MUZINICH LOW DURATION FUND
SCHEDULE OF INVESTMENTS at March 31, 2023 (Unaudited)
Principal Amount†				Value
CORPORATE BONDS: 79.7%
Airlines: 1.6%
			Air France-KLM
EUR 2,600,000			3.875%, 7/1/26	$	2,590,509
			American Airlines Inc/AAdvantage Loyalty IP Ltd
	2,045,000		5.500%, 4/20/26		2,015,171
			Cathay Pacific MTN Financing HK Ltd
	2,440,000		4.875%, 8/17/26		2,330,200
			Delta Air Lines Inc
	1,050,000		3.800%, 4/19/23		1,049,486
	1,110,000		7.000%, 5/1/25		1,138,121
			Delta Air Lines Inc / SkyMiles IP Ltd
	2,163,169		4.500%, 10/20/25		2,127,584
			Korean Air Lines Co Ltd
	900,000		4.750%, 9/23/25		893,871
			Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd
	1,126,250		6.500%, 6/20/27		1,123,733
			Singapore Airlines Ltd
	1,100,000		3.000%, 7/20/26		1,050,810
			Wizz Air Finance Co BV
EUR 2,300,000			1.350%, 1/19/24		2,426,314
EUR 625,000			1.000%, 1/19/26		590,198
					17,335,997
Automotive & Auto Parts: 7.8%
			Continental AG
EUR 6,075,000			3.625%, 11/30/27		6,520,439
			Faurecia SE
EUR 1,100,000			2.625%, 6/15/25		1,146,662
EUR 1,900,000			7.250%, 6/15/26		2,130,210
EUR 1,100,000			2.750%, 2/15/27		1,063,749
			FCA Bank SPA
EUR 1,750,000			0.125%, 11/16/23		1,860,588
EUR 6,225,000			4.250%, 3/24/24		6,775,778
			FCE Bank PLC
EUR 2,300,000			1.615%, 5/11/23		2,489,791
			Ford Motor Credit Co LLC
	600,000		3.810%, 1/9/24		593,601
EUR 850,000			3.250%, 9/15/25		885,601
	3,650,000		3.375%, 11/13/25		3,425,945
EUR 2,500,000			4.867%, 8/3/27		2,635,346
			General Motors Financial Co Inc
	1,150,000		5.100%, 1/17/24		1,146,876
EUR 2,200,000			2.200%, 4/1/24		2,351,994
	2,000,000		3.950%, 4/13/24		1,971,054
GBP 600,000			2.250%, 9/6/24		706,778
	1,170,000		4.350%, 4/9/25		1,145,609
			Genuine Parts Co
	200,000		1.750%, 2/1/25		188,963
			HARLEY DAVIDSON FI
EUR 3,000,000			5.125%, 4/5/26		3,272,280
			Harley-Davidson Financial Services Inc
EUR 1,700,000			3.875%, 5/19/23		1,843,501
EUR 500,000			0.900%, 11/19/24		516,854
			Hyundai Capital America
	1,825,000		1.650%, 9/17/26		1,615,175
			IHO Verwaltungs GmbH
EUR 4,100,000			3.625% Cash or 4.000% PIK, 5/15/25		4,431,796
EUR 1,600,000			3.750% Cash or 4.000% PIK, 9/15/26		1,564,204
EUR 2,250,000			8.750% Cash or 10.000% PIK, 5/15/28		2,498,147
			Jaguar Land Rover Automotive PLC
EUR 900,000			2.200%, 1/15/24		956,367
EUR 2,200,000			5.875%, 11/15/24		2,352,386
	1,100,000		7.750%, 10/15/25		1,079,705
EUR 625,000			4.500%, 7/15/28		557,439
			Kia Corp
	650,000		1.000%, 4/16/24		622,767
	1,330,000		2.375%, 2/14/25		1,263,035
	1,200,000		3.250%, 4/21/26		1,134,263
			Mercedes-Benz Finance North America LLC
	550,000		4.950%, 3/30/25		550,467
	550,000		4.800%, 3/30/26		550,401
			Nissan Motor Co Ltd
	4,894,000		3.043%, 9/15/23		4,821,859
	2,250,000		3.522%, 9/17/25		2,130,406
EUR 700,000			2.652%, 3/17/26		714,186
			RCI Banque SA
EUR 2,500,000			0.750%, 4/10/23		2,710,139
EUR 1,090,000			3.110% (3 Month EURIBOR + 0.570%), 11/4/24 1		1,170,948
EUR 1,350,000			0.500%, 7/14/25		1,346,551
			Schaeffler AG
EUR 1,100,000			2.750%, 10/12/25		1,159,267
			Stellantis NV
	1,000,000		5.250%, 4/15/23		1,001,035
			Toyota Finance Australia Ltd
EUR 1,700,000			0.064%, 1/13/25		1,734,071
			ZF Europe Finance BV
EUR 800,000			2.500%, 10/23/27		758,337
			ZF Finance GmbH
EUR 3,200,000			3.000%, 9/21/25		3,309,006
					82,703,576
Banking: 16.9%
			Abanca Corp Bancaria SA
EUR 500,000			4.625% (5 Year Swap Rate EUR + 5.014%), 4/7/30 1,6		499,265
			ABN AMRO Bank NV
	500,000		4.750%, 7/28/25		483,095
			AIB Group PLC
EUR 1,700,000			1.875% (5 Year Swap Rate EUR + 2.150%), 11/19/29 1,6		1,722,967
EUR 7,100,000			2.875% (5 Year Swap Rate EUR + 3.300%), 5/30/31 1,6		6,984,269
			Australia & New Zealand Banking Group Ltd
	2,700,000		2.950% (5 Year CMT Rate + 1.288%), 7/22/30 1,6		2,495,075
			Banco Comercial Portugues SA
EUR 600,000			3.871% (5 Year Swap Rate EUR + 4.231%), 3/27/30 1,6		496,879
			Banco de Sabadell SA
EUR 3,600,000			5.375% (5 Year Swap Rate EUR + 5.100%), 12/12/28 1,6		3,845,185
EUR 900,000			2.500% (5 Year Swap Rate EUR + 2.950%), 4/15/31 1,6		813,525
			Bank of America Corp
	1,100,000		4.000%, 1/22/25		1,075,352
	450,000		3.841% (SOFR + 1.110%), 4/25/25 1,6		441,838
	1,945,000		4.827% (SOFR + 1.750%), 7/22/26 1,6		1,920,244
	900,000		4.376% (SOFR + 1.580%), 4/27/28 1,6		872,694
			Bank of Ireland Group PLC
EUR 1,650,000			4.875% (1 Year Swap Rate EUR + 2.050%), 7/16/28 1,6		1,795,499
EUR 1,050,000			2.375% (5 Year Swap Rate EUR + 2.800%), 10/14/29 1,6		1,078,691
EUR 3,910,000			1.375% (5 Year Swap Rate EUR + 1.650%), 8/11/31 1,6		3,649,223
			Barclays PLC
	5,000,000		1.007% (1 Year CMT  Rate + 0.800%), 12/10/24 1,6		4,818,674
EUR 1,100,000			1.125% (5 Year Swap Rate EUR + 1.550%), 3/22/31 1,6		1,030,361
			BBVA Bancomer SA
	5,150,000		4.375%, 4/10/24		5,102,620
			BPCE SA
	1,270,000		5.700%, 10/22/23		1,260,510
	2,510,000		5.150%, 7/21/24		2,462,296
	6,200,000		4.500%, 3/15/25		5,987,875
			Caixa Geral de Depositos SA
EUR 1,200,000			5.750% (5 Year Swap Rate EUR + 5.500%), 6/28/28 1,6		1,298,458
			CaixaBank SA
EUR 3,000,000			2.750% (5 Year Swap Rate EUR + 2.350%), 7/14/28 1,6		3,223,741
EUR 3,000,000			2.250% (5 Year Swap Rate EUR + 1.680%), 4/17/30 1,6		3,023,991
EUR 1,800,000			6.250% (1 Year Swap Rate EUR + 3.550%), 2/23/33 1,6		1,989,798
			Ceska sporitelna AS
EUR 1,200,000			6.693% (3 Month EURIBOR + 3.700%), 11/14/25 1,6		1,329,626
			Citigroup Inc
	900,000		4.140% (SOFR + 1.372%), 5/24/25 1,6		884,167
	700,000		3.700%, 1/12/26		677,536
	525,000		4.658% (SOFR + 1.887%), 5/24/28 1,6		518,373
			Commerzbank AG
	500,000		8.125%, 9/19/23		492,925
EUR 5,600,000			4.000% (5 Year Swap Rate EUR + 4.350%), 12/5/30 1,6		5,712,749
			Commonwealth Bank of Australia
EUR 2,500,000			1.936% (5 Year Swap Rate EUR + 1.450%), 10/3/29 1,6		2,596,000
			Cooperatieve Rabobank UA
	3,800,000		4.000% (5 Year Swap Rate USD + 1.892%), 4/10/29 1,6		3,686,391
			Danske Bank A/S
EUR 6,400,000			4.000% (1 Year Swap Rate EUR + 0.950%), 1/12/27 1,6		6,935,173
EUR 1,500,000			2.500% (5 Year Swap Rate EUR + 2.500%), 6/21/29 1,6		1,569,462
EUR 1,000,000			1.500% (5 Year Swap Rate EUR + 1.900%), 9/2/30 1,6		987,485
			Deutsche Bank AG
EUR 1,300,000			1.000% (3 Month EURIBOR + 1.600%), 11/19/25 1,6		1,303,753
	2,700,000		3.961% (SOFR + 2.581%), 11/26/25 1,6		2,555,198
	3,175,000		4.296% (5 Year Swap Rate USD + 2.248%), 5/24/28 1,6		3,131,797
			HSBC Holdings PLC
	1,585,000		1.162% (SOFR + 0.580%), 11/22/24 1,6		1,538,276
EUR 2,550,000			3.000%, 6/30/25		2,701,507
			HSBC USA Inc
	3,325,000		5.625%, 3/17/25		3,336,931
			ING Groep NV
EUR 2,300,000			4.875% (3 Month EURIBOR + 1.850%), 11/14/27 1,6		2,537,842
EUR 500,000			3.000% (5 Year Swap Rate EUR + 2.850%), 4/11/28 1,6		541,814
EUR 2,700,000			2.500% (5 Year Swap Rate EUR + 2.150%), 2/15/29 1,6		2,858,736
EUR 900,000			1.625% (5 Year Swap Rate EUR + 1.250%), 9/26/29 1,6		921,208
			Intesa Sanpaolo SPA
	3,300,000		5.017%, 6/26/24		3,168,796
EUR 1,500,000			4.808% (3 Month EURIBOR + 1.900%), 9/26/24 1		1,633,589
EUR 1,000,000			4.375% (5 Year Swap Rate EUR + 4.750%), 7/12/29 1,6		1,070,948
			KBC Group NV
	800,000		5.796% (1 Year CMT  Rate + 2.100%), 1/19/29 1,6		804,959
			La Banque Postale SA
EUR 1,100,000			0.875% (5 Year Swap Rate EUR + 1.380%), 1/26/31 1,6		1,054,538
			Landsbankinn HF
EUR 1,950,000			0.500%, 5/20/24		1,981,838
EUR 1,600,000			0.375%, 5/23/25		1,513,628
			Nationwide Building Society
EUR 2,000,000			1.500% (3 Month EURIBOR + 0.930%), 3/8/26 1,6		2,048,564
EUR 550,000			2.000% (5 Year Swap Rate EUR + 1.500%), 7/25/29 1,6		571,250
			NatWest Group PLC
EUR 2,000,000			2.000%, 3/4/25		2,121,664
	200,000		5.847% (1 Year CMT  Rate + 1.350%), 3/2/27 1,6		200,551
	2,325,000		3.754% (5 Year CMT Rate + 2.100%), 11/1/29 1,6		2,180,547
			NBK SPC Ltd
	750,000		1.625% (SOFR + 1.050%), 9/15/27 1,6		667,755
			Nova Ljubljanska Banka dd
EUR 2,100,000			6.000% (1 Year Swap Rate EUR + 4.835%), 7/19/25 1,6		2,250,130
			OTP Bank Nyrt
EUR 2,000,000			5.500% (3 Month EURIBOR + 4.265%), 7/13/25 1,6		2,161,734
			Raiffeisen Bank International AG
EUR 900,000			4.125%, 9/8/25		959,403
EUR 1,000,000			1.500% (5 Year Swap Rate EUR + 2.150%), 3/12/30 1,6		896,975
			Santander UK Group Holdings PLC
EUR 1,500,000			0.391% (1 Year EURIBOR + 0.730%), 2/28/25 1,6		1,568,094
			Santander UK PLC
	4,230,000		5.000%, 11/7/23		4,182,700
			Skandinaviska Enskilda Banken AB
EUR 3,750,000			4.000%, 11/9/26		4,056,465
EUR 3,000,000			1.375% (5 Year Swap Rate EUR + 1.350%), 10/31/28 1,6		3,183,462
			Societe Generale SA
	1,160,000		5.000%, 1/17/24		1,128,851
EUR 8,500,000			1.000% (5 Year Swap Rate EUR + 1.550%), 11/24/30 1,6		8,132,790
			Standard Chartered PLC
	4,690,000		6.170% (1 Year CMT  Rate + 2.050%), 1/9/27 1,6		4,708,737
	1,400,000		3.516% (5 Year CMT Rate + 1.850%), 2/12/30 1,6		1,293,967
EUR 705,000			2.500% (5 Year Swap Rate EUR + 2.800%), 9/9/30 1,6		717,631
			State Bank of India
	3,450,000		4.375%, 1/24/24		3,429,007
			UniCredit SPA
EUR 1,600,000			4.875% (5 Year EURIBOR + 4.739%), 2/20/29 1,6		1,710,363
EUR 450,000			2.000% (5 Year Swap Rate EUR + 2.400%), 9/23/29 1,6		452,543
			Virgin Money UK PLC
EUR 2,000,000			2.875% (1 Year Swap Rate EUR + 3.250%), 6/24/25 1,6		2,088,385
GBP 2,200,000			7.875% (GILT + 7.128%), 12/14/28 1,6		2,693,649
GBP 1,050,000			5.125% (GILT + 5.250%), 12/11/30 1,6		1,200,990
			Volksbank Wien AG
EUR 2,800,000			5.192% (5 Year EURIBOR + 2.550%), 10/6/27 1,6		2,820,755
			Westpac Banking Corp
	5,245,000		2.894% (5 Year CMT Rate + 1.350%), 2/4/30 1,6		4,919,729
					178,764,061
Broadcasting: 0.3%
			Pinewood Finance Co Ltd
GBP 500,000			3.250%, 9/30/25		579,350
			Warnermedia Holdings Inc
	1,200,000		3.428%, 3/15/24		1,172,810
	968,000		3.638%, 3/15/25		935,198
					2,687,358
Building Materials: 0.8%
			CRH Funding BV
EUR 2,400,000			1.875%, 1/9/24		2,568,841
			James Hardie International Finance DAC
EUR 2,655,000			3.625%, 10/1/26		2,725,919
	922,000		5.000%, 1/15/28		865,577
			Standard Industries Inc
EUR 2,000,000			2.250%, 11/21/26		1,887,678
					8,048,015
Cable/Satellite TV: 1.0%
			CCO Holdings LLC / CCO Holdings Capital Corp
	3,250,000		5.500%, 5/1/26		3,164,752
			DISH Network Corp
	2,200,000		11.750%, 11/15/27		2,119,821
			ITV PLC
EUR 975,000			2.000%, 12/1/23		1,046,797
			Radiate Holdco LLC / Radiate Finance Inc
	500,000		4.500%, 9/15/26		391,755
			United Group BV
EUR 1,000,000			6.779% (3 Month EURIBOR + 4.125%), 5/15/25 1		1,032,870
EUR 1,400,000			3.125%, 2/15/26		1,259,473
EUR 1,360,000			5.904% (3 Month EURIBOR + 3.250%), 2/15/26 1		1,291,409
					10,306,877
Capital Goods: 1.9%
			CNH Industrial NV
	1,000,000		4.500%, 8/15/23		995,177
			Daimler Truck Finance North America LLC
	2,475,000		1.625%, 12/13/24		2,343,109
	1,150,000		3.500%, 4/7/25		1,114,807
			Parker-Hannifin Corp
EUR 1,500,000			1.125%, 3/1/25		1,541,596
			Regal Rexnord Corp
	1,640,000		6.050%, 2/15/26		1,647,695
			Traton Finance Luxembourg SA
EUR 4,200,000			0.125%, 11/10/24		4,307,756
EUR 4,400,000			0.125%, 3/24/25		4,438,351
EUR 800,000			4.125%, 11/22/25		872,255
			Westinghouse Air Brake Technologies Corp
	2,525,000		4.400%, 3/15/24		2,492,636
					19,753,382
Chemicals: 2.2%
			Celanese US Holdings LLC
	3,553,000		5.900%, 7/5/24		3,554,769
			INEOS Finance PLC
EUR 3,900,000			2.875%, 5/1/26		3,955,652
EUR 1,775,000			6.625%, 5/15/28		1,946,425
			INEOS Quattro Finance 2 PLC
EUR 2,400,000			2.500%, 1/15/26		2,340,208
			International Flavors & Fragrances Inc
EUR 4,400,000			1.750%, 3/14/24		4,672,748
	600,000		1.230%, 10/1/25		536,799
			Nutrien Ltd
	200,000		4.900%, 3/27/28		199,836
			Orbia Advance Corp SAB de CV
	560,000		4.000%, 10/4/27		522,785
			Sinochem Offshore Capital Co Ltd
	950,000		1.000%, 9/23/24		893,665
	4,500,000		1.500%, 11/24/24		4,242,115
			Syngenta Finance NV
	900,000		4.441%, 4/24/23		898,940
					23,763,942
Consumer-Products: 0.3%
			Haleon UK Capital PLC
	970,000		3.125%, 3/24/25		937,477
			Haleon US Capital LLC
	381,000		3.375%, 3/24/27		361,248
			Kimberly-Clark de Mexico SAB de CV
	1,791,000		3.250%, 3/12/25		1,737,718
					3,036,443
Containers: 1.0%
			Amcor Flexibles North America Inc
	850,000		4.000%, 5/17/25		832,329
			Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc
EUR 2,000,000			2.125%, 8/15/26		1,905,171
			Ball Corp
EUR 3,000,000			0.875%, 3/15/24		3,171,102
			Berry Global Inc
	350,000		5.500%, 4/15/28		348,863
			Crown European Holdings SA
EUR 2,950,000			2.875%, 2/1/26		3,072,523
			Sealed Air Corp/Sealed Air Corp US
	825,000		6.125%, 2/1/28		832,050
			Trivium Packaging Finance BV
EUR 500,000			6.404% (3 Month EURIBOR + 3.750%), 8/15/26 1		533,362
					10,695,400
Diversified Financial Services: 13.0%
			AerCap Ireland Capital DAC / AerCap Global Aviation Trust
	1,520,000		4.500%, 9/15/23		1,505,877
	2,815,000		1.150%, 10/29/23		2,730,124
	1,000,000		4.875%, 1/16/24		989,080
	1,801,000		3.150%, 2/15/24		1,746,989
	3,275,000		1.650%, 10/29/24		3,061,111
	2,039,000		2.450%, 10/29/26		1,834,205
			Air Lease Corp
	3,800,000		4.250%, 2/1/24		3,738,457
	2,560,000		2.200%, 1/15/27		2,270,554
			AIR Lease Corp Sukuk Ltd
	1,025,000		5.850%, 4/1/28		1,030,862
			Aircastle Ltd
	350,000		5.000%, 4/1/23		350,000
	1,200,000		4.400%, 9/25/23		1,178,859
	3,897,000		4.125%, 5/1/24		3,816,180
	2,500,000		5.250%, 8/11/25		2,444,401
	1,930,000		4.250%, 6/15/26		1,831,189
			AnaCap Financial Europe SA SICAV-RAIF
EUR 1,000,000			7.482% (3 Month EURIBOR + 5.000%), 8/1/24 1		896,063
			Ares Capital Corp
	1,680,000		4.200%, 6/10/24		1,624,074
	1,525,000		4.250%, 3/1/25		1,441,498
	200,000		3.250%, 7/15/25		182,799
			Aviation Capital Group LLC
	2,370,000		3.875%, 5/1/23		2,360,240
	1,500,000		5.500%, 12/15/24		1,481,355
	1,000,000		4.125%, 8/1/25		952,110
			Avolon Holdings Funding Ltd
	700,000		5.125%, 10/1/23		693,784
	2,130,000		5.500%, 1/15/26		2,086,043
	1,425,000		4.250%, 4/15/26		1,340,344
			AXA Logistics Europe Master SCA
EUR 575,000			0.375%, 11/15/26		514,031
			BOC Aviation Ltd
	3,000,000		6.215% (3 Month LIBOR USD + 1.300%), 5/21/25 1		2,988,315
			Bracken MidCo1 PLC
GBP 775,000			6.750% Cash or 8.000% PIK, 11/1/27		764,718
			Credit Suisse AG
EUR 6,300,000			5.500%, 8/20/26		6,959,181
			Credit Suisse Group AG
EUR 300,000			3.288% (3 Month EURIBOR + 1.000%), 1/16/26 1		303,380
			DAE Funding LLC
	3,850,000		1.550%, 8/1/24		3,621,697
	1,492,000		2.625%, 3/20/25		1,404,851
	2,200,000		2.625%, 3/20/25		2,071,496
			DAE Sukuk Difc Ltd
	280,000		3.750%, 2/15/26		269,031
			doValue SPA
EUR 1,750,000			5.000%, 8/4/25		1,836,967
EUR 1,050,000			3.375%, 7/31/26		999,235
			Encore Capital Group Inc
EUR 1,750,000			4.875%, 10/15/25		1,733,517
GBP 775,000			5.375%, 2/15/26		857,420
			EON International Finance BV
GBP 3,000,000			5.625%, 12/6/23		3,702,267
			Garfunkelux Holdco 3 SA
EUR 2,870,000			6.750%, 11/1/25		2,393,923
GBP 500,000			7.750%, 11/1/25		468,534
EUR 300,000			8.732% (3 Month EURIBOR + 6.250%), 5/1/26 1		274,434
			Goldman Sachs Group Inc
	2,400,000		3.000%, 3/15/24		2,343,823
			Hoist Finance AB
EUR 2,500,000			2.750%, 4/3/23		2,711,261
			Icahn Enterprises LP / Icahn Enterprises Finance Corp
	2,360,000		6.375%, 12/15/25		2,319,595
			ICBCIL Finance Co Ltd
	1,000,000		5.964% (3 Month LIBOR USD + 1.100%), 5/15/23 1		1,000,150
			ICD Funding Ltd
	1,850,000		4.625%, 5/21/24		1,828,795
			Intrum AB
EUR 2,700,000			4.875%, 8/15/25		2,709,795
EUR 150,000			3.500%, 7/15/26		136,027
			Jerrold Finco PLC
GBP 1,075,000			4.875%, 1/15/26		1,147,883
			LeasePlan Corp NV
EUR 3,000,000			0.125%, 9/13/23		3,199,482
EUR 400,000			0.250%, 9/7/26		381,044
			Macquarie Bank Ltd
	2,100,000		4.875%, 6/10/25		2,067,425
			Mirae Asset Securities Co Ltd
	500,000		2.125%, 7/30/23		493,975
	4,780,000		2.625%, 7/30/25		4,377,070
			Mitsubishi HC Capital UK PLC
EUR 425,000			–%, 10/29/24 7		433,208
			Morgan Stanley
	600,000		4.679% (SOFR + 1.669%), 7/17/26 1,6		592,286
	2,500,000		6.138% (SOFR + 1.770%), 10/16/26 1,6		2,547,770
			Navient Corp
	2,750,000		6.125%, 3/25/24		2,724,920
			ORIX Corp
EUR 4,000,000			1.919%, 4/20/26		4,114,589
			Owl Rock Capital Corp
	2,705,000		4.000%, 3/30/25		2,523,179
	1,115,000		3.750%, 7/22/25		1,017,379
			Park Aerospace Holdings Ltd
	5,320,000		5.500%, 2/15/24		5,272,858
			REC Ltd
	800,000		5.250%, 11/13/23		799,256
	2,300,000		3.375%, 7/25/24		2,238,418
	200,000		3.500%, 12/12/24		193,387
	200,000		2.250%, 9/1/26		179,059
	840,000		2.750%, 1/13/27		759,003
			Sherwood Financing PLC
EUR 1,520,000			7.279% (3 Month EURIBOR + 4.625%), 11/15/27 1		1,542,534
			Shriram Finance Ltd
	900,000		4.150%, 7/18/25		831,375
			SoftBank Group Corp
	750,000		3.125%, 1/6/25		690,375
	1,475,000		4.000%, 7/6/26		1,277,719
			Synchrony Financial
	3,750,000		4.875%, 6/13/25		3,473,255
			TP ICAP Finance PLC
GBP 406,000			5.250%, 1/26/24		492,963
			UBS AG
	8,475,000		5.125%, 5/15/24		8,256,133
					137,425,186
Diversified Media: 0.2%
			Adevinta ASA
EUR 675,000			2.625%, 11/15/25		698,654
			Tencent Holdings Ltd
	1,300,000		3.800%, 2/11/25		1,274,401
					1,973,055
Energy: 2.5%
			Blue Racer Midstream LLC / Blue Racer Finance Corp
	2,100,000		7.625%, 12/15/25		2,080,890
			CrownRock LP / CrownRock Finance Inc
	2,170,000		5.625%, 10/15/25		2,123,866
			Energean Israel Finance Ltd
	2,100,000		4.500%, 3/30/24		2,059,313
			Energy Transfer LP
	1,000,000		4.250%, 4/1/24		987,523
			Galaxy Pipeline Assets Bidco Ltd
	1,422,272		1.750%, 9/30/27		1,326,173
			Perusahaan Gas Negara Tbk PT
	3,351,000		5.125%, 5/16/24		3,329,219
			Plains All American Pipeline LP / PAA Finance Corp
	2,176,000		4.650%, 10/15/25		2,152,783
			Ras Laffan Liquefied Natural Gas Co Ltd 3
	377,700		5.838%, 9/30/27		384,485
	550,875		6.332%, 9/30/27		563,809
			Sabine Pass Liquefaction LLC
	1,130,000		5.750%, 5/15/24		1,132,726
			USA Compression Partners LP / USA Compression Finance Corp
	1,180,000		6.875%, 9/1/27		1,128,050
			Wintershall Dea Finance BV
EUR 8,400,000			0.452%, 9/25/23		8,961,503
					26,230,340
Food & Drug Retail: 0.5%
			Bellis Acquisition Co PLC
GBP 575,000			3.250%, 2/16/26		583,095
			ELO SACA
EUR 2,300,000			2.625%, 1/30/24		2,461,091
			Quatrim SASU
EUR 1,000,000			5.875%, 1/15/24		989,491
			Roadster Finance DAC
EUR 800,000			1.625%, 12/9/24		774,696
					4,808,373
Food/Beverage/Tobacco: 2.2%
			Bright Food Singapore Holdings Pte Ltd
EUR 200,000			1.375%, 6/19/24		207,308
EUR 4,150,000			1.750%, 7/22/25		4,099,804
			Coca-Cola Europacific Partners PLC
	1,600,000		1.500%, 1/15/27		1,426,502
			Coca-Cola Icecek AS
	900,000		4.215%, 9/19/24		883,710
			Constellation Brands Inc
	225,000		3.600%, 5/9/24		222,091
	175,000		4.350%, 5/9/27		172,580
			Kraft Heinz Foods Co
	2,250,000		3.000%, 6/1/26		2,148,075
EUR 1,300,000			2.250%, 5/25/28		1,314,345
			Louis Dreyfus Co Finance BV
	200,000		5.250%, 6/13/23		198,934
EUR 1,825,000			2.375%, 11/27/25		1,883,856
			Sigma Alimentos SA de CV
EUR 2,150,000			2.625%, 2/7/24		2,296,768
			Sysco Corp
EUR 1,600,000			1.250%, 6/23/23		1,728,218
	2,700,000		3.300%, 7/15/26		2,591,955
			Viterra Finance BV
EUR 4,075,000			0.375%, 9/24/25		3,992,990
					23,167,136
Gaming: 1.2%
			Allwyn International AS
EUR 2,900,000			4.125%, 11/20/24		3,105,027
			Caesars Entertainment Inc
	1,000,000		6.250%, 7/1/25		1,000,896
			Cirsa Finance International SARL
EUR 78,431			6.250%, 12/20/23		85,085
			International Game Technology PLC
EUR 2,400,000			3.500%, 6/15/26		2,519,984
			Lottomatica SPA
EUR 1,500,000			5.125%, 7/15/25		1,608,362
			MGM Resorts International
	1,250,000		6.750%, 5/1/25		1,260,754
			Playtech PLC
EUR 3,000,000			4.250%, 3/7/26		3,145,949
					12,726,057
Healthcare: 2.6%
			Amgen Inc
	500,000		5.250%, 3/2/25		505,073
	500,000		5.507%, 3/2/26		501,998
			Becton Dickinson Euro Finance SARL
EUR 2,000,000			1.208%, 6/4/26		2,013,835
			Cheplapharm Arzneimittel GmbH
EUR 2,800,000			4.375%, 1/15/28		2,834,244
			GE HealthCare Technologies Inc
	2,500,000		5.550%, 11/15/24		2,514,969
			GN Store Nord AS
EUR 760,000			0.750%, 12/6/23		795,346
EUR 2,070,000			0.875%, 11/25/24		2,046,219
			Grifols SA
EUR 1,800,000			1.625%, 2/15/25		1,842,302
			Gruenenthal GmbH
EUR 2,900,000			3.625%, 11/15/26		2,976,016
			HCA Inc
	1,980,000		5.875%, 2/15/26		2,007,734
			Kenvue Inc
	675,000		5.500%, 3/22/25		686,119
			MPT Operating Partnership LP / MPT Finance Corp
GBP 510,000			2.550%, 12/5/23		597,015
EUR 2,300,000			3.325%, 3/24/25		2,077,942
GBP 1,300,000			2.500%, 3/24/26		1,199,546
			Phoenix PIB Dutch Finance BV
EUR 400,000			2.375%, 8/5/25		413,739
			Tenet Healthcare Corp
	3,000,000		4.875%, 1/1/26		2,944,365
			UnitedHealth Group Inc
	1,467,000		4.250%, 1/15/29		1,455,559
					27,412,021
Homebuilders/Real Estate: 6.5%
			Akelius Residential Property AB
EUR 2,300,000			1.125%, 3/14/24		2,403,369
EUR 1,625,000			1.750%, 2/7/25		1,642,771
			American Tower Corp
EUR 1,000,000			0.450%, 1/15/27		947,789
			Balder Finland Oyj
EUR 3,380,000			1.000%, 1/18/27		2,821,714
			Blackstone Property Partners Europe Holdings SARL
EUR 3,600,000			2.000%, 2/15/24		3,766,460
			Castellum AB
EUR 500,000			2.125%, 11/20/23		528,808
			CTP NV
EUR 2,233,000			0.625%, 11/27/23		2,347,161
EUR 400,000			0.500%, 6/21/25		381,398
			DEMIRE Deutsche Mittelstand Real Estate AG
EUR 1,400,000			1.875%, 10/15/24		1,070,710
			DIC Asset AG
EUR 600,000			2.250%, 9/22/26		416,066
			Digital Dutch Finco BV
EUR 4,200,000			0.625%, 7/15/25		4,145,632
			Globalworth Real Estate Investments Ltd
EUR 2,300,000			3.000%, 3/29/25		2,173,810
			Hammerson PLC
GBP 1,434,000			3.500%, 10/27/25		1,554,180
GBP 2,100,000			6.000%, 2/23/26		2,385,431
			HOWOGE Wohnungsbaugesellschaft mbH
EUR 4,500,000			–%, 11/1/24 7		4,574,678
			Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp
	3,130,000		5.250%, 10/1/25		2,757,061
			Lennar Corp
	1,500,000		5.875%, 11/15/24		1,507,938
			MAF Global Securities Ltd
	4,500,000		4.750%, 5/7/24		4,457,610
			MasTec Inc
	1,180,000		4.500%, 8/15/28		1,090,454
			NE Property BV
EUR 2,700,000			1.750%, 11/23/24		2,746,001
EUR 1,400,000			1.875%, 10/9/26		1,300,147
			P3 Group SARL
EUR 1,000,000			0.875%, 1/26/26		933,699
			Samhallsbyggnadsbolaget i Norden AB
EUR 650,000			1.750%, 1/14/25		620,249
			SBB Treasury Oyj
EUR 3,340,000			3.115% (3 Month EURIBOR + 0.550%), 2/8/24 1		3,361,806
			Tritax EuroBox PLC
EUR 600,000			0.950%, 6/2/26		544,807
			Trust Fibra Uno
	350,000		5.250%, 12/15/24		342,513
	6,050,000		5.250%, 1/30/26		5,736,578
			VICI Properties LP / VICI Note Co Inc
	6,200,000		5.625%, 5/1/24		6,153,500
	2,800,000		4.500%, 9/1/26		2,637,072
	210,000		4.250%, 12/1/26		196,131
			Vivion Investments SARL
EUR 1,000,000			3.000%, 8/8/24		798,629
			Webuild SPA
EUR 2,425,000			5.875%, 12/15/25		2,502,917
EUR 200,000			3.875%, 7/28/26		189,503
					69,036,592
Hotels: 1.6%
			Hyatt Hotels Corp
	1,300,000		1.300%, 10/1/23		1,272,915
	3,985,000		1.800%, 10/1/24		3,773,567
	2,550,000		5.625%, 4/23/25		2,539,007
			Marriott International Inc
	1,975,000		3.600%, 4/15/24		1,941,962
	2,000,000		5.000%, 10/15/27		2,004,010
	725,000		4.900%, 4/15/29		717,962
			Pterosaur Capital Co Ltd
EUR 2,000,000			1.000%, 9/25/24		2,013,639
			Whitbread Group PLC
GBP 2,000,000			3.375%, 10/16/25		2,322,793
					16,585,855
Insurance: 0.1%
			Galaxy Bidco Ltd
GBP 900,000			6.500%, 7/31/26		1,000,607
			Rothesay Life PLC
GBP 450,000			8.000%, 10/30/25		569,152
					1,569,759
Leisure: 0.3%
			CPUK Finance Ltd
GBP 375,000			3.588%, 8/28/25		438,009
GBP 510,000			6.500%, 8/28/26		598,883
			Expedia Group Inc
	1,500,000		6.250%, 5/1/25		1,519,178
	1,225,000		5.000%, 2/15/26		1,219,334
					3,775,404
Metals/Mining: 0.7%
			Gold Fields Orogen Holdings BVI Ltd
	4,400,000		5.125%, 5/15/24		4,384,329
			Novelis Corp
	3,000,000		3.250%, 11/15/26 1		2,744,310
					7,128,639
Paper: 0.5%
			Fibria Overseas Finance Ltd
	2,400,000		5.500%, 1/17/27		2,411,736
			Inversiones CMPC SA
	1,000,000		4.375%, 5/15/23		998,150
			Suzano Austria GmbH
	2,100,000		6.000%, 1/15/29		2,117,472
					5,527,358
Publishing/Printing: 0.3%
			Informa PLC
EUR 2,800,000			2.125%, 10/6/25		2,897,153
Quasi & Foreign Government: 0.9%
			African Export-Import Bank
	1,620,000		4.125%, 6/20/24		1,576,665
			Eastern & Southern African Trade & Development Bank
	4,200,000		4.875%, 5/23/24		4,055,184
			Emirates Development Bank PJSC
	420,000		1.639%, 6/15/26		379,389
			Istituto per il Credito Sportivo
EUR 2,800,000			5.250%, 10/31/25		3,084,424
					9,095,662
Railroads: 0.3%
			Getlink SE
EUR 2,725,000			3.500%, 10/30/25		2,873,346
Services: 2.1%
			Almaviva-The Italian Innovation Co SPA
EUR 2,400,000			4.875%, 10/30/26		2,445,059
			Aramark International Finance SARL
EUR 1,500,000			3.125%, 4/1/25		1,582,190
			Arena Luxembourg Finance SARL
EUR 2,000,000			1.875%, 2/1/28		1,719,703
			Arrow Electronics Inc
	1,055,000		6.125%, 3/1/26		1,058,125
			Brink's Co
	3,200,000		5.500%, 7/15/25		3,173,424
			Leasys SPA
EUR 5,925,000			4.375%, 12/7/24		6,485,484
			Lincoln Financing SARL
EUR 535,853			3.625%, 4/1/24		578,202
			Loxam SAS
EUR 1,560,000			3.250%, 1/14/25		1,649,264
			PeopleCert Wisdom Issuer PLC
EUR 1,500,000			5.750%, 9/15/26		1,557,538
			RAC Bond Co PLC
GBP 476,000			4.565%, 5/6/23		586,533
			Techem Verwaltungsgesellschaft 675 mbH
EUR 1,500,000			2.000%, 7/15/25		1,521,263
			Zenith Finco PLC
GBP 450,000			6.500%, 6/30/27		423,088
					22,779,873
Steel: 0.7%
			ArcelorMittal SA
EUR 2,200,000			2.250%, 1/17/24		2,363,506
EUR 2,550,000			4.875%, 9/26/26		2,825,268
			thyssenkrupp AG
EUR 2,100,000			2.875%, 2/22/24		2,253,000
					7,441,774
Super Retail: 0.4%
			AA Bond Co Ltd
GBP 985,000			4.875%, 7/31/24		1,192,051
			PVH Corp
EUR 765,000			3.625%, 7/15/24		824,412
			Travis Perkins PLC
GBP 2,000,000			4.500%, 9/7/23		2,441,947
					4,458,410
Technology: 2.5%
			ams-OSRAM AG
EUR 2,550,000			6.000%, 7/31/25		2,583,703
			Cellnex Finance Co SA
EUR 3,800,000			2.250%, 4/12/26		3,879,430
			Clarios Global LP / Clarios US Finance Co
EUR 1,500,000			4.375%, 5/15/26		1,557,097
			Dell Bank International DAC
EUR 4,800,000			4.500%, 10/18/27		5,321,411
			Dell International LLC / EMC Corp
	2,300,000		6.020%, 6/15/26		2,359,931
			Gen Digital Inc
	1,625,000		5.000%, 4/15/25		1,597,591
			Hewlett Packard Enterprise Co
	2,040,000		5.900%, 10/1/24		2,066,900
			Oracle Corp
	2,500,000		5.800%, 11/10/25		2,560,861
			Qorvo Inc
	1,450,000		1.750%, 12/15/24		1,347,528
			Sage Group PLC
EUR 850,000			3.820%, 2/15/28		916,249
			SK Hynix Inc
	2,000,000		6.250%, 1/17/26		2,019,925
			Wipro IT Services LLC
	800,000		1.500%, 6/23/26		719,098
					26,929,724
Telecommunications: 2.9%
			Altice Financing SA
EUR 1,500,000			2.250%, 1/15/25		1,534,460
			AT&T Inc
	1,780,000		5.539%, 2/20/26		1,785,507
			Bharti Airtel International Netherlands BV
	206,000		5.350%, 5/20/24		206,479
			Bharti Airtel Ltd
	1,100,000		4.375%, 6/10/25		1,081,364
			CK Hutchison Holdings Ltd
EUR 1,750,000			0.375%, 10/17/23		1,866,407
			eircom Finance DAC
EUR 1,600,000			2.625%, 2/15/27		1,560,661
			Global Switch Holdings Ltd
EUR 2,625,000			1.500%, 1/31/24		2,788,721
			iliad SA
EUR 1,000,000			2.375%, 6/17/26		998,130
			LCPR Senior Secured Financing DAC
	540,000		6.750%, 10/15/27		503,682
			Matterhorn Telecom SA
EUR 1,600,000			3.125%, 9/15/26		1,612,875
			PLT VII Finance SARL
EUR 475,000			4.625%, 1/5/26		485,004
			PPF Telecom Group BV
EUR 1,600,000			3.500%, 5/20/24		1,713,066
EUR 5,100,000			2.125%, 1/31/25		5,246,980
			RCS & RDS SA
EUR 2,400,000			3.250%, 2/5/28		2,198,334
			Rogers Communications Inc
	844,000		2.950%, 3/15/25		812,883
			Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC
	287,500		4.738%, 3/20/25		285,339
			Telecom Italia SPA
	1,430,000		5.303%, 5/30/24		1,402,751
			T-Mobile USA Inc
	2,510,000		2.250%, 2/15/26		2,337,027
			Verizon Communications Inc
	2,600,000		4.125%, 3/16/27		2,576,822
					30,996,492
Transportation Excluding Air/Rail: 2.3%
			Autostrade per l'Italia SPA
EUR 3,200,000			1.750%, 2/1/27		3,159,604
			DP World Crescent Ltd
	500,000		3.908%, 5/31/23		498,807
			DP World Ltd
EUR 4,200,000			2.375%, 9/25/26		4,308,817
			Firstgroup PLC
GBP 1,375,000			6.875%, 9/18/24		1,703,742
			Gatwick Funding Ltd
GBP 1,700,000			5.250%, 1/23/24		2,095,776
GBP 200,000			6.125%, 3/2/26		252,799
			GXO Logistics Inc
	2,175,000		1.650%, 7/15/26		1,913,945
			Heathrow Funding Ltd
GBP 1,125,000			7.125%, 2/14/24		1,402,275
			Mundys SPA
EUR 4,000,000			1.875%, 7/13/27		3,851,787
			Pelabuhan Indonesia Persero PT
	200,000		4.250%, 5/5/25		195,044
			Penske Truck Leasing Co Lp / PTL Finance Corp
	775,000		5.550%, 5/1/28		773,504
			Q-Park Holding I BV
EUR 1,500,000			1.500%, 3/1/25		1,503,542
EUR 1,800,000			2.000%, 3/1/27		1,633,290
			Stagecoach Group Ltd
GBP 650,000			4.000%, 9/29/25		757,077
					24,050,009
Utilities: 1.6%
			Adani Green Energy Up
	950,000		6.250%, 12/10/24		895,135
			Drax Finco PLC
EUR 4,000,000			2.625%, 11/1/25		4,135,194
			EON SE
EUR 5,775,000			3.500%, 1/12/28		6,285,091
			Hero Asia Investment Ltd
	200,000		1.500%, 11/18/23		195,583
			Tabreed Sukuk Spc Ltd
	750,000		5.500%, 10/31/25		759,375
			Thames Water Utilities Finance PLC
GBP 1,271,000			2.375%, 5/3/23		1,563,738
			Vena Energy Capital Pte Ltd
	3,300,000		3.133%, 2/26/25		3,096,654
					16,930,770
TOTAL CORPORATE BONDS
(Cost $853,084,386)					842,914,039
FOREIGN GOVERNMENT NOTES/BONDS: 7.2%
Airlines: 0.2%
			Air France-KLM
EUR 2,000,000			7.250%, 5/31/26		2,208,897
Automotive & Auto Parts: 1.3%
			RCI Banque SA
EUR 2,200,000			1.375%, 3/8/24		2,330,815
EUR 1,750,000			4.125%, 12/1/25		1,898,295
EUR 4,500,000			4.625%, 7/13/26		4,906,136
			Valeo
EUR 700,000			1.500%, 6/18/25		716,225
EUR 3,600,000			5.375%, 5/28/27		3,892,781
					13,744,252
Banking: 2.1%
			Argenta Spaarbank NV
EUR 2,600,000			5.375% (1 Year Swap Rate EUR + 2.750%), 11/29/27 1,6		2,779,559
			BNP Paribas SA
EUR 1,600,000			2.375% (5 Year Swap Rate EUR + 1.850%), 11/20/30 1,6		1,622,087
			Commerzbank AG
EUR 3,000,000			0.500%, 8/28/23		3,216,147
			Credit Agricole SA
EUR 2,300,000			1.625% (5 Year Swap Rate EUR + 1.900%), 6/5/30 1,6		2,320,918
			Deutsche Bank AG
EUR 1,500,000			4.000%, 11/29/27		1,600,194
			Hamburg Commercial Bank AG
EUR 3,600,000			6.250%, 11/18/24		3,918,635
EUR 1,400,000			0.500% (3 Month EURIBOR + 0.900%), 9/22/26 1,6		1,329,980
			KBC Group NV
EUR 2,200,000			4.375% (3 Month EURIBOR + 1.700%), 11/23/27 1,6		2,388,807
			Societe Generale SA
EUR 2,200,000			1.125% (5 Year Swap Rate EUR + 1.600%), 6/30/31 1,6		2,054,550
			Tatra Banka as
EUR 900,000			5.952% (3 Month EURIBOR + 2.650%), 2/17/26 1,6		965,503
					22,196,380
Capital Goods: 0.2%
			Traton Finance Luxembourg SA
EUR 2,200,000			4.125%, 1/18/25		2,390,288
Containers: 0.2%
			ProGroup AG
EUR 2,000,000			3.000%, 3/31/26		2,028,855
Diversified Financial Services: 2.1%
			Aareal Bank AG
EUR 2,100,000			4.500%, 7/25/25		2,224,183
			ALD SA
EUR 6,400,000			4.750%, 10/13/25		7,040,354
EUR 4,900,000			4.250%, 1/18/27		5,298,572
			Arval Service Lease SA
EUR 4,200,000			4.125%, 4/13/26		4,560,850
EUR 2,300,000			4.750%, 5/22/27		2,550,537
					21,674,496
Homebuilders/Real Estate: 0.3%
			Kojamo Oyj
EUR 2,000,000			1.625%, 10/17/23		2,129,477
			Vonovia SE
EUR 1,300,000			4.750%, 5/23/27		1,379,734
					3,509,211
Hotels: 0.3%
			Accor SA
EUR 2,900,000			3.000%, 2/4/26		3,017,484
Quasi & Foreign Government: 0.2%
			Airport Authority
	2,000,000		4.875%, 1/12/26		2,026,884
Services: 0.1%
			Ocado Group PLC
GBP 575,000			3.875%, 10/8/26		532,269
Telecommunications: 0.2%
			iliad SA
EUR 2,200,000			5.375%, 6/14/27		2,374,708
TOTAL FOREIGN GOVERNMENT NOTES/BONDS
(Cost $73,111,444)					75,703,724
COLLATERALIZED LOAN OBLIGATIONS: 2.5%
Collaterized Debt Obligations: 2.5%
			Ares European CLO XV DAC
EUR 750,000			3.238% (3 Month EURIBOR + 0.950%), 1/15/36 1		779,535
			Aurium CLO IX DAC
EUR 500,000			3.418% (3 Month EURIBOR + 0.950%), 10/28/34 1		519,470
			Aurium Clo VIII DAC
EUR 780,000			3.758% (3 Month EURIBOR + 0.850%), 6/23/34 1		811,676
			Barings Euro CLO 2019-1 DAC
EUR 500,000			3.248% (3 Month EURIBOR + 0.960%), 10/15/34 1		519,555
			Capital Four CLO II DAC
EUR 1,000,000			3.338% (3 Month EURIBOR + 1.050%), 1/15/34 1		1,055,544
			Capital Four CLO III DAC
EUR 2,000,000			3.308% (3 Month EURIBOR + 1.020%), 10/15/34 1		2,096,478
			Carlyle Global Market Strategies Euro CLO 2015-1 DAC
EUR 500,000			3.248% (3 Month EURIBOR + 0.960%), 1/16/33 1		526,663
			CVC Cordatus Loan Fund VIII DAC
EUR 1,000,000			3.138% (3 Month EURIBOR + 0.850%), 7/15/34 1		1,043,143
			Dunedin Park CLO DAC
EUR 500,000			3.683% (3 Month EURIBOR + 0.980%), 11/20/34 1		519,513
			Euro-Galaxy VII CLO DAC
EUR 3,750,000			3.279% (3 Month EURIBOR + 0.830%), 7/25/35 1		3,902,053
			Hayfin Emerald CLO I DAC
EUR 1,000,000			3.108% (3 Month EURIBOR + 0.820%), 4/17/34 1		1,046,565
			Hayfin Emerald CLO X DAC
EUR 750,000			3.809% (3 Month EURIBOR + 1.695%), 4/15/35 1		808,483
			Penta CLO 6 DAC
EUR 3,000,000			3.419% (3 Month EURIBOR + 0.970%), 7/25/34 1		3,137,998
			Penta CLO 7 DAC
EUR 500,000			3.399% (3 Month EURIBOR + 0.950%), 1/25/33 1		528,183
			RRE 2 Loan Management DAC
EUR 500,000			3.148% (3 Month EURIBOR + 0.860%), 7/15/35 1		526,118
			RRE 6 Loan Management DAC
EUR 3,500,000			3.158% (3 Month EURIBOR + 0.870%), 4/15/35 1		3,669,458
			RRE Loan Management
EUR 3,450,000			4.853% (3 Month EURIBOR + 1.750%), 10/15/35 1		3,703,978
			St Paul's CLO IX DAC
EUR 500,000			3.282% (3 Month EURIBOR + 0.940%), 7/20/35 1		519,486
			Tikehau CLO II BV
EUR 800,000			3.839% (3 Month EURIBOR + 0.990%), 9/7/35 1		837,574
					26,551,473
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $27,351,222)					26,551,473
CONVERTIBLE BONDS: 4.4%
Banking: 3.2%
			Abanca Corp Bancaria SA
EUR 700,000			6.125% (5 Year Swap Rate EUR + 5.927%), 1/18/29 1,6		736,421
			Alpha Bank SA
EUR 3,050,000			7.500% (1 Year Swap Rate EUR + 5.084%), 6/16/27 1,6		3,272,776
			Australia & New Zealand Banking Group Ltd
EUR 800,000			1.125% (5 Year Swap Rate EUR + 1.400%), 11/21/29 1,6		817,202
			Banco Santander SA
EUR 7,700,000			3.750%, 1/16/26		8,351,345
			ING Groep NV
EUR 700,000			2.125% (5 Year Swap Rate EUR + 2.400%), 5/26/31 1,6		695,425
			Luminor Bank AS
EUR 1,500,000			5.000% (3 Month EURIBOR + 3.760%), 8/29/24 1,6		1,614,280
			National Australia Bank Ltd
GBP 500,000			1.699% (GILT + 1.400%), 9/15/31 1,6		515,650
			OTP Bank Nyrt
EUR 4,025,000			7.350% (3 Month EURIBOR + 4.523%), 3/4/26 1,6		4,363,559
			Raiffeisen Schweiz Genossenschaft
EUR 4,500,000			5.230%, 11/1/27		5,087,207
			Standard Chartered PLC
	2,310,000		5.200%, 1/26/24		2,286,740
			Swedbank AB
EUR 2,700,000			3.750%, 11/14/25		2,926,926
EUR 3,000,000			1.500% (5 Year Swap Rate EUR + 1.280%), 9/18/28 1,6		3,206,175
					33,873,706
Diversified Financial Services: 0.9%
			Credit Suisse AG
	9,525,000		6.500%, 8/8/23		9,155,906
Healthcare: 0.3%
			Organon & Co / Organon Foreign Debt Co-Issuer BV
EUR 4,000,000			2.875%, 4/30/28		3,829,091
TOTAL CONVERTIBLE BONDS
(Cost $45,975,814)					46,858,703
BANK LOANS: 4.4%
Airlines: 0.4%
			AAdvantage Loyalty (American Airlines) (AMR) TL
	3,000,000		9.558% (3 Month LIBOR + 4.750%), 4/20/28 1,2		3,050,835
			British Airways TL
GBP 700,000			4.750% (6 Month LIBOR + 4.650%), 2/21/26 1,2		891,848
					3,942,683
Automotive & Auto Parts: 0.2%
			First Brands Group TL (12/22)
	1,995,000		10.246% (6 Month SOFR + 5.000%), 3/30/27 1,2		1,920,188
Cable/Satellite TV: 0.5%
			DIRECTV Financing TL
	2,851,648		9.840% (1 Month LIBOR + 5.000%), 8/2/27 1,2		2,750,871
			Virgin Media 6/21 (T/L B)
EUR 3,000,000			6.109% (1 Month EURIBOR + 3.463%), 7/15/29 1,2		3,144,472
					5,895,343
Capital Goods: 0.0% 7
			Ali Group TL B (Welbilt)
	473,000		6.922% (1 Month SOFR + 2.000%), 7/22/29 1,2		466,969
Chemicals: 0.2%
			Ineos Finance EUR 800MM 2027-II TL
EUR 1,300,000			6.905% (1 Month EURIBOR + 4.000%), 11/8/27 1,2		1,406,331
			LSF11 Skyscraper Performance (EUR) TL B4
EUR 1,000,000			6.405% (3 Month EURIBOR + 3.500%), 9/30/27 1,2		1,082,569
					2,488,900
Containers: 0.2%
			Irel AcquiCo TL (11/19)
EUR 2,000,000			6.272%, 5/31/26 1,2,3,4		2,089,895
Diversified Financial Services: 0.1%
			Citadel Securities TL B (01/21)
	482,594		7.422% (1 Month SOFR + 2.500%), 2/2/28 1,2		479,026
			Trans Union TL B6
	365,635		7.090% (1 Month LIBOR + 2.250%), 12/1/28 1,2		363,501
					842,527
Environmental: 0.1%
			Clean Harbors TL (9/21)
	370,313		6.840% (1 Month LIBOR + 2.000%),10/8/28 1,2		372,395
			Covanta Holding Corporation TL B
	595,552		7.118% (1 Month SOFR + 2.500%),11/30/28 1,2		593,813
			Covanta Holding Corporation TL C
	48,432		7.307% (1 Month SOFR + 2.500%), 11/30/28 1,2		48,291
					1,014,499
Healthcare: 0.1%
			Elanco Animal Health TL B
	446,314		6.412% (1 Month LIBOR + 1.750%), 8/1/27 1,2		437,350
			ICON Luxembourg TL B
	197,023		7.410% (3 Month SOFR + 2.250%), 7/1/28 1,2		196,791
			PRA Health Sciences (Indigo Merger) TL B
	57,133		7.000% (3 Month LIBOR + 2.250%), 7/1/28 1,2		57,066
					691,207
Services: 1.0%
			Assystem New TL B
EUR 3,000,000			7.540% (6 Month EURIBOR + 4.250%), 9/8/24 1,2		2,885,167
			Fugue Finance TL (Nord Anglia/Bach Fin)
EUR 2,000,000			7.443% (3 Month EURIBOR + 4.750%), 1/26/28 1,2		2,157,101
			Odyssee Investment Bidco TL B
EUR 2,000,000			-%, 10/14/28 1,2,3,4,5		2,088,127
			Summer (BC) Bidco ADDITIONAL B2 TL (6/21) (Kantar)
	197,000		9.659% (3 Month LIBOR + 4.500%), 12/4/26 1,2		186,576
			Summer (BC) Bidco B (Kantar) TL B3
EUR 3,200,000			7.051% (3 Month EURIBOR + 4.250%), 12/4/26 1,2		3,285,320
					10,602,291
Technology: 0.1%
			GFK TL B (4/21)
EUR 800,000			5.452% (3 Month EURIBOR + 3.250%), 5/10/28 1,2		866,524
Telecommunications: 1.0%
			Crown Subsea TL (4/21) (SubCom)
	3,023,406		9.530% (1 Month SOFR + 4.750%), 4/27/27 1,2		2,988,455
			Lorca Finco Rolled TL B1 (MasMovil)
EUR 2,000,000			6.769% (6 Month EURIBOR + 4.200%), 9/18/27 1,2		2,135,509
			WP/AP Telcom TL (EUR) (T-Mobile Netherlands)
EUR 1,750,000			6.915% (3 Month EURIBOR + 3.900%), 3/31/29 1,2		1,859,935
			Ziggo (Vodafone) TLH
EUR 3,000,000			6.102% (6 Month EURIBOR + 3.000%), 1/31/29 1,2		3,074,880
					10,058,779
Transportation Excluding Air/Rail: 0.5%
			First Student Bidco TL B
	2,331,818		8.998% (3 Month SOFR + 4.000%), 7/21/28 1,2		2,284,459
			First Student Bidco TL B (First Transit)
	379,158		7.726% (3 Month LIBOR + 3.000%), 7/21/28 1,2		364,128
			First Student Bidco TL C
	162,338		8.998% (3 Month SOFR + 4.000%), 7/21/28 1,2		159,041
			First Student Bidco TL C (First Transit)
	141,733		7.726% (3 Month LIBOR + 3.000%), 7/21/28 1,2		136,115
			Silk Bidco TL B (Hurtigruten)
EUR 2,000,000			7.197% (6 Month EURIBOR + 4.000%), 2/22/25 1,2		2,012,363
					4,956,106
TOTAL BANK LOANS
(Cost $46,261,950)					45,835,911
TOTAL INVESTMENTS IN SECURITIES: 98.2%
(Cost $1,045,784,816)					1,037,863,850
Other Assets in Excess of Liabilities: 1.8%					19,225,833
TOTAL NET ASSETS: 100.0%				$	1,057,089,683
		† In USD unless otherwise indicated.
		CMT - Constant Maturity Treasury Rate
		EUR - Euro
		EURIBOR - Euro Interbank Offered Rate
		GILT - United Kingdom Government Bond
		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 Dollars
		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	Denotes investments purchased on a when-issued or delayed delivery basis.
		4	All or a portion of the loan may be unfunded.
		5	Zero coupon security.
		6	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.
		7	Does not round to 0.0% of net assets.
		8	Security is fair valued under the Board of Trustees and is categorized as a Level 3 security.  Significant unobservable inputs were used to determine fair value.

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

The Muzinich Low Duration 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)
4/25/2023	USD 14,028,775	$	14,028,775	EUR 13,000,000	$	14,118,221	$	89,447
4/25/2023	EUR 301,000,000		326,891,128	USD 327,766,004		327,766,004		874,876
6/20/2023	USD 6,493,042		6,493,042	EUR 6,000,000		6,537,390		44,348
6/20/2023	EUR 271,000,000		295,272,105	USD 289,373,258		289,373,258		(5,898,847	)
4/25/2023	USD 4,834,996		4,834,996	GBP 4,000,000		4,936,963		101,967
4/25/2023	GBP 35,400,000		43,692,118	USD 43,852,958		43,852,958		160,840
		$	691,212,164		$	686,584,794	$	(4,627,369	)

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		(1,179	)	$	(135,653,764	)	$	508,869	$	(135,144,895	)
				$	(135,653,764	)	$	508,869	$	(135,144,895	)

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	$	–	$	842,914,039		$	–	$	842,914,039
Convertible Bonds		–		46,858,703			–		46,858,703
Bank Loans		–		44,944,063			891,848		45,835,911
Foreign Government Notes/Bonds		–		75,703,724			–		75,703,724
Collateralized Loan Obligations		–		26,551,473			–		26,551,473
Total Assets	$	–	$	1,036,972,002		$	891,848	$	1,037,863,850
Other Financial Instruments1:
Forward Foreign Currency Exchange Contracts	$	–	$	(4,627,369	)	$	–	$	(4,627,369	)
Futures Contracts		508,869		–			–		508,869
Total Other Financial Instruments	$	508,869	$	(4,627,369	)	$	–	$	(4,118,500	)
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.

The following is a reconciliation of the Fund’s Level 3 assets for which significant unobservable inputs were used to determine fair value:
	Bank Loans
Balance as of December 31, 2022	$	852,199
Acquisitions		-
Dispositions		-
Accrued discounts/premiums		4,586
Realized gain (loss)		-
Change in unrealized appreciation/depreciation		35,063
Transfer in and/or out of Level 3		-
Balance as of March 31, 2023	$	891,848
Change in unrealized appreciation/depreciation for Level 3 investments held at March 31, 2023	$	35,063
Type of Security	Fair Value at March 31, 2023		Valuation Techniques	Unobservable Input	Input Value(s)
Bank Loans	$	891,848	Comparable Securities	Adjustment to yield	94 bps
Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price.
Muzinich & Co., Inc., as Advisor to the Fund and the Fund's Valuation Designee under Rule 2a-5 of the Investment Company Act of 1940, oversees valuation techniques.