027 | | | | 1,800,000 | | | | 1,797,423 | |
| Cheniere Energy Partners LP | |
| 4.50%, 10/01/2029 | | | | 1,000,000 | | | | 952,916 | |
| 5.95%, 06/30/2033 | | | | 1,875,000 | | | | 1,922,017 | |
Chesapeake Energy Corp, 5.50%, 02/01/2026 (a) | | | | 600,000 | | | | 596,532 | |
| Ecopetrol SA, 8.88%, 01/13/2033 | | | | 670,000 | | | | 708,744 | |
| Enbridge Inc, 7.38% to 01/15/2028 then 5 yr. CMT Rate + 3.71%, 01/15/2083 | | | | 475,000 | | | | 478,108 | |
| Energy Transfer LP, 5.55%, 05/15/2034 | | | | 750,000 | | | | 752,754 | |
| EQT Corp, 6.13%, 02/01/2025 | | | | 609,000 | | | | 610,146 | |
| Galaxy Pipeline Assets Bidco Ltd, 2.63%, 03/31/2036 | | | | 1,400,000 | | | | 1,141,986 | |
| Kinder Morgan Inc | |
| 4.30%, 03/01/2028 | | | | 1,600,000 | | | | 1,562,362 | |
| 5.20%, 06/01/2033 | | | | 1,300,000 | | | | 1,280,586 | |
| Lion/Polaris Lux 4 SA, 3.25%, 09/30/2040 | | | | 959,000 | | | | 733,163 | |
| Oleoducto Central SA, 4.00%, 07/14/2027 | | | | 924,000 | | | | 864,342 | |
| ONEOK Inc | |
| 6.05%, 09/01/2033 | | | | 700,000 | | | | 731,002 | |
| 6.63%, 09/01/2053 | | | | 600,000 | | | | 662,473 | |
| Ovintiv Inc, 7.10%, 07/15/2053 | | | | 525,000 | | | | 588,969 | |
| Plains All American Pipeline LP / PAA Finance Corp, 3.55%, 12/15/2029 | | | | 1,950,000 | | | | 1,790,457 | |
| Qatar Energy, 3.30%, 07/12/2051 | | | | 800,000 | | | | 566,303 | |
| QatarEnergy, 2.25%, 07/12/2031 | | | | 900,000 | | | | 755,580 | |
| Repsol International Finance BV | |
| 3.75% to 06/11/2026 then 5 Year Swap Rate EUR + 4.00%, Perpetual | EUR | | | 200,000 | | | | 212,079 | |
| 2.50% to 03/22/2027 then 5 Year Swap Rate EUR + 2.77%, Perpetual | EUR | | | 875,000 | | | | 890,810 | |
Rockies Express Pipeline LLC, 3.60%, 05/15/2025 (a) | | | | 2,425,000 | | | | 2,368,640 | |
| Shell International Finance BV, 1.88%, 04/07/2032 | EUR | | | 600,000 | | | | 584,615 | |
| Targa Resources Corp, 6.50%, 03/30/2034 | | | | 700,000 | | | | 753,200 | |
| TotalEnergies SE, 2.63% to 02/26/2025 then 5 Year Swap Rate EUR + 2.15%, Perpetual | EUR | | | 1,475,000 | | | | 1,563,251 | |
Venture Global LNG Inc, 8.13%, 06/01/2028 (a) | | | | 1,400,000 | | | | 1,431,035 | |
| Williams Cos Inc, 5.30%, 08/15/2028 | | | | 775,000 | | | | 782,533 | |
| Wintershall Dea Finance 2 BV, 2.50% to 07/20/2026 then 5 Year Swap Rate EUR + 2.92%, Perpetual | EUR | | | 1,500,000 | | | | 1,498,932 | |
| | | | | 28,580,958 | |
| | | | | | | | | | |
| Food & Drug Retail - 0.5% | |
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 6.50%, 02/15/2028 (a) | | | | 750,000 | | | | 758,586 | |
| Roadster Finance DAC, 1.63%, 12/09/2024 | EUR | | | 525,000 | | | | 555,609 | |
| | | | | 1,314,195 | |
| | | | | | | | | | |
| Food/Beverage/Tobacco - 4.5% | |
| Anheuser-Busch InBev Worldwide Inc, 5.45%, 01/23/2039 | | | | 1,475,000 | | | | 1,525,151 | |
| Bacardi Ltd / Bacardi-Martini BV | |
5.25%, 01/15/2029(a) | | | | 750,000 | | | | 743,519 | |
5.40%, 06/15/2033(a) | | | | 1,125,000 | | | | 1,117,199 | |
| Bimbo Bakeries USA Inc, 6.40%, 01/15/2034 | | | | 1,500,000 | | | | 1,609,571 | |
| Constellation Brands Inc, 4.90%, 05/01/2033 | | | | 1,550,000 | | | | 1,522,810 | |
| Indofood BCP Sukses, 3.40%, 06/09/2031 | | | | 1,510,000 | | | | 1,312,027 | |
| Keurig Dr Pepper Inc | |
| 3.95%, 04/15/2029 | | | | 700,000 | | | | 669,324 | |
| 5.20%, 03/15/2031 | | | | 1,150,000 | | | | 1,154,839 | |
| Minerva Luxembourg SA, 8.88%, 09/13/2033 | | | | 543,000 | | | | 571,718 | |
Post Holdings Inc, 6.25%, 02/15/2032 (a) | | | | 650,000 | | | | 655,561 | |
| Sigma Alimentos SA de CV, 4.13%, 05/02/2026 | | | | 1,048,000 | | | | 1,014,100 | |
| | | | | 11,895,819 | |
| | | | | | | | | | |
| Healthcare - 6.1% | |
| AbbVie Inc | |
| 5.05%, 03/15/2034 | | | | 2,600,000 | | | | 2,632,566 | |
| 5.40%, 03/15/2054 | | | | 1,050,000 | | | | 1,081,460 | |
| Amgen Inc, 5.65%, 03/02/2053 | | | | 1,175,000 | | | | 1,200,525 | |
| Bayer AG | |
| 4.50% to 09/25/2027 then 5 Year Swap Rate EUR + 3.75%, 03/25/2082 | EUR | | | 400,000 | | | | 405,327 | |
| 6.63% to 12/25/2028 then 5 Year Swap Rate EUR + 3.43%, 09/25/2083 | EUR | | | 800,000 | | | | 860,105 | |
| Bristol-Myers Squibb Co, 5.55%, 02/22/2054 | | | | 1,325,000 | | | | 1,369,966 | |
| Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/2028 | EUR | | | 800,000 | | | | 838,288 | |
| DH Europe Finance II SARL, 1.35%, 09/18/2039 | EUR | | | 500,000 | | | | 411,327 | |
| GN Store Nord AS, 0.88%, 11/25/2024 | EUR | | | 500,000 | | | | 522,569 | |
| HCA Inc | |
| 5.38%, 02/01/2025 | | | | 2,000,000 | | | | 1,994,955 | |
| 3.63%, 03/15/2032 | | | | 450,000 | | | | 398,859 | |
| 5.50%, 06/01/2033 | | | | 1,050,000 | | | | 1,055,333 | |
| 5.25%, 06/15/2049 | | | | 1,525,000 | | | | 1,394,385 | |
IQVIA Inc, 6.50%, 05/15/2030 (a) | | | | 300,000 | | | | 306,562 | |
Medline Borrower LP/Medline Co-Issuer Inc, 6.25%, 04/01/2029 (a) | | | | 350,000 | | | | 352,319 | |
| Service Corp International | |
| 3.38%, 08/15/2030 | | | | 600,000 | | | | 519,729 | |
| 4.00%, 05/15/2031 | | | | 600,000 | | | | 532,311 | |
| Werfen SA, 0.50%, 10/28/2026 | EUR | | | 300,000 | | | | 296,094 | |
| | | | | 16,172,680 | |
| | | | | | | | | | |
| Homebuilders/Real Estate - 5.9% | |
| Aldar Investment Properties Sukuk Ltd, 4.88%, 05/24/2033 | | | | 200,000 | | | | 195,557 | |
| American Tower Corp | |
| 5.25%, 07/15/2028 | | | | 1,025,000 | | | | 1,025,925 | |
| 5.45%, 02/15/2034 | | | | 1,000,000 | | | | 1,002,697 | |
| Aroundtown SA | |
| 0.63%, 07/09/2025 | EUR | | | 700,000 | | | | 715,790 | |
| 0.38%, 04/15/2027 | EUR | | | 300,000 | | | | 271,775 | |
| Balder Finland Oyj, 1.00%, 01/18/2027 | EUR | | | 975,000 | | | | 940,043 | |
| Blackstone Property Partners Europe Holdings SARL, 1.00%, 10/20/2026 | EUR | | | 900,000 | | | | 888,944 | |
| Castellum Helsinki Finance Holding Abp, 2.00%, 03/24/2025 | EUR | | | 800,000 | | | | 842,515 | |
| CTP NV | |
| 2.13%, 10/01/2025 | EUR | | | 225,000 | | | | 235,573 | |
| 0.63%, 09/27/2026 | EUR | | | 1,025,000 | | | | 1,020,166 | |
| Fastighets AB Balder, 1.88%, 03/14/2025 | EUR | | | 400,000 | | | | 421,490 | |
| Hammerson PLC, 3.50%, 10/27/2025 | GBP | | | 500,000 | | | | 609,713 | |
| Heimstaden Bostad Treasury BV | |
| 0.25%, 10/13/2024 | EUR | | | 400,000 | | | | 415,983 | |
| 1.00%, 04/13/2028 | EUR | | | 800,000 | | | | 680,133 | |
| Logicor Financing SARL | |
| 0.75%, 07/15/2024 | EUR | | | 1,000,000 | | | | 1,067,411 | |
| 1.50%, 07/13/2026 | EUR | | | 200,000 | | | | 203,246 | |
| 4.63%, 07/25/2028 | EUR | | | 425,000 | | | | 464,248 | |
MasTec Inc, 4.50%, 08/15/2028 (a) | | | | 925,000 | | | | 880,909 | |
| P3 Group SARL, 4.63%, 02/13/2030 | EUR | | | 350,000 | | | | 380,861 | |
RHP Hotel Properties LP / RHP Finance Corp, 6.50%, 04/01/2032 (a) | | | | 1,150,000 | | | | 1,154,975 | |
| Tritax EuroBox PLC, 0.95%, 06/02/2026 | EUR | | | 975,000 | | | | 969,452 | |
| VIA Outlets BV, 1.75%, 11/15/2028 | EUR | | | 1,375,000 | | | | 1,324,325 | |
| | | | | 15,711,731 | |
| | | | | | | | | | |
| Hotels - 0.7% | |
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 6.63%, 01/15/2032 (a) | | | | 625,000 | | | | 627,905 | |
| IHG Finance LLC, 4.38%, 11/28/2029 | EUR | | | 400,000 | | | | 447,123 | |
| Whitbread Group PLC, 3.38%, 10/16/2025 | GBP | | | 700,000 | | | | 856,084 | |
| | | | | 1,931,112 | |
| | | | | | | | | | |
| Insurance - 0.3% | |
| Allianz SE, 2.63% to 04/30/2031 then 5 Year Swap Rate EUR + 2.77%, Perpetual | EUR | | | 800,000 | | | | 679,978 | |
| | | | | | | | | | |
| Leisure - 0.1% | |
Royal Caribbean Cruises Ltd, 6.25%, 03/15/2032 (a) | | | | 325,000 | | | | 327,978 | |
| | | | | | | | | | |
| Metals/Mining - 0.8% | |
| Corp Nacional del Cobre de Chile | |
| 5.95%, 01/08/2034 | | | | 700,000 | | | | 700,576 | |
| 6.44%, 01/26/2036 | | | | 200,000 | | | | 206,771 | |
| Gold Fields Orogen Holdings BVI Ltd, 6.13%, 05/15/2029 | | | | 1,185,000 | | | | 1,205,406 | |
| | | | | 2,112,753 | |
| | | | | | | | | | |
| Paper - 1.0% | |
| Inversiones CMPC SA, 6.13%, 06/23/2033 | | | | 1,500,000 | | | | 1,522,884 | |
| Suzano Austria GmbH, 3.75%, 01/15/2031 | | | | 1,200,000 | | | | 1,061,498 | |
| | | | | 2,584,382 | |
| | | | | | | | | | |
| Services - 2.0% | |
| Eurofins Scientific SE, 6.75% to 07/24/2028 then 3 Month EURIBOR + 4.24%, Perpetual | EUR | | | 700,000 | | | | 793,901 | |
| ISS Global AS, 0.88%, 06/18/2026 | EUR | | | 850,000 | | | | 862,290 | |
| RAC Bond Co PLC, 4.87%, 05/06/2026 | GBP | | | 600,000 | | | | 742,544 | |
Ritchie Bros Holdings Inc, 7.75%, 03/15/2031 (a) | | | | 150,000 | | | | 157,404 | |
| United Rentals North America Inc, 5.25%, 01/15/2030 | | | | 775,000 | | | | 756,774 | |
| Verisure Holding AB, 3.88%, 07/15/2026 | EUR | | | 1,300,000 | | | | 1,383,838 | |
WESCO Distribution Inc, 6.63%, 03/15/2032 (a) | | | | 700,000 | | | | 712,466 | |
| | | | | 5,409,217 | |
| | | | | | | | | | |
| Steel - 0.7% | |
| ABJA Investment Co Pte Ltd, 5.45%, 01/24/2028 | | | | 812,000 | | | | 811,623 | |
| GUSAP III LP, 4.25%, 01/21/2030 | | | | 1,200,000 | | | | 1,125,212 | |
| | | | | 1,936,835 | |
| | | | | | | | | | |
| Super Retail - 0.9% | |
| Lowe's Cos Inc, 5.15%, 07/01/2033 | | | | 1,500,000 | | | | 1,512,715 | |
| REWE International Finance BV, 4.88%, 09/13/2030 | EUR | | | 700,000 | | | | 800,539 | |
| | | | | 2,313,254 | |
| | | | | | | | | | |
| Technology - 2.6% | |
| Broadcom Inc | |
4.15%, 04/15/2032(a) | | | | 1,025,000 | | | | 951,910 | |
3.47%, 04/15/2034(a) | | | | 750,000 | | | | 643,863 | |
| Cellnex Finance Co SA, 2.25%, 04/12/2026 | EUR | | | 400,000 | | | | 419,482 | |
| Dell International LLC / EMC Corp., 5.40%, 04/15/2034 | | | | 1,525,000 | | | | 1,528,465 | |
| LG Energy Solution Ltd, 5.75%, 09/25/2028 | | | | 870,000 | | | | 881,246 | |
| Oracle Corp, 3.60%, 04/01/2050 | | | | 725,000 | | | | 524,159 | |
| SK Hynix Inc | |
| 6.38%, 01/17/2028 | | | | 200,000 | | | | 206,026 | |
| 6.50%, 01/17/2033 | | | | 600,000 | | | | 640,244 | |
| SK On Co Ltd, 5.38%, 05/11/2026 | | | | 1,250,000 | | | | 1,252,217 | |
| | | | | 7,047,612 | |
| | | | | | | | | | |
| Telecommunications - 5.0% | |
| A1 Towers Holding GmbH, 5.25%, 07/13/2028 | EUR | | | 700,000 | | | | 796,051 | |
| America Movil SAB de CV, 4.38%, 04/22/2049 | | | | 1,140,000 | | | | 980,858 | |
| AT&T Inc, 3.50%, 09/15/2053 | | | | 1,150,000 | | | | 813,270 | |
| Bharti Airtel Ltd, 3.25%, 06/03/2031 | | | | 1,500,000 | | | | 1,321,810 | |
| PPF Telecom Group BV, 3.25%, 09/29/2027 | EUR | | | 195,000 | | | | 204,854 | |
| SES SA, 3.50%, 01/14/2029 | EUR | | | 650,000 | | | | 690,399 | |
| Telefonica Europe BV, 3.88% to 09/22/2026 then 8 Year EUR Swap Rate + 2.97%, Perpetual | EUR | | | 1,200,000 | | | | 1,271,616 | |
| T-Mobile USA Inc | |
| 2.25%, 02/15/2026 | | | | 1,125,000 | | | | 1,064,189 | |
| 3.88%, 04/15/2030 | | | | 1,025,000 | | | | 960,315 | |
| 2.55%, 02/15/2031 | | | | 1,800,000 | | | | 1,534,501 | |
| 5.05%, 07/15/2033 | | | | 1,100,000 | | | | 1,088,642 | |
| Vmed O2 UK Financing I PLC, 4.00%, 01/31/2029 | GBP | | | 800,000 | | | | 887,290 | |
| Vodafone Group PLC, 2.63% to 08/27/2026 then 5 Year Swap Rate EUR + 3.00%, 08/27/2080 | EUR | | | 700,000 | | | | 725,933 | |
| Ziggo BV, 2.88%, 01/15/2030 | EUR | | | 900,000 | | | | 860,933 | |
| | | | | 13,200,661 | |
| | | | | | | | | | |
| Transportation Excluding Air/Rail - 3.5% | |
| Australia Pacific Airports Melbourne Pty Ltd, 4.38%, 05/24/2033 | EUR | | | 1,000,000 | | | | 1,134,285 | |
| Autostrade per l'Italia SPA | |
| 1.75%, 02/01/2027 | EUR | | | 1,000,000 | | | | 1,024,874 | |
| 5.13%, 06/14/2033 | EUR | | | 875,000 | | | | 1,009,968 | |
| DP World Ltd, 6.85%, 07/02/2037 | | | | 1,730,000 | | | | 1,891,918 | |
| Gatwick Funding Ltd | |
| 6.13%, 03/02/2026 | GBP | | | 250,000 | | | | 320,459 | |
| 5.50%, 04/04/2040 | GBP | | | 600,000 | | | | 751,355 | |
Heathrow Finance PLC, 3.88%, 03/01/2027 (b) | GBP | | | 250,000 | | | | 297,158 | |
| Heathrow Funding Ltd, 4.50%, 07/11/2033 | EUR | | | 900,000 | | | | 1,025,512 | |
| Holding d'Infrastructures de Transport SASU, 1.63%, 09/18/2029 | EUR | | | 500,000 | | | | 487,120 | |
| International Distributions Services PLC, 5.25%, 09/14/2028 | EUR | | | 575,000 | | | | 645,669 | |
| Q-Park Holding I BV, 2.00%, 03/01/2027 | EUR | | | 200,000 | | | | 203,148 | |
| Stagecoach Group Ltd, 4.00%, 09/29/2025 | GBP | | | 505,000 | | | | 617,939 | |
| | | | | 9,409,405 | |
| | | | | | | | | | |
| Utilities - 2.7% | |
| Acquirente Unico SPA, 2.80%, 02/20/2026 | EUR | | | 850,000 | | | | 896,463 | |
| Enel SPA, 6.38% to 07/16/2028 then 5 Year Swap Rate EUR + 3.49%, Perpetual | EUR | | | 850,000 | | | | 969,525 | |
| Eversource Energy, 5.45%, 03/01/2028 | | | | 1,275,000 | | | | 1,291,653 | |
| Hera SpA, 1.00%, 04/25/2034 | EUR | | | 1,000,000 | | | | 831,921 | |
| Italgas SPA, 4.13%, 06/08/2032 | EUR | | | 600,000 | | | | 667,967 | |
| National Central Cooling Co PJSC, 2.50%, 10/21/2027 | | | | 1,600,000 | | | | 1,444,010 | |
| Pacific Gas and Electric Co, 5.80%, 05/15/2034 | | | | 825,000 | | | | 833,415 | |
| | | | | 6,934,954 | |
TOTAL CORPORATE BONDS (Cost $213,824,887) | | | | 214,497,075 | |
| | | | | | | | | | |
| FOREIGN GOVERNMENT NOTE/BOND - 6.2% | | Par | | | Value | |
| Air France-KLM, 7.25%, 05/31/2026 | EUR | | | 900,000 | | | | 1,029,760 | |
| Argenta Spaarbank NV | |
| 1.00% to 10/13/2025 then 1 Year EUR Swap Rate + 1.55%, 10/13/2026 | EUR | | | 500,000 | | | | 516,957 | |
| 5.38% to 11/29/2026 then 1 Year EUR Swap Rate + 2.75%, 11/29/2027 | EUR | | | 400,000 | | | | 446,470 | |
| Arval Service Lease SA, 4.75%, 05/22/2027 | EUR | | | 700,000 | | | | 780,611 | |
| Banco BPM SPA, 4.88% to 01/17/2029 then 3 Month EURIBOR + 2.35%, 01/17/2030 | EUR | | | 225,000 | | | | 250,027 | |
| Banco Comercial Portugues SA, 5.63% to 10/02/2025 then 3 Month EURIBOR + 1.90%, 10/02/2026 | EUR | | | 400,000 | | | | 440,393 | |
| BPCE SA, 4.00%, 11/29/2032 | EUR | | | 600,000 | | | | 674,783 | |
| Commerzbank AG | |
| 4.00% to 12/05/2025 then 5 Year Swap Rate EUR + 4.35%, 12/05/2030 | EUR | | | 700,000 | | | | 746,706 | |
| 1.38% to 12/29/2026 then 5 Year Swap Rate EUR + 1.73%, 12/29/2031 | EUR | | | 600,000 | | | | 591,097 | |
| Elia Transmission Belgium SA | |
| 3.63%, 01/18/2033 | EUR | | | 600,000 | | | | 659,821 | |
| 3.75%, 01/16/2036 | EUR | | | 600,000 | | | | 655,176 | |
| iliad SA, 5.38%, 02/15/2029 | EUR | | | 400,000 | | | | 439,899 | |
| KBC Group NV | |
| 4.38% to 11/23/2026 then 3 Month EURIBOR + 1.70%, 11/23/2027 | EUR | | | 300,000 | | | | 330,263 | |
| 0.63% to 12/07/2026 then 5 Year Swap Rate EUR + 0.95%, 12/07/2031 | EUR | | | 600,000 | | | | 592,639 | |
| ProGroup AG, 5.13%, 04/15/2029 | EUR | | | 250,000 | | | | 270,589 | |
| RCI Banque SA | |
| 1.63%, 05/26/2026 | EUR | | | 490,000 | | | | 505,036 | |
| 4.13%, 04/04/2031 | EUR | | | 800,000 | | | | 869,057 | |
| Schaeffler AG | |
| 4.50%, 08/14/2026 | EUR | | | 400,000 | | | | 435,733 | |
| 2.88%, 03/26/2027 | EUR | | | 900,000 | | | | 947,097 | |
| Societe Generale SA, 1.13% to 06/30/2026 then 5 Year Swap Rate EUR + 1.60%, 06/30/2031 | EUR | | | 700,000 | | | | 703,462 | |
| Solvay SA, 4.25%, 10/03/2031 | EUR | | | 400,000 | | | | 435,682 | |
| TDF Infrastructure SASU, 5.63%, 07/21/2028 | EUR | | | 700,000 | | | | 795,908 | |
| Teleperformance SE, 5.25%, 11/22/2028 | EUR | | | 500,000 | | | | 555,111 | |
| Valeo SE, 5.88%, 04/12/2029 | EUR | | | 800,000 | | | | 921,973 | |
| Veolia Environnement SA, 1.25%, 05/14/2035 | EUR | | | 800,000 | | | | 698,462 | |
| VGP NV, 1.63%, 01/17/2027 | EUR | | | 900,000 | | | | 898,511 | |
| Vonovia SE, 5.00%, 11/23/2030 | EUR | | | 300,000 | | | | 340,868 | |
TOTAL FOREIGN GOVERNMENT NOTE/BOND (Cost $16,088,287) | | | | 16,532,091 | |
| | | | | | | | | | |
| BANK LOANS - 4.6% | | Par | | | Value | |
| Aerospace/Defense - 0.2% | |
| KBR Inc TL, Senior Secured First Lien, 7.58% (1 mo. SOFR US + 2.25%), 01/17/2031 | | | | 350,000 | | | | 351,137 | |
| Science Applications International Corp TL, Senior Secured First Lien, 7.20% (1 mo. SOFR US + 1.88%), 02/10/2031 | | | | 146,766 | | | | 147,684 | |
| TransDigm Inc TL, Senior Secured First Lien, 8.60% (3 mo. SOFR US + 3.25%), 02/28/2031 | | | | 92,269 | | | | 92,825 | |
| | | | | 591,646 | |
| | | | | | | | | | |
Automotive & Auto Parts - 0.0%(c) | |
| First Brands Group LLC TL, Senior Secured First Lien, 10.57% (3 mo. SOFR US + 5.00%), 03/30/2027 | | | | 74,825 | | | | 74,965 | |
| | | | | | | | | | |
Broadcasting - 0.0%(c) | |
| WMG Acquisition Corp TL, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 01/24/2031 | | | | 50,000 | | | | 50,000 | |
| | | | | | | | | | |
Building Materials - 0.0%(c) | |
| MIWD Holdco II LLC TL, 8.83% (1 mo. Term SOFR + 3.50%), 03/28/2031 | | | | 75,000 | | | | 75,445 | |
| | | | | | | | | | |
| Cable/Satellite TV - 0.2% | |
| Charter Communications Operating LLC TL, Senior Secured First Lien | |
| 7.08% (3 mo. SOFR US + 1.75%), 02/01/2027 | | | | 716 | | | | 717 | |
| 7.08% (3 mo. SOFR US + 1.75%), 02/01/2027 | | | | 272,852 | | | | 273,094 | |
| Directv Financing LLC TL, Senior Secured First Lien, 10.69% (1 mo. SOFR US + 5.25%), 08/02/2029 | | | | 237,670 | | | | 237,873 | |
| | | | | 511,684 | |
| | | | | | | | | | |
| Capital Goods - 0.2% | |
| Ali Group North America Corp TL, Senior Secured First Lien, 7.44% (1 mo. SOFR US + 2.00%), 07/23/2029 | | | | 494,429 | | | | 495,126 | |
| Alison US B-1 (Alstom) TL, 11.07% (3 mo. Term SOFR + 5.50%), 08/29/2024 | | | | 6,027 | | | | 2,808 | |
| Alison US B-2 (Alstom) (Arvos Midco SARL) TL, 11.14% (3 mo. Term SOFR + 5.50%), 08/29/2024 | | | | 6,027 | | | | 2,808 | |
| | | | | 500,742 | |
| | | | | | | | | | |
| Chemicals - 0.2% | |
| Axalta Coating Systems US Holdings Inc TL, Senior Secured First Lien, 7.33% (3 mo. SOFR US + 2.00%), 12/20/2029 | | | | 464,787 | | | | 466,030 | |
| | | | | | | | | | |
| Diversified Financial Services - 0.8% | |
| Castlelake Aviation One DAC TL, Senior Secured First Lien, 8.08% (3 mo. SOFR US + 2.75%), 10/22/2027 | | | | 244,318 | | | | 244,726 | |
| Citadel Securities LP TL, Senior Secured First Lien, 7.58% (1 mo. SOFR US + 2.25%), 07/29/2030 | | | | 498,775 | | | | 498,917 | |
| DRW Holdings LLC TL, Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 03/01/2028 | | | | 346,429 | | | | 346,862 | |
| GTCR W Merger Sub LLC TL, Senior Secured First Lien, 8.31% (3 mo. SOFR US + 3.00%), 01/31/2031 | | | | 250,000 | | | | 251,199 | |
| Jane Street Group LLC TL, Senior Secured First Lien, 7.94% (1 mo. SOFR US + 2.50%), 01/26/2028 | | | | 199,485 | | | | 199,809 | |
| Nuvei Technologies Corp TL, Senior Secured First Lien | |
| 8.43% (1 mo. SOFR US + 3.00%), 12/19/2030 | | | | 145,944 | | | | 146,461 | |
| 8.43% (1 mo. SOFR US + 3.00%), 12/19/2030 | | | | 98,032 | | | | 98,379 | |
| 8.43% (1 mo. SOFR US + 3.00%), 12/19/2030 | | | | 25,348 | | | | 25,438 | |
| Trans Union LLC TL, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 12/01/2028 | | | | 212,541 | | | | 212,687 | |
| Wec US Holdings Ltd TL, Senior Secured First Lien, 8.08% (1 mo. SOFR US + 2.75%), 01/27/2031 | | | | 25,000 | | | | 25,000 | |
| | | | | 2,049,478 | |
| | | | | | | | | | |
| Environmental - 0.2% | |
| Clean Harbors Inc TL, 7.19% (1 mo. Term SOFR + 1.75%), 10/10/2028 | | | | 350,000 | | | | 351,094 | |
| Covanta Holding Corp TL First Lien, 8.07% (1 mo. Term SOFR + 2.75%), 11/30/2028 | | | | 81,140 | | | | 81,219 | |
| | | | | 432,313 | |
| | | | | | | | | | |
| Gaming - 0.1% | |
| Flutter Financing BV TL, Senior Secured First Lien, 7.56% (3 mo. SOFR US + 2.25%), 11/29/2030 | | | | 149,625 | | | | 149,959 | |
| Station Casinos LLC TL First Lien, 7.82% (1 mo. Term SOFR + 2.25%), 03/14/2031 | | | | 50,000 | | | | 49,994 | |
| | | | | 199,953 | |
| | | | | | | | | | |
| Healthcare - 0.1% | |
| Jazz Financing Lux SARL TL, Senior Secured First Lien, 8.44% (1 mo. SOFR US + 3.00%), 05/05/2028 | | | | 136,325 | | | | 137,177 | |
| | | | | | | | | | |
| Homebuilders/Real Estate - 0.3% | |
| Iron Mountain Inc TL, Senior Secured First Lien, 7.58% (1 mo. SOFR US + 2.25%), 01/31/2031 | | | | 498,750 | | | | 495,840 | |
| SBA Senior Finance II LLC TL, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 01/27/2031 | | | | 411,000 | | | | 412,220 | |
| | | | | 908,060 | |
| | | | | | | | | | |
| Hotels - 0.4% | |
| Hilton Grand Vacations Borrower LLC TL, Senior Secured First Lien, 8.19% (1 mo. SOFR US + 2.75%), 08/02/2028 | | | | 497,449 | | | | 498,591 | |
| Hilton Hotels (10/23) TL B4 TL, Senior Secured First Lien, 7.43% (1 mo. SOFR US + 2.00%), 11/08/2030 | | | | 113,650 | | | | 114,015 | |
| Travel + Leisure Co TL, Senior Secured First Lien, 8.68% (1 mo. SOFR US + 3.25%), 12/14/2029 | | | | 99,750 | | | | 100,099 | |
| Wyndham Hotels & Resorts Inc TL, Senior Secured First Lien, 7.68% (1 mo. SOFR US + 2.25%), 05/28/2030 | | | | 374,058 | | | | 375,812 | |
| | | | | 1,088,517 | |
| | | | | | | | | | |
| Leisure - 0.2% | |
| Delta 2 Lux SARL TL, Senior Secured First Lien, 7.60% (3 mo. SOFR US + 2.25%), 01/15/2030 | | | | 500,000 | | | | 501,125 | |
| | | | | | | | | | |
Metals/Mining - 0.0%(c) | |
| Arsenal AIC Parent LLC TL, Senior Secured First Lien, 9.08% (1 mo. SOFR US + 3.75%), 08/19/2030 | | | | 24,938 | | | | 25,053 | |
| | | | | | | | | | |
| Restaurants - 0.4% | |
| 1011778 BC ULC TL, Senior Secured First Lien, 7.58% (1 mo. SOFR US + 2.25%), 09/23/2030 | | | | 498,750 | | | | 499,062 | |
| KFC Holding Co TL, Senior Secured First Lien, 7.19% (1 mo. SOFR US + 1.75%), 03/15/2028 | | | | 497,436 | | | | 497,769 | |
| | | | | 996,831 | |
| | | | | | | | | | |
| Services - 0.4% | |
| American Builders & Contractors Supply Co Inc TL, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 01/31/2031 | | | | 40,000 | | | | 40,056 | |
| Camelot US Acquisition LLC TL First Lien, 8.08% (1 mo. Term SOFR + 2.75%), 01/31/2031 | | | | 250,000 | | | | 250,188 | |
| Core & Main LP TL, Senior Secured First Lien, 7.56% (3 mo. SOFR US + 2.25%), 02/10/2031 | | | | 274,000 | | | | 274,342 | |
| PG Investment Co 59 SARL TL, 8.82% (1 mo. Term SOFR + 3.50%), 03/24/2031 | | | | 75,000 | | | | 75,234 | |
| Thevelia US LLC TL, Senior Secured First Lien, 9.06% (3 mo. SOFR US + 3.75%), 06/01/2029 | | | | 74,813 | | | | 75,035 | |
| United Rentals North America Inc TL, Senior Secured First Lien, 7.08% (1 mo. SOFR US + 1.75%), 02/14/2031 | | | | 375,000 | | | | 376,643 | |
| | | | | 1,091,498 | |
| | | | | | | | | | |
| Super Retail - 0.1% | |
| Hanesbrands Inc TL, Senior Secured First Lien, 9.08% (1 mo. SOFR US + 3.75%), 03/08/2030 | | | | 248,744 | | | | 249,016 | |
| | | | | | | | | | |
| Technology - 0.5% | |
| AppLovin Corp TL, Senior Secured First Lien, 7.83% (1 mo. SOFR US + 2.50%), 10/25/2028 | | | | 375,000 | | | | 375,287 | |
| Coherent Corp TL, Senior Secured First Lien, 8.19% (1 mo. SOFR US + 2.75%), 07/02/2029 | | | | 356,833 | | | | 357,993 | |
| Constant Contact TL First Lien, 9.69% (1 mo. Term SOFR + 4.00%), 02/10/2028 | | | | 12 | | | | 11 | |
| Open Text TL B (08/23) TARGET TL, Senior Secured First Lien, 8.18% (1 mo. SOFR US + 2.75%), 01/31/2030 | | | | 462,350 | | | | 463,666 | |
| | | | | 1,196,957 | |
| | | | | | | | | | |
| Telecommunications - 0.1% | |
| Crown Subsea Communications Holding Inc TL, Senior Secured First Lien, 10.07% (3 mo. SOFR US + 4.75%), 01/30/2031 | | | | 140,000 | | | | 140,992 | |
| Virgin Media Bristol LLC TL, Senior Secured First Lien, 8.79% (6 mo. SOFR US + 3.25%), 03/31/2031 | | | | 200,000 | | | | 197,305 | |
| | | | | 338,297 | |
| | | | | | | | | | |
| Transportation Excluding Air/Rail - 0.2% | |
| XPO Inc TL, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 05/24/2028 | | | | 250,000 | | | | 250,989 | |
| XPO TL B (12/23) TL, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 2.00%), 02/28/2031 | | | | 250,000 | | | | 250,182 | |
| | | | | 501,171 | |
| | | | | | | | | | |
Utilities - 0.0%(c) | |
| Vistra Corp TL, 7.75%, 03/18/2028 | | | | 125,000 | | | | 124,375 | |
TOTAL BANK LOANS (Cost $12,086,273) | | | | 12,110,333 | |
| | | | | | | | | | |
| U.S. TREASURY OBLIGATIONS - 3.8% | | Par | | | Value | |
| United States Treasury Note/Bond | |
| 4.00%, 02/15/2034 | | | | 4,800,000 | | | | 4,725,375 | |
| 4.75%, 11/15/2053 | | | | 5,050,000 | | | | 5,401,922 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,082,292) | | | | 10,127,297 | |
| | | | | | | | | | |
| CONVERTIBLE BONDS - 1.7% | | Par | | | Value | |
| Banking - 1.7% | |
| ABN AMRO Bank NV, 4.50%, 11/21/2034 | EUR | | | 1,200,000 | | | | 1,395,094 | |
| Australia & New Zealand Banking Group Ltd, 1.81% (UK Government Bonds 5 Year Note Generic Bid Yield + 1.45%), 09/16/2031 | GBP | | | 600,000 | | | | 688,652 | |
| Banco Bilbao Vizcaya Argentaria SA, 4.88% to 02/08/2031 then 5 Year Swap Rate EUR + 2.40%, 02/08/2036 | EUR | | | 300,000 | | | | 326,858 | |
| Banco Santander SA, 5.00% to 04/22/2029 then 5 Year Swap Rate EUR + 2.50%, 04/22/2034 | EUR | | | 700,000 | | | | 771,584 | |
Bank Leumi Le-Israel BM, 3.28% to 01/29/2026 then 5 yr. CMT Rate + 1.63%, 01/29/2031 (a) | | | | 880,000 | | | | 817,532 | |
| Jyske Bank AS, 5.13% to 05/01/2030 then 5 Year Swap Rate EUR + 2.50%, 05/01/2035 | EUR | | | 325,000 | | | | 358,534 | |
| Virgin Money UK PLC, 4.63% to 10/29/2027 then 1 Year EUR Swap Rate + 1.75%, 10/29/2028 | EUR | | | 275,000 | | | | 305,057 | |
| | | | | 4,663,311 | |
TOTAL CONVERTIBLE BONDS (Cost $4,644,665) | | | | 4,663,311 | |
| | | | | | | | | | |
| FOREIGN GOVERNMENT AGENCY ISSUES - 0.8% | | Par | | | Value | |
| Indian Railway Finance Corp Ltd, 3.57%, 01/21/2032 | | | | 1,050,000 | | | | 929,024 | |
| Pertamina Persero PT | |
| 3.65%, 07/30/2029 | | | | 700,000 | | | | 651,763 | |
| 4.15%, 02/25/2060 | | | | 850,000 | | | | 647,354 | |
TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $2,174,313) | | | | 2,228,141 | |
| | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 2.0% | | | | | | | | |
| Money Market Funds - 2.0% | | | Shares | | | | | |
First American Treasury Obligations Fund - Class X, 5.29%(d) | | | | 5,202,324 | | | | 5,202,324 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $5,202,324) | | | | 5,202,324 | |
| | | | | | | | | | |
TOTAL INVESTMENTS - 99.9% (Cost $264,103,041) | | | $ | 265,360,572 | |
| Other Assets in Excess of Liabilities - 0.1% | | | | 244,008 | |
| TOTAL NET ASSETS - 100.0% | | | | | | | $ | 265,604,580 | |
| | | | | | |
| Percentages are stated as a percent of net assets. | | | | | |
| Par amount is in USD unless otherwise indicated. | | | | | |
The Muzinich Credit Opportunities Fund (the "Fund") utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
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 would be based on the best information available.
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2024. See the Schedule of Investments for an industry breakout.
