NPORT-EX 2 credit-opp.htm MUZINICH CREDIT OPPORTUNITIES FUND 3/31/23 PART F EXHIBIT

MUZINICH CREDIT OPPORTUNITIES FUND
  
   
SCHEDULE OF INVESTMENTS at March 31, 2023 (Unaudited)
  
   
Principal Amount†
 
  
Value
  
CORPORATE BONDS: 71.8%
      
Aerospace/Defense: 1.0%
      
      
Embraer Netherlands Finance BV
      
 
900,000
    
 5.050%, 6/15/25
  
$
874,089
  
        
Rolls-Royce PLC
        
EUR 525,000
    
 1.625%, 5/9/28
    
474,531
  
        
TransDigm Inc
        
 
1,525,000
    
 8.000%, 12/15/25
    
1,556,427
  
             
2,905,047
  
Airlines: 2.3%
        
        
American Airlines Inc/AAdvantage Loyalty IP Ltd
        
 
550,000
    
 5.500%, 4/20/26
    
541,977
  
 
425,000
    
 5.750%, 4/20/29
    
408,201
  
        
Delta Air Lines Inc
        
 
1,250,000
    
 7.375%, 1/15/26
    
1,301,925
  
        
easyJet FinCo BV
        
EUR 900,000
    
 1.875%, 3/3/28
    
855,491
  
        
Emirates Airline
        
 
430,440
    
 4.500%, 2/6/25
    
424,241
  
        
Korean Air Lines Co Ltd
        
 
620,000
    
 4.750%, 9/23/25
    
615,778
  
        
Singapore Airlines Ltd
        
 
1,836,000
    
 3.000%, 7/20/26
    
1,753,897
  
        
Wizz Air Finance Co BV
        
EUR 550,000
    
 1.350%, 1/19/24
    
580,206
  
EUR 650,000
    
 1.000%, 1/19/26
    
613,805
  
             
7,095,521
  
Automotive & Auto Parts: 4.7%
        
        
Autoliv Inc
        
EUR 500,000
    
 4.250%, 3/15/28
    
546,430
  
        
Continental AG
        
EUR 650,000
    
 3.625%, 11/30/27
    
697,660
  
        
Ford Motor Credit Co LLC
        
 
775,000
    
 3.370%, 11/17/23
    
761,262
  
 
1,275,000
    
 3.810%, 1/9/24
    
1,261,402
  
 
1,050,000
    
 2.300%, 2/10/25
    
974,631
  
        
General Motors Financial Co Inc
        
EUR 650,000
    
 0.850%, 2/26/26
    
641,281
  
        
Hyundai Capital America
        
 
1,698,000
    
 1.650%, 9/17/26
    
1,502,777
  
        
IHO Verwaltungs GmbH
        
EUR 800,000
    
3.625% Cash or 4.000% PIK, 5/15/25
    
864,741
  
EUR 400,000
    
3.750% Cash or 5.000% PIK, 9/15/26
    
391,051
  
        
Kia Corp
        
 
470,000
    
 3.250%, 4/21/26
    
444,253
  
        
Mercedes-Benz Finance Canada Inc
        
EUR 825,000
    
 3.000%, 2/23/27
    
882,410
  
        
Nissan Motor Co Ltd
        
 
850,000
    
 4.810%, 9/17/30
    
768,115
  
        
PACCAR Financial Europe BV
        
EUR 750,000
    
 3.250%, 11/29/25
    
809,873
  
        
RCI Banque SA
        
EUR 490,000
    
 1.625%, 5/26/26
    
489,007
  
        
Schaeffler AG
        
EUR 900,000
    
 2.750%, 10/12/25
    
948,491
  
        
Valeo
        
EUR 800,000
    
 1.000%, 8/3/28
    
693,464
  
        
Volkswagen Financial Services NV
        
EUR 500,000
    
 3.750%, 11/25/24
    
539,584
  
        
Volkswagen International Finance NV
        
EUR 400,000
    
3.500% (5 Year Swap Rate EUR + 3.746%), 6/17/25 1,3,4
    
409,827
  
EUR 600,000
    
 4.125%, 11/15/25
    
654,753
  
             
14,281,012
  
Banking: 6.0%
        
        
ABN AMRO Bank NV
        
 
800,000
    
3.324% (5 Year CMT Rate + 1.900%), 3/13/37 1,4
    
613,761
  
        
AIB Group PLC
        
EUR 900,000
    
2.875% (5 Year Swap Rate EUR + 3.300%), 5/30/31 1,4
    
885,330
  
        
Australia & New Zealand Banking Group Ltd
        
EUR 900,000
    
5.101% (5 Year Swap Rate EUR + 2.150%), 2/3/33 1,4
    
977,300
  
        
Banco Bradesco SA
        
 
909,000
    
 3.200%, 1/27/25
    
867,754
  
        
Banco Daycoval SA
        
 
850,000
    
 4.250%, 12/13/24
    
806,225
  
        
Bancolombia SA
        
 
500,000
    
6.909% (5 Year CMT Rate + 2.929%), 10/18/27 1,4
    
457,875
  
        
Barclays PLC
        
 
1,210,000
    
3.564% (5 Year CMT Rate + 2.900%), 9/23/35 1,4
    
953,570
  
        
BBVA Bancomer SA
        
 
1,282,000
    
 1.875%, 9/18/25
    
1,171,113
  
        
BNP Paribas SA
        
 
1,270,000
    
2.588% (5 Year CMT Rate + 2.050%), 8/12/35 1,4
    
976,145
  
        
CaixaBank SA
        
EUR 900,000
    
6.250% (1 Year Swap Rate EUR + 3.550%), 2/23/33 1,4
    
994,899
  
        
Danske Bank A/S
        
EUR 750,000
    
1.500% (5 Year Swap Rate EUR + 1.900%), 9/2/30 1,4
    
740,614
  
        
Emirates NBD Bank PJSC
        
 
1,050,000
    
 5.625%, 10/21/27
    
1,080,128
  
        
Global Bank Corp
        
 
800,000
    
5.250% (3 Month LIBOR USD + 3.300%), 4/16/29 1
    
721,100
  
        
Hamburg Commercial Bank AG 7
        
EUR 250,000
    
 4.875%, 3/17/25
    
271,386
  
        
HSBC Holdings PLC
        
EUR 450,000
    
 3.000%, 6/30/25
    
476,737
  
EUR 570,000
    
6.364% (5 Year Swap Rate EUR + 3.300%), 11/16/32 1,4
    
645,488
  
        
NatWest Group PLC
        
EUR 810,000
    
1.043% (5 Year Swap Rate EUR + 1.270%), 9/14/32 1,4
    
721,517
  
 
420,000
    
3.032% (5 Year CMT Rate + 2.350%), 11/28/35 1,4
    
320,382
  
        
QNB Finance Ltd
        
 
2,115,000
    
 2.625%, 5/12/25
    
2,014,301
  
        
Standard Chartered PLC
        
EUR 900,000
    
1.200% (5 Year Swap Rate EUR + 1.550%), 9/23/31 1,4
    
839,550
  
        
United Overseas Bank Ltd
        
 
900,000
    
3.863% (5 Year CMT Rate + 1.450%), 10/7/32 1,4
    
849,606
  
        
Westpac Banking Corp
        
 
960,000
    
2.668% (5 Year CMT Rate + 1.750%), 11/15/35 1,4
    
748,371
  
             
18,133,152
  
Broadcasting: 1.0%
        
        
Sirius XM Radio Inc
        
 
525,000
    
 5.000%, 8/1/27
    
492,083
  
        
TEGNA Inc
        
 
1,125,000
    
 4.750%, 3/15/26
    
1,068,529
  
        
Warnermedia Holdings Inc
        
 
1,675,000
    
 3.788%, 3/15/25
    
1,622,158
  
             
3,182,770
  
Building Materials: 0.7%
        
        
Builders FirstSource Inc
        
 
500,000
    
 4.250%, 2/1/32
    
436,493
  
        
CRH Funding BV
        
EUR 750,000
    
 1.875%, 1/9/24
    
802,763
  
        
Standard Industries Inc
        
 
900,000
    
 5.000%, 2/15/27
    
858,501
  
             
2,097,757
  
Cable/Satellite TV: 1.0%
        
        
CCO Holdings LLC / CCO Holdings Capital Corp
        
 
1,175,000
    
 5.500%, 5/1/26
    
1,144,180
  
 
1,075,000
    
 4.750%, 2/1/32
    
904,190
  
        
DISH Network Corp
        
 
1,075,000
    
 11.750%, 11/15/27
    
1,035,822
  
             
3,084,192
  
Capital Goods: 1.9%
        
        
AGCO International Holdings BV
        
EUR 275,000
    
 0.800%, 10/6/28
    
246,814
  
        
Carrier Global Corp
        
 
1,525,000
    
 2.722%, 2/15/30
    
1,333,989
  
        
Johnson Controls International PLC
        
EUR 358,000
    
 1.375%, 2/25/25
    
373,292
  
        
Regal Rexnord Corp
        
 
1,350,000
    
 6.050%, 4/15/28
    
1,350,868
  
 
1,350,000
    
 6.400%, 4/15/33
    
1,351,510
  
        
Traton Finance Luxembourg SA
        
EUR 700,000
    
 0.125%, 11/10/24
    
717,959
  
EUR 400,000
    
 4.125%, 11/22/25
    
436,128
  
             
5,810,560
  
Chemicals: 2.5%
        
        
Alpek SAB de CV
        
 
1,771,000
    
 4.250%, 9/18/29
    
1,595,175
  
        
Braskem Netherlands Finance BV
        
 
900,000
    
 4.500%, 1/31/30
    
765,206
  
        
Equate Petrochemical BV
        
 
700,000
    
 4.250%, 11/3/26
    
680,716
  
        
INEOS Finance PLC
        
EUR 325,000
    
 6.625%, 5/15/28
    
356,388
  
        
MEGlobal Canada ULC
        
 
310,000
    
 5.000%, 5/18/25
    
307,238
  
 
750,000
    
 5.000%, 5/18/25
    
743,317
  
        
Orbia Advance Corp SAB de CV
        
 
1,400,000
    
 4.000%, 10/4/27
    
1,306,963
  
        
Sherwin-Williams Co
        
 
1,225,000
    
 3.450%, 6/1/27
    
1,172,329
  
 
875,000
    
 2.900%, 3/15/52
    
561,694
  
             
7,489,026
  
Consumer-Products: 0.5%
        
        
Mattel Inc
        
 
1,125,000
    
 3.375%, 4/1/26
    
1,060,054
  
        
Newell Brands Inc
        
 
325,000
    
 6.625%, 9/15/29
    
328,152
  
             
1,388,206
  
Containers: 2.2%
        
        
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc
        
EUR 1,525,000
    
 2.125%, 8/15/26
    
1,451,758
  
EUR 825,000
    
 2.125%, 8/15/26
    
785,883
  
        
Ball Corp
        
 
1,500,000
    
 4.000%, 11/15/23
    
1,484,210
  
        
DS Smith PLC
        
EUR 525,000
    
 0.875%, 9/12/26
    
512,171
  
        
Graphic Packaging International LLC
        
 
1,525,000
    
 0.821%, 4/15/24
    
1,453,841
  
        
Sealed Air Corp/Sealed Air Corp US
        
 
225,000
    
 6.125%, 2/1/28
    
226,923
  
        
SIG Combibloc PurchaseCo SARL
        
EUR 775,000
    
 2.125%, 6/18/25
    
812,124
  
             
6,726,910
  
Diversified Financial Services: 2.8%
        
        
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
        
 
175,000
    
 3.300%, 1/30/32
    
145,255
  
        
AXA Logistics Europe Master SCA
        
EUR 500,000
    
 0.375%, 11/15/26
    
446,983
  
        
DAE Funding LLC
        
 
1,400,000
    
 3.375%, 3/20/28
    
1,264,262
  
        
Grupo de Inversiones Suramericana SA
        
 
1,500,000
    
 5.500%, 4/29/26
    
1,423,117
  
        
Icahn Enterprises LP / Icahn Enterprises Finance Corp
        
 
775,000
    
 6.375%, 12/15/25
    
761,731
  
        
ICD Funding Ltd
        
 
1,900,000
    
 3.223%, 4/28/26
    
1,782,417
  
        
Lion/Polaris Lux 4 SA
        
 
959,000
    
 3.250%, 9/30/40
    
758,405
  
        
MDGH GMTN RSC Ltd
        
 
880,000
    
 2.875%, 11/7/29
    
795,304
  
 
790,000
    
 3.700%, 11/7/49
    
644,192
  
        
Navient Corp
        
 
500,000
    
 6.125%, 3/25/24
    
495,440
  
             
8,517,106
  
Diversified Media: 0.6%
        
        
Match Group Holdings II LLC
        
 
1,025,000
    
 5.625%, 2/15/29
    
964,931
  
        
WPP Finance 2016
        
EUR 700,000
    
 1.375%, 3/20/25
    
723,691
  
             
1,688,622
  
Energy: 6.4%
        
        
Cheniere Corpus Christi Holdings LLC
        
 
2,475,000
    
 5.125%, 6/30/27
    
2,478,298
  
        
Cheniere Energy Partners LP
        
 
1,000,000
    
 4.500%, 10/1/29
    
934,955
  
        
Diamondback Energy Inc
        
 
700,000
    
 6.250%, 3/15/33
    
740,678
  
        
Ecopetrol SA
        
 
670,000
    
 4.125%, 1/16/25
    
652,587
  
        
Enterprise Products Operating LLC
        
 
975,000
    
 3.200%, 2/15/52
    
692,545
  
        
EQT Corp
        
 
1,100,000
    
 6.125%, 2/1/25 2
    
1,107,642
  
        
Galaxy Pipeline Assets Bidco Ltd
        
 
1,390,179
    
 1.750%, 9/30/27
    
1,296,250
  
        
Leviathan Bond Ltd
        
 
910,000
    
 5.750%, 6/30/23
    
908,635
  
 
775,000
    
 6.125%, 6/30/25
    
756,594
  
        
MPLX LP
        
 
575,000
    
 5.000%, 3/1/33
    
562,875
  
        
Oleoducto Central SA
        
 
924,000
    
 4.000%, 7/14/27
    
798,834
  
        
Petronas Capital Ltd
        
 
900,000
    
 2.480%, 1/28/32
    
767,100
  
 
700,000
    
 4.550%, 4/21/50
    
648,958
  
        
Qatar Energy
        
 
500,000
    
 3.300%, 7/12/51
    
373,825
  
        
QatarEnergy
        
 
900,000
    
 2.250%, 7/12/31
    
765,859
  
        
Repsol International Finance BV
        
EUR 1,075,000
    
3.750% (5 Year Swap Rate EUR + 4.000%), 3/11/26 1,3,4
    
1,100,624
  
        
Rockies Express Pipeline LLC
        
 
2,425,000
    
 3.600%, 5/15/25
    
2,270,316
  
        
TotalEnergies SE
        
EUR 750,000
    
2.625% (5 Year Swap Rate EUR + 2.148%), 2/26/25 1,3,4
    
771,814
  
        
Wintershall Dea Finance 2 BV
        
EUR 1,000,000
    
2.499% (5 Year Swap Rate EUR + 2.924%), 4/20/26 1,3,4
    
914,082
  
        
Wintershall Dea Finance BV
        
EUR 900,000
    
 1.332%, 9/25/28
    
817,842
  
             
19,360,313
  
Environmental: 0.2%
        
        
GFL Environmental Inc
        
 
800,000
    
 3.750%, 8/1/25
    
769,620
  
                 
Food & Drug Retail: 1.0%
        
        
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
        
 
1,825,000
    
 7.500%, 3/15/26
    
1,890,399
  
 
750,000
    
 6.500%, 2/15/28
    
752,666
  
        
Roadster Finance DAC
        
EUR 525,000
    
 1.625%, 12/9/24
    
508,395
  
             
3,151,460
  
Food/Beverage/Tobacco: 4.9%
        
        
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc
        
 
2,300,000
    
 4.900%, 2/1/46
    
2,246,727
  
        
BRF SA
        
 
850,000
    
 4.750%, 5/22/24
    
825,915
  
        
Constellation Brands Inc
        
 
1,960,000
    
 2.250%, 8/1/31
    
1,609,894
  
        
Indofood BCP Sukses
        
 
1,510,000
    
 3.398%, 6/9/31
    
1,261,108
  
        
Kraft Heinz Foods Co
        
 
1,775,000
    
 4.875%, 10/1/49
    
1,644,589
  
        
Louis Dreyfus Co Finance BV
        
EUR 1,575,000
    
 2.375%, 11/27/25
    
1,625,794
  
        
Minerva Luxembourg SA
        
 
770,000
    
 5.875%, 1/19/28
    
714,331
  
        
Molson Coors Beverage Co
        
 
1,925,000
    
 3.000%, 7/15/26
    
1,818,349
  
        
Sigma Alimentos S.A. de CV
        
 
1,048,000
    
 4.125%, 5/2/26
    
1,001,044
  
        
Sysco Corp
        
 
925,000
    
 3.150%, 12/14/51
    
645,504
  
        
Viterra Finance BV
        
EUR 1,575,000
    
 0.375%, 9/24/25
    
1,543,303
  
             
14,936,558
  
Gaming: 0.8%
        
        
Caesars Entertainment Inc
        
 
2,400,000
    
 6.250%, 7/1/25
    
2,402,152
  
                 
Healthcare: 6.4%
        
        
Amgen Inc
        
 
700,000
    
 5.250%, 3/2/33
    
719,068
  
 
600,000
    
 5.600%, 3/2/43
    
616,734
  
 
1,425,000
    
 5.650%, 3/2/53
    
1,475,800
  
        
Bayer AG
        
EUR 400,000
    
4.500% (5 Year Swap Rate EUR + 3.751%), 3/25/82 1,4
    
403,147
  
        
Becton Dickinson Euro Finance SARL
        
EUR 600,000
    
 1.208%, 6/4/26
    
604,150
  
        
Centene Corp
        
 
375,000
    
 4.625%, 12/15/29
    
355,864
  
        
CVS Health Corp
        
 
1,600,000
    
 1.300%, 8/21/27
    
1,391,769
  
 
1,125,000
    
 5.250%, 2/21/33
    
1,145,399
  
        
GE HealthCare Technologies Inc
        
 
750,000
    
 5.650%, 11/15/27
    
775,009
  
        
GN Store Nord AS
        
EUR 500,000
    
 0.875%, 11/25/24
    
494,256
  
        
HCA Inc
        
 
1,500,000
    
 5.000%, 3/15/24
    
1,491,679
  
 
1,950,000
    
 3.625%, 3/15/32
    
1,714,251
  
 
875,000
    
 4.625%, 3/15/52
    
727,477
  
        
IQVIA Inc
        
EUR 450,000
    
 2.250%, 1/15/28
    
433,864
  
        
Service Corp International
        
 
600,000
    
 3.375%, 8/15/30
    
513,540
  
 
600,000
    
 4.000%, 5/15/31
    
528,540
  
        
Tenet Healthcare Corp
        
 
1,575,000
    
 4.625%, 7/15/24
    
1,555,265
  
        
Thermo Fisher Scientific Inc
        
EUR 600,000
    
 0.750%, 9/12/24
    
626,341
  
        
UnitedHealth Group Inc
        
 
775,000
    
 4.500%, 4/15/33
    
770,324
  
 
2,166,000
    
 5.050%, 4/15/53
    
2,183,194
  
        
Utah Acquisition Sub Inc
        
EUR 600,000
    
 2.250%, 11/22/24
    
633,406
  
        
Werfenlife SA
        
EUR 300,000
    
 0.500%, 10/28/26
    
286,666
  
             
19,445,743
  
Homebuilders/Real Estate: 4.7%
        
        
Akelius Residential Property AB
        
EUR 900,000
    
 1.750%, 2/7/25
    
909,843
  
        
Aroundtown SA
        
EUR 1,200,000
    
 0.375%, 4/15/27
    
874,849
  
        
Balder Finland Oyj
        
EUR 975,000
    
 1.000%, 1/18/27
    
813,956
  
        
Blackstone Property Partners Europe Holdings SARL
        
EUR 625,000
    
 2.000%, 2/15/24
    
653,899
  
EUR 900,000
    
 1.000%, 10/20/26
    
802,904
  
        
Castellum Helsinki Finance Holding Abp
        
EUR 800,000
    
 2.000%, 3/24/25
    
788,907
  
        
Crown Castle Inc
        
 
1,350,000
    
 3.650%, 9/1/27
    
1,279,984
  
        
CTP NV
        
EUR 1,025,000
    
 0.625%, 9/27/26
    
884,803
  
        
Digital Dutch Finco BV
        
EUR 1,100,000
    
 0.625%, 7/15/25
    
1,085,761
  
        
Fastighets AB Balder
        
EUR 485,000
    
2.873% (5 Year Swap Rate EUR + 3.188%), 6/2/81 1,4
    
357,536
  
        
Heimstaden Bostad Treasury BV
        
EUR 1,600,000
    
 1.000%, 4/13/28
    
1,291,081
  
        
Logicor Financing SARL
        
EUR 1,000,000
    
 0.750%, 7/15/24
    
1,009,610
  
EUR 200,000
    
 1.500%, 7/13/26
    
180,106
  
        
Samhallsbyggnadsbolaget i Norden AB
        
EUR 1,050,000
    
 1.125%, 9/4/26
    
827,780
  
        
SBB Treasury Oyj
        
EUR 400,000
    
3.115% (3 Month EURIBOR + 0.550%), 2/8/24 1
    
402,612
  
        
Tritax EuroBox PLC
        
EUR 975,000
    
 0.950%, 6/2/26
    
885,311
  
        
VIA Outlets BV
        
EUR 1,375,000
    
 1.750%, 11/15/28
    
1,166,379
  
             
14,215,321
  
Hotels: 0.5%
        
        
Hilton Domestic Operating Co Inc
        
 
900,000
    
 5.375%, 5/1/25
    
900,562
  
        
Whitbread Group PLC
        
GBP 700,000
    
 3.375%, 10/16/25
    
812,978
  
             
1,713,540
  
Leisure: 1.1%
        
        
Booking Holdings Inc
        
EUR 625,000
    
 4.000%, 11/15/26
    
689,222
  
        
Expedia Group Inc
        
 
825,000
    
 5.000%, 2/15/26
    
821,184
  
 
1,100,000
    
 4.625%, 8/1/27
    
1,078,130
  
        
Royal Caribbean Cruises Ltd
        
 
825,000
    
 11.500%, 6/1/25
    
880,444
  
             
3,468,980
  
Metals/Mining: 1.0%
        
        
AngloGold Ashanti Holdings PLC
        
 
1,188,000
    
 3.750%, 10/1/30
    
1,038,515
  
        
Corp Nacional del Cobre de Chile
        
 
350,000
    
 3.150%, 1/14/30
    
314,061
  
 
400,000
    
 3.750%, 1/15/31
    
368,385
  
        
Gold Fields Orogen Holdings BVI Ltd
        
 
1,185,000
    
 6.125%, 5/15/29
    
1,197,994
  
             
2,918,955
  
Paper: 0.5%
        
        
Inversiones CMPC SA
        
 
1,515,000
    
 4.375%, 4/4/27
    
1,441,010
  
                 
Publishing/Printing: 0.2%
        
        
Informa PLC
        
EUR 700,000
    
 2.125%, 10/6/25
    
724,288
  
                 
Restaurants: 2.0%
        
        
1011778 BC ULC / New Red Finance Inc
        
 
1,200,000
    
 5.750%, 4/15/25
    
1,196,646
  
        
McDonald's Corp
        
EUR 600,000
    
 2.375%, 11/27/24
    
640,612
  
        
Starbucks Corp
        
 
1,700,000
    
 4.000%, 11/15/28
    
1,653,865
  
 
925,000
    
 4.800%, 2/15/33
    
934,777
  
 
1,325,000
    
 3.500%, 11/15/50
    
1,022,125
  
        
Yum! Brands Inc
        
 
750,000
    
 3.875%, 11/1/23
    
741,431
  
             
6,189,456
  
Services: 1.6%
        
        
ISS Finance BV
        
EUR 525,000
    
 1.250%, 7/7/25
    
536,548
  
        
ISS Global A/S
        
EUR 850,000
    
 0.875%, 6/18/26
    
832,244
  
        
Ritchie Bros Holdings Inc
        
 
150,000
    
 7.750%, 3/15/31
    
157,390
  
        
Verisure Holding AB
        
EUR 1,300,000
    
 3.875%, 7/15/26
    
1,311,448
  
        
WASH Multifamily Acquisition Inc
        
 
475,000
    
 5.750%, 4/15/26
    
449,996
  
        
WESCO Distribution Inc
        
 
1,525,000
    
 7.125%, 6/15/25
    
1,551,688
  
             
4,839,314
  
Steel: 1.2%
        
        
ABJA Investment Co Pte Ltd
        
 
812,000
    
 5.450%, 1/24/28
    
787,855
  
        
ArcelorMittal SA
        
 
725,000
    
 6.800%, 11/29/32
    
761,012
  
        
GUSAP III LP
        
 
1,200,000
    
 4.250%, 1/21/30
    
1,103,916
  
        
Usiminas International SARL
        
 
982,000
    
 5.875%, 7/18/26
    
931,535
  
             
3,584,318
  
Super Retail: 1.4%
        
        
Dollar General Corp
        
 
1,325,000
    
 5.000%, 11/1/32
    
1,327,763
  
        
Hanesbrands Inc
        
 
500,000
    
 9.000%, 2/15/31
    
512,353
  
        
Lowe's Cos Inc
        
 
1,525,000
    
 3.750%, 4/1/32
    
1,408,835
  
        
Target Corp
        
 
1,050,000
    
 4.500%, 9/15/32
    
1,052,130
  
             
4,301,081
  
Technology: 1.6%
        
        
Broadcom Inc
        
 
1,525,000
    
 4.150%, 4/15/32
    
1,389,852
  
        
Cellnex Finance Co SA
        
EUR 400,000
    
 2.250%, 4/12/26
    
408,361
  
        
Dell Bank International DAC
        
EUR 650,000
    
 4.500%, 10/18/27
    
720,608
  
        
Oracle Corp
        
 
725,000
    
 4.900%, 2/6/33
    
709,768
  
 
725,000
    
 3.600%, 4/1/50
    
512,493
  
 
1,100,000
    
 3.950%, 3/25/51
    
820,564
  
        
SK Hynix Inc
        
 
200,000
    
 6.375%, 1/17/28
    
201,059
  
             
4,762,705
  
Telecommunications: 6.0%
        
        
Altice France SA
        
EUR 1,050,000
    
 5.875%, 2/1/27
    
1,008,755
  
        
Bharti Airtel Ltd
        
 
1,100,000
    
 3.250%, 6/3/31
    
950,160
  
        
eircom Finance DAC
        
EUR 425,000
    
 3.500%, 5/15/26
    
438,474
  
        
PPF Telecom Group BV
        
EUR 195,000
    
 3.250%, 9/29/27
    
194,293
  
        
Rogers Communications Inc
        
 
3,725,000
    
 2.950%, 3/15/25
    
3,587,664
  
        
Sitios Latinoamerica SAB de CV
        
 
1,783,000
    
 5.375%, 4/4/32
    
1,607,990
  
        
Sprint LLC
        
 
2,138,000
    
 7.875%, 9/15/23
    
2,155,666
  
 
1,025,000
    
 7.625%, 3/1/26
    
1,085,393
  
        
Telefonica Europe BV
        
EUR 1,200,000
    
3.875% (8 Year Swap Rate EUR + 2.967%), 6/22/26 1,3,4
    
1,206,080
  
        
T-Mobile USA Inc
        
 
1,125,000
    
 2.250%, 2/15/26
    
1,047,472
  
 
1,700,000
    
 3.875%, 4/15/30
    
1,595,543
  
 
1,800,000
    
 2.550%, 2/15/31
    
1,525,286
  
 
1,375,000
    
 3.300%, 2/15/51
    
973,893
  
        
Virgin Media Secured Finance PLC
        
GBP 400,000
    
 4.250%, 1/15/30
    
402,530
  
        
Ziggo BV
        
EUR 500,000
    
 2.875%, 1/15/30
    
446,932
  
             
18,226,131
  
Transportation Excluding Air/Rail: 1.5%
        
        
Autostrade per l'Italia SPA
        
EUR 1,000,000
    
 1.750%, 2/1/27
    
987,376
  
        
DP World Ltd
        
EUR 1,395,000
    
 2.375%, 9/25/26
    
1,431,143
  
        
Gatwick Funding Ltd
        
GBP 250,000
    
 6.125%, 3/2/26
    
315,999
  
        
Go-Ahead Group Ltd
        
GBP 800,000
    
 2.500%, 7/6/24
    
943,068
  
        
Heathrow Funding Ltd
        
GBP 325,000
    
 7.125%, 2/14/24
    
405,102
  
        
Stagecoach Group Ltd
        
GBP 505,000
    
 4.000%, 9/29/25
    
588,190
  
             
4,670,878
  
Utilities: 1.6%
        
        
Acquirente Unico SPA
        
EUR 850,000
    
 2.800%, 2/20/26
    
888,893
  
        
Enel SPA
        
EUR 850,000
    
2.250% (5 Year Swap Rate EUR + 2.679%), 12/10/26 1,3,4
    
791,838
  
EUR 150,000
    
6.375% (5 Year Swap Rate EUR + 3.486%), 4/16/28 1,3,4
    
164,099
  
        
EON SE
        
EUR 850,000
    
 3.500%, 1/12/28
    
925,078
  
        
National Central Cooling Co PJSC
        
 
1,600,000
    
 2.500%, 10/21/27
    
1,438,077
  
        
Redexis Gas Finance BV
        
EUR 500,000
    
 1.875%, 5/28/25
    
518,763
  
             
4,726,748
  
TOTAL CORPORATE BONDS
        
(Cost $225,830,488)
    
218,248,452
  
                 
CONVERTIBLE BONDS: 1.3%
        
Banking: 1.3%
        
        
Bank Leumi Le-Israel BM
        
 
1,330,000
    
3.275% (5 Year CMT Rate + 1.631%), 1/29/31 1,4
    
1,160,944
  
        
Bank of Ireland Group PLC
        
EUR 675,000
    
6.750% (5 Year Swap Rate EUR + 4.150%), 3/1/33 1,4
    
745,587
  
        
Toronto-Dominion Bank
        
EUR 1,325,000
    
 3.631%, 12/13/29
    
1,386,554
  
        
Virgin Money UK PLC
        
EUR 525,000
    
4.625% (1 Year Swap Rate EUR + 1.750%), 10/29/28 1
    
543,520
  
             
3,836,605
  
TOTAL CONVERTIBLE BONDS
        
(Cost $3,960,610)
    
3,836,605
  
         
U.S. GOVERNMENT NOTES/BONDS: 14.8%
        
Sovereign: 14.8%
        
        
United States Treasury Note/Bond
        
 
8,500,000
    
 2.875%, 5/15/32
    
8,083,301
  
 
18,000,000
    
 3.500%, 2/15/33
    
18,015,469
  
 
9,300,000
    
 4.000%, 11/15/52
    
9,831,844
  
 
9,000,000
    
 3.625%, 2/15/53
    
8,899,453
  
             
44,830,067
  
TOTAL U.S. GOVERNMENT NOTES/BONDS
        
(Cost $44,285,675)
    
44,830,067
  
                 
BANK LOANS: 0.4%
        
Capital Goods: 0.2%
        
        
Alison US TL B-1 (Alstom)
        
 
514,468
    
10.325% (3 Month LIBOR + 5.500%), 8/29/24 1,2
    
243,086
  
        
Alison US TL B-2 (Alstom) (Arvos Midco SARL)
        
 
514,468
    
10.325% (3 Month LIBOR + 5.500%), 8/29/24 1,2
    
243,086
  
             
486,172
  
Technology: 0.2%
        
        
Triton Solar US TL B
        
 
777,920
    
10.998% (3 Month SOFR + 6.000%), 10/31/24 1,2
    
669,011
  
                 
Telecommunications: 0.0% 6
        
        
Constant Contact TL
        
 
12
    
8.806% (3 Month LIBOR + 4.000%), 2/10/28 1,2
    
11
  
                 
TOTAL BANK LOANS
        
(Cost $1,764,722)
    
1,155,194
  
         
U.S. TREASURY BILLS: 5.1%
        
Sovereign: 5.1%
        
        
United States Treasury Bill
        
 
6,000,000
    
 4.074%, 05/09/23 7
    
5,972,685
  
 
4,000,000
    
 4.133%, 05/18/23 7
    
3,976,671
  
 
3,000,000
    
 4.103%, 04/25/23 7
    
2,991,640
  
 
2,500,000
    
 4.564%, 05/11/23 7
    
2,487,874
  
             
15,428,870
  
TOTAL U.S. TREASURY BILLS
        
(Cost $15,432,064)
    
15,428,870
  
         
FOREIGN GOVERNMENT NOTES/BONDS: 4.0%
        
Airlines: 0.3%
        
        
Air France-KLM
        
EUR 900,000
    
 7.250%, 5/31/26
    
994,004
  
                 
Automotive & Auto Parts: 0.2%
        
        
RCI Banque SA
        
EUR 675,000
    
 4.125%, 12/1/25
    
732,199
  
                 
Banking: 2.0%
        
        
Argenta Spaarbank NV
        
EUR 700,000
    
5.375% (1 Year Swap Rate EUR + 2.750%), 11/29/27 1
    
748,343
  
        
BPCE SA
        
EUR 1,100,000
    
 4.000%, 11/29/32
    
1,195,422
  
        
Commerzbank AG
        
EUR 800,000
    
6.500% (5 Year EURIBOR + 4.300%), 12/6/32 1,4
    
860,695
  
        
Credit Agricole SA
        
EUR 1,000,000
    
1.625% (5 Year Swap Rate EUR + 1.900%), 6/5/30 1,4
    
1,009,094
  
        
Deutsche Bank AG
        
EUR 500,000
    
 4.000%, 11/29/27
    
533,398
  
        
KBC Group NV
        
EUR 600,000
    
4.375% (3 Month EURIBOR + 1.700%), 11/23/27 1
    
651,493
  
        
Societe Generale SA
        
EUR 1,200,000
    
1.125% (5 Year Swap Rate EUR + 1.600%), 6/30/31 1,4
    
1,120,664
  
             
6,119,109
  
Diversified Financial Services: 0.7%
        
        
ALD SA
        
EUR 1,200,000
    
 4.750%, 10/13/25
    
1,320,066
  
        
Arval Service Lease SA
        
EUR 700,000
    
 4.750%, 5/22/27
    
776,251
  
             
2,096,317
  
Energy: 0.2%
        
        
Pertamina Persero PT
        
 
700,000
    
 3.650%, 7/30/29
    
651,000
  
                 
Homebuilders/Real Estate: 0.6%
        
        
VGP NV
        
EUR 900,000
    
 1.625%, 1/17/27
    
761,599
  
        
Vonovia SE
        
EUR 600,000
    
 4.750%, 5/23/27
    
636,801
  
EUR 300,000
    
 5.000%, 11/23/30
    
304,830
  
             
1,703,230
  
TOTAL FOREIGN GOVERNMENT NOTES/BONDS
        
(Cost $11,858,617)
    
12,295,859
  
         
TOTAL INVESTMENTS IN SECURITIES: 97.4%
        
(Cost $303,132,176)
    
295,795,047
  
Other Assets in Excess of Liabilities: 2.6%
    
7,988,530
  
TOTAL NET ASSETS: 100.0%
  
$
303,783,577
  
         
        
† In USD unless otherwise indicated
        
        
CMT - Constant Maturity Treasury Rate
        
        
EUR - Euro
        
        
EURIBOR - Euro Interbank Offered Rate
        
        
GBP - Great Britain Pound
        
        
LIBOR - London Interbank Offered Rate
        
        
PIK - Payment-in-Kind - represents the security may pay interest in additional par.
        
        
SOFR - Secured Overnight Financing Rate
        
        
USD - United States Dollar
        
                 
     
 1 
Variable rate security; rate shown is the rate in effect on March 31, 2023.  An index may have a negative rate.  Interest rate may also be subject to a cap or floor.
        
     
 2 
Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.
        
     
 3 
Perpetual call date security. Date shown is next call date.
        
     
 4 
Fixed-to-variable or fixed-to-float bond; rate shown is the rate in effect on March 31, 2023.  An index may have a negative rate.  Interest rate may also be subject to a cap or floor.
        
     
 5 
Zero coupon security.
        
     
 6 
Does not round to 0.0% of net assets.
        
     
 7 
Rate represents the yield to maturity from purchase price.
        


SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at March 31, 2023 (Unaudited)
  

The Muzinich Credit Opportunities Fund (the "Fund") had the following forward foreign currency exchange contracts outstanding with the U.S. Bank N.A.
  
                         
        
U.S. Dollar Value at
      
U.S. Dollar Value at
    
Unrealized Appreciation
  
Settlement Date
  
Currency to be Delivered
  
March 31, 2023
  
Currency to be Received
  
March 31, 2023
    
(Depreciation)
  
6/16/2023
  
EUR 88,800,000
  
$
96,731,938
  
USD 94,119,919
  
$
94,119,919
    
$
(2,612,019
)
6/16/2023
  
USD 17,373,920
    
17,373,920
  
EUR 16,000,000
    
17,429,178
      
55,258
  
6/16/2023
  
USD 370,938
    
370,938
  
GBP 300,000
    
370,652
      
(286
)
6/16/2023
  
GBP 3,200,000
    
3,953,620
  
USD 3,854,230
    
3,854,230
      
(99,390
)
        
$
118,430,416
      
$
115,773,979
    
$
(2,656,437
)
   
 
                          


SCHEDULE OF FUTURES CONTRACTS at March 31, 2023 (Unaudited)
          

The Fund had the following futures contracts outstanding with Morgan Stanley & Co., Inc.
        
                         
               
Unrealized
        
   
Number of
    
Notional
    
Appreciation
    
Notional
  
Short Futures Contracts Outstanding
  
Contracts
    
Amount
    
(Depreciation)
    
Value
  
EURO-SCHATZ FUT Jun23
  
(525)

 
$
(59,784,721
)
  
$
(394,304
)
  
$
(60,179,025
)
         
$
(59,784,721
)
  
$
(394,304
)
  
$
(60,179,025
)
 
                              


Summary of Fair Value Exposure at March 31, 2023 (Unaudited)
  
             
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis.
  
U.S. GAAP establishes 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 spreads, 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, 2023. See the Schedule of Investments for the industry breakout.
  

Description
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Corporate Bonds
  
$
–
    
$
218,248,452
    
$
–
    
$
218,248,452
  
Convertible Bonds
    
–
      
3,836,605
      
–
      
3,836,605
  
U.S. Government Notes/Bonds
    
–
      
44,830,067
      
–
      
44,830,067
  
Bank Loans
    
–
      
1,155,194
      
–
      
1,155,194
  
U.S. Treasury Bills
    
–
      
15,428,870
      
–
      
15,428,870
  
Foreign Government Notes/Bonds
    
–
      
12,295,859
      
–
      
12,295,859
  
Total Assets
  
$
–
    
$
295,795,047
    
$
–
    
$
295,795,047
  
Other Financial Instruments1:
                                
Forward Foreign Currency Exchange Contracts
  
$
–
    
$
(2,656,437
)
  
$
–
    
$
(2,656,437
)
Futures Contracts
    
(394,304
)
    
–
      
–
      
(394,304
)
Total Other Financial Instruments
  
$
(394,304
)
  
$
(2,656,437
)
  
$
–
    
$
(3,050,741
)
                                 
1 Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments and are presented at the net unrealized appreciation/(depreciation) on the investment.