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Condensed Interim Unaudited
Financial Statements for the
six month period ended
31 May 2026
Muzinich Funds
Muzinich Americayield Fund
Muzinich Europeyield Fund
Muzinich Global High Yield Fund
Muzinich Enhancedyield Short-Term Fund
Muzinich ShortDurationHighYield Fund
Muzinich Market Duration Enhancedyield Fund
Muzinich LongShortCreditYield Fund
Muzinich EmergingMarketsShortDuration Fund
Muzinich Global Tactical Credit Fund
Muzinich Asia Credit Opportunities Fund
Muzinich Emerging Market Corporate Debt Fund
Muzinich European Credit Alpha Fund
Muzinich Fixed Maturity 2028 Fund
Muzinich High Yield Bond 2028 Fund
Muzinich Global Short Duration Investment Grade Fund
Muzinich Dynamic Credit Income Fund
Muzinich Global Fixed Maturity 2027 Fund
Muzinich Global Market Duration Investment Grade Fund
Muzinich Global Fixed Maturity 2028 Fund
Muzinich Global Fixed Maturity 2027 II Fund
Muzinich Global Fixed Maturity 2029 Fund
Muzinich Global Credit Market Neutral Fund
New York London Frankfurt Paris Zurich Milan Manchester Madrid Singapore Dublin Geneva Hong Kong Florida Sydney Tokyo Stockholm email: info@muzinich.com web: www.muzinich.com
Page 2
Page
General Information 2
Investment Manager’s Report 28
Portfolios of Investments 36
Statement of Financial Position 297
Statement of Comprehensive Income 305
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units 313
Statement of Cash Flows 321
Notes to the Financial Statements 329
Directory 366
Schedule of Material Portfolio Changes 368
Appendix I - Total Expense Ratio ("TER") 404
Appendix II - Securities Financing Transaction Regulations 413
Appendix III – Additional Information regarding Hong Kong registered Funds 419
Muzinich Funds
Contents
1
Page 3
The following information is derived from and should be read in conjunction with the full text and the Definitions section of the Prospectus.
Muzinich Funds (the “Fund”) was constituted on 8 May 1998 as an open-ended umbrella unit trust.
The Fund is authorised and regulated by the Central Bank of Ireland (the “Central Bank”) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and the Central Bank (Supervision and Enforcement) Act, 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2019 (the “UCITS Regulations”).
At 31 May 2026, the Fund was comprised of 22 active Sub-Funds (the "Sub-Funds"). The names and launch dates are as follows:
Sub-Fund Launch Date Muzinich Americayield Fund 13 May 1998 Muzinich Europeyield Fund 15 June 2000 Muzinich Global High Yield Fund 25 July 2003 Muzinich Enhancedyield Short-Term Fund 26 November 2003 Muzinich ShortDurationHighYield Fund 4 October 2010 Muzinich Market Duration Enhancedyield Fund 14 May 2011 Muzinich LongShortCreditYield Fund 19 June 2012 Muzinich EmergingMarketsShortDuration Fund 22 July 2013 Muzinich Global Tactical Credit Fund 13 November 2013 Muzinich Asia Credit Opportunities Fund 11 November 2015 Muzinich Emerging Market Corporate Debt Fund 2 May 2017 Muzinich European Credit Alpha Fund 31 October 2017 Muzinich Fixed Maturity 2028 Fund 29 November 2017 Muzinich High Yield Bond 2028 Fund 24 September 2018 Muzinich Global Short Duration Investment Grade Fund 9 July 2019 Muzinich Dynamic Credit Income Fund 28 April 2022 Muzinich Global Fixed Maturity 2027 Fund 20 April 2023 Muzinich Global Market Duration Investment Grade Fund 26 January 2024 Muzinich Global Fixed Maturity 2028 Fund 11 April 2024 Muzinich Global Fixed Maturity 2027 II Fund 31 May 2024 Muzinich Global Fixed Maturity 2029 Fund 21 January 2025 Muzinich Global Credit Market Neutral Fund 12 February 2026
There are no cross liabilities between the Sub-Funds.
Minimum Subscriptions
The minimum initial subscription is set out below:
Sub-Fund Unit Class Minimum Subscription Muzinich Americayield Fund Hedged CHF Accumulation H Units CHF5,000,000 Hedged CHF Accumulation R Units CHF1,000 Hedged CHF Accumulation S Units CHF100,000,000 Hedged CHF Income H Units CHF5,000,000 Hedged Euro Accumulation A Units €1,000,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation P Units €1,000 Hedged Euro Accumulation R Units €1,000 Hedged Euro Income A Units €1,000,000 Hedged Euro Income H Units €5,000,000
Muzinich Funds
General Information
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Minimum Subscriptions cont/d…
The minimum initial subscription is set out below:
Sub-Fund Unit Class Minimum Subscription Muzinich Americayield Fund cont/d… Hedged GBP Income S Units GBP100,000,000 Hedged US$ Accumulation A Units US$1,000,000 Hedged US$ Accumulation H Units US$5,000,000 Hedged US$ Accumulation R Units US$1,000 Hedged US$ Accumulation S Units US$100,000,000 Hedged US$ Income A Units US$1,000,000 Hedged US$ Income H Units US$5,000,000 Hedged US$ Income R Units US$1,000 Hedged US$ Monthly IRD Income R Units US$1,000
Muzinich Europeyield Fund Hedged CHF Accumulation H Units CHF5,000,000 Hedged Euro Accumulation A Units €1,000,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation P Units €1,000 Hedged Euro Accumulation R Units €1,000 Hedged Euro Accumulation S Units €100,000,000 Hedged Euro Income A Units €1,000,000 Hedged Euro Income P Units €1,000 Hedged Euro Income S Units €100,000,000 Hedged GBP Accumulation A Units GBP1,000,000 Hedged GBP Income A Units GBP1,000,000 Hedged GBP Income S Units GBP100,000,000 Hedged SEK Accumulation R Units SEK5,000 Hedged US$ Accumulation A Units US$1,000,000 Hedged US$ Accumulation H Units US$5,000,000 Hedged US$ Accumulation R Units US$1,000 Hedged US$ Accumulation S Units US$100,000,000 Hedged US$ Income S Units US$100,000,000
Muzinich Global High Yield Fund Hedged Euro Accumulation A Units €1,000,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation P Units €1,000 Hedged Euro Accumulation R Units €1,000 Hedged Euro Discretionary S Units €100,000,000 Hedged Euro Income H Units €5,000,000 Hedged NOK Accumulation G Units NOK500,000,000 Hedged NOK Accumulation M Units NOK500,000 Hedged NOK Accumulation S Units NOK500,000,000 Hedged US$ Accumulation R Units US$1,000
Muzinich Enhancedyield Short-Term Fund Hedged AUD Income A1 Units AUD100,000,000 Hedged CHF Accumulation A Units CHF1,000,000 Hedged CHF Accumulation A1 Units CHF100,000,000 Hedged CHF Accumulation H Units CHF5,000,000 Hedged CHF Accumulation R Units CHF1,000 Hedged CHF Income A Units CHF1,000,000
Muzinich Funds
General Information cont/d…
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Minimum Subscriptions cont/d…
The minimum initial subscription is set out below:
Sub-Fund Unit Class Minimum Subscription Muzinich Enhancedyield Short-Term Fund cont/d… Hedged Euro Accumulation A Units €20,000,000 Hedged Euro Accumulation A1 Units €100,000,000 Hedged Euro Accumulation A2 Units €100,000,000 Hedged Euro Accumulation G Units €100,000,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation P Units €1,000 Hedged Euro Accumulation R Units €1,000 Hedged Euro Accumulation R1 Units €100,000,000 Hedged Euro Accumulation R2 Units €100,000,000 Hedged Euro Discretionary A Units €20,000,000 Hedged Euro Income A Units €20,000,000 Hedged Euro Income A1 Units €100,000,000 Hedged Euro Income A2 Monthly Units €100,000,000 Hedged Euro Income H Units €5,000,000 Hedged Euro Income P Units €1,000 Hedged Euro Income R Units €1,000 Hedged Euro Income R1 Units €100,000,000 Hedged Euro Income R2 Monthly Units €100,000,000 Hedged GBP Accumulation A Units GBP20,000,000 Hedged GBP Accumulation G Units GBP100,000,000 Hedged GBP Accumulation W Units GBP100,000,000 Hedged GBP Accumulation X Units GBP100,000,000 Hedged GBP Income A Units GBP20,000,000 Hedged GBP Income A1 Units GBP100,000,000 Hedged GBP Income A2 Monthly Units GBP100,000,000 Hedged GBP Income G Units GBP100,000,000 Hedged GBP Income H Units GBP5,000,000 Hedged HKD Monthly IRD Income A2 Units HKD750,000,000 Hedged HKD Monthly IRD Income R Units HKD7,500 Hedged HKD Monthly IRD Income R2 Units HKD750,000,000 Hedged JPY Income R Monthly Units JPY100,000 Hedged JPY Income Y Units JPY100,000,000 Hedged SGD Income R Units SGD1,500 Hedged SGD Monthly IRD Income A1 Units SGD150,000,000 Hedged SGD Monthly IRD Income R Units SGD1,500 Hedged US$ Accumulation A Units US$20,000,000 Hedged US$ Accumulation A1 Units US$100,000,000 Hedged US$ Accumulation A2 Units US$100,000,000 Hedged US$ Accumulation H Units US$5,000,000 Hedged US$ Accumulation P Units US$1,000 Hedged US$ Accumulation P1 Units US$1,000 Hedged US$ Accumulation R Units US$1,000 Hedged US$ Accumulation R1 Units US$100,000,000 Hedged US$ Accumulation R2 Units US$100,000,000 Hedged US$ Income A Units US$20,000,000
Muzinich Funds
General Information cont/d…
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Minimum Subscriptions cont/d…
The minimum initial subscription is set out below:
Sub-Fund Unit Class Minimum Subscription Muzinich Enhancedyield Short-Term Fund cont/d… Hedged US$ Income A1 Units US$100,000,000 Hedged US$ Income H Units US$5,000,000 Hedged US$ Income P1 Units US$1,000 Hedged US$ Income R Units US$1,000 Hedged US$ Income R1 Units US$100,000,000 Hedged US$ Monthly IRD Income A1 Units US$100,000,000 Hedged US$ Monthly IRD Income A2 Units US$100,000,000 Hedged US$ Monthly IRD Income R Units US$1,000 Hedged US$ Monthly IRD Income R2 Units US$100,000,000
Muzinich ShortDurationHighYield Fund Hedged CAD Accumulation A Units CAD1,000,000 Hedged CHF Accumulation A Units CHF1,000,000 Hedged CHF Accumulation H Units CHF5,000,000 Hedged CHF Accumulation R Units CHF1,000 Hedged CHF Income H Units CHF5,000,000 Hedged Euro Accumulation A Units €1,000,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation P Units €1,000 Hedged Euro Accumulation R Units €1,000 Hedged Euro Accumulation S Units €100,000,000 Hedged Euro Income A Units €1,000,000 Hedged Euro Income H (Quarterly) Units €5,000,000 Hedged Euro Income H Units €5,000,000 Hedged Euro Income R Units €1,000 Hedged Euro Income S Units €100,000,000 Hedged GBP Accumulation A Units GBP1,000,000 Hedged GBP Accumulation H Units GBP5,000,000 Hedged GBP Accumulation R Units GBP1,000 Hedged GBP Income A Units GBP1,000,000 Hedged GBP Income H Units GBP5,000,000 Hedged GBP Income R Units GBP1,000 Hedged GBP Income S Units GBP100,000,000 Hedged NOK Accumulation R Units NOK5,000 Hedged SEK Accumulation R Units SEK5,000 Hedged US$ Accumulation A Units US$1,000,000 Hedged US$ Accumulation H Units US$5,000,000 Hedged US$ Accumulation P Units US$1,000 Hedged US$ Accumulation P1 Units US$1,000 Hedged US$ Accumulation R Units US$1,000 Hedged US$ Accumulation S Units US$100,000,000 Hedged US$ Income A Units US$1,000,000 Hedged US$ Income H Units US$5,000,000 Hedged US$ Income R Units US$1,000 Hedged US$ Income S Units US$100,000,000
Muzinich Funds
General Information cont/d…
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Minimum Subscriptions cont/d…
The minimum initial subscription is set out below:
Sub-Fund Unit Class Minimum Subscription Muzinich Market Duration Enhancedyield Fund Hedged Euro Accumulation A Units €1,000,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation P Units €1,000 Hedged Euro Accumulation R Units €1,000 Hedged Euro Income H Units €5,000,000 Hedged Euro Income R Units €1,000 Hedged Euro Income S Units €100,000,000 Hedged GBP Income S Units GBP100,000,000 Hedged US$ Accumulation H Units US$5,000,000 Hedged US$ Accumulation S Units US$100,000,000 Hedged US$ Income R Units US$1,000 Hedged US$ Income S Units US$100,000,000
Muzinich LongShortCreditYield Fund Hedged CHF Accumulation E Units CHF1,000,000 Hedged CHF Accumulation N Units CHF1,000,000 Hedged CHF Accumulation NR Units CHF1,000 Hedged Euro Accumulation E Units €1,000,000 Hedged Euro Accumulation N Units €1,000,000 Hedged Euro Accumulation NA Units €5,000 Hedged Euro Accumulation NH Units €5,000,000 Hedged Euro Accumulation NP Units €1,000 Hedged Euro Accumulation NR Units €1,000 Hedged Euro Income NR Units €1,000 Hedged GBP Accumulation N Units GBP1,000,000 Hedged GBP Accumulation NR Units GBP1,000 Hedged GBP Income N Units GBP1,000,000 Hedged US$ Accumulation E Units US$1,000,000 Hedged US$ Accumulation N Units US$1,000,000 Hedged US$ Accumulation NH Units US$5,000,000 Hedged US$ Accumulation NR Units US$1,000 Hedged US$ Income NR Units US$1,000
Muzinich EmergingMarketsShortDuration Fund Hedged CHF Accumulation A Units CHF1,000,000 Hedged CHF Accumulation H Units CHF5,000,000 Hedged CHF Accumulation S Units CHF100,000,000 Hedged Euro Accumulation A Units €1,000,000 Hedged Euro Accumulation G1 Units €100,000,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation P Units €1,000 Hedged Euro Accumulation R Units €1,000 Hedged Euro Accumulation S Units €100,000,000 Hedged Euro Income G Units €100,000,000 Hedged Euro Income H Units €5,000,000 Hedged Euro Income S Units €100,000,000 Hedged GBP Accumulation A Units GBP1,000,000
Muzinich Funds
General Information cont/d…
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Minimum Subscriptions cont/d…
The minimum initial subscription is set out below:
Sub-Fund Unit Class Minimum Subscription Muzinich EmergingMarketsShortDuration Fund cont/d… Hedged GBP Accumulation G Units GBP100,000,000 Hedged GBP Accumulation H Units GBP5,000,000 Hedged GBP Accumulation S Units GBP100,000,000 Hedged GBP Income A Units GBP1,000,000 Hedged GBP Income G Units GBP100,000,000 Hedged GBP Income S Units GBP100,000,000 Hedged GBP Monthly Income G Units GBP100,000,000 Hedged US$ Accumulation A Units US$1,000,000 Hedged US$ Accumulation H Units US$5,000,000 Hedged US$ Accumulation P1 Units US$1,000 Hedged US$ Accumulation R Units US$1,000 Hedged US$ Accumulation S Units US$100,000,000 Hedged US$ Income G Units US$100,000,000 Hedged US$ Income R Monthly Units US$1,000
Muzinich Global Tactical Credit Fund Hedged CHF Accumulation S Units CHF100,000,000 Hedged CHF Income Founder Units CHF100,000,000 Hedged CHF Income H Units CHF5,000,000 Hedged CHF Income S Units CHF100,000,000 Hedged Euro Accumulation A Units €1,000,000 Hedged Euro Accumulation G Units €100,000,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation P Units €1,000 Hedged Euro Accumulation R Units €1,000 Hedged Euro Accumulation S Units €100,000,000 Hedged Euro Income Founder Units €100,000,000 Hedged Euro Income G Units €100,000,000 Hedged Euro Income H Units €5,000,000 Hedged Euro Income R Units €1,000 Hedged Euro Income X Units €100,000,000 Hedged GBP Accumulation G Units GBP100,000,000 Hedged GBP Accumulation H Units GBP5,000,000 Hedged GBP Income Founder Units GBP100,000,000 Hedged GBP Income G Units GBP100,000,000 Hedged GBP Income H Units GBP5,000,000 Hedged GBP Income S Units GBP100,000,000 Hedged GBP Monthly Income G Units GBP100,000,000 Hedged SGD Accumulation R Units SGD1,500 Hedged US$ Accumulation A Units US$1,000,000 Hedged US$ Accumulation G Units US$100,000,000 Hedged US$ Accumulation H Units US$5,000,000 Hedged US$ Accumulation P1 Units US$1,000 Hedged US$ Accumulation R Units US$1,000 Hedged US$ Accumulation S Units US$100,000,000 Hedged US$ Income Founder Units US$100,000,000
Muzinich Funds
General Information cont/d…
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Minimum Subscriptions cont/d…
The minimum initial subscription is set out below:
Sub-Fund Unit Class Minimum Subscription Muzinich Global Tactical Credit Fund cont/d… Hedged US$ Income G Units US$100,000,000 Hedged US$ Income H Units US$5,000,000 Hedged US$ Income P1 Units US$1,000 Hedged US$ Income R Units US$1,000 Hedged US$ Income S Units US$100,000,000
Muzinich Asia Credit Opportunities Fund Hedged Euro Accumulation Founder Units €100,000,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Income H Units €5,000,000 Hedged GBP Income Founder Units GBP100,000,000 Hedged GBP Income H Units GBP5,000,000 Hedged US$ Accumulation A Units US$1,000,000 Hedged US$ Accumulation Founder Units US$100,000,000 Hedged US$ Accumulation H Units US$5,000,000
Muzinich Emerging Market Corporate Debt Fund Hedged CHF Accumulation Founder Units CHF100,000,000 Hedged CHF Income Founder Units CHF100,000,000 Hedged Euro Accumulation Founder Units €100,000,000 Hedged Euro Income Founder Units €100,000,000 Hedged GBP Income Founder Units GBP100,000,000 Hedged US$ Accumulation Founder Units US$100,000,000 Hedged US$ Accumulation H Units US$5,000,000 Hedged US$ Accumulation R Units US$1,000 Hedged US$ Accumulation X Units US$100,000,000 Hedged US$ Income Founder Units US$100,000,000
Muzinich European Credit Alpha Fund Hedged Euro Accumulation Founder Units €100,000,000 Hedged Euro Accumulation NH Units €5,000,000 Hedged Euro Accumulation NP Units €1,000 Hedged Euro Accumulation NR Units €1,000 Hedged Euro Accumulation NS Units €100,000,000 Hedged Euro Income NG Units €100,000,000 Hedged Euro Income X Units €100,000,000 Hedged SEK Accumulation NS Units SEK500,000,000 Hedged US$ Accumulation NH Units US$5,000,000
Muzinich Fixed Maturity 2028 Fund Hedged Euro Accumulation A Units €1,000,000 Hedged Euro Accumulation P Units €1,000 Hedged Euro Income P Units €1,000
Muzinich High Yield Bond 2028 Fund Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation P Units €1,000 Hedged Euro Accumulation R Units €1,000 Hedged Euro Income P Units €1,000
Muzinich Funds
General Information cont/d…
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Minimum Subscriptions cont/d…
The minimum initial subscription is set out below:
Sub-Fund Unit Class Minimum Subscription Muzinich High Yield Bond 2028 Fund cont/d… Hedged Euro Income R Units €1,000
Muzinich Global Short Duration Investment Grade Fund Hedged CHF Accumulation Founder Units CHF100,000,000 Hedged CHF Accumulation H Units CHF5,000,000 Hedged Euro Accumulation Founder Units €100,000,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation R Units €1,000 Hedged Euro Income Founder Units €100,000,000 Hedged Euro Income H Units €5,000,000 Hedged GBP Accumulation Founder Units GBP100,000,000 Hedged GBP Accumulation H Units GBP5,000,000 Hedged GBP Income Founder Units GBP100,000,000 Hedged GBP Income H Units GBP5,000,000 Hedged US$ Accumulation H Units US$5,000,000 Hedged US$ Accumulation P1 Units US$1,000 Hedged US$ Accumulation P2 Units US$1,000 Hedged US$ Income Founder Units US$100,000,000 Hedged US$ Income H Units US$5,000,000 Hedged US$ Monthly IRD Income P1 Units US$1,000
Muzinich Dynamic Credit Income Fund Hedged Euro Accumulation Founder Units €100,000,000 Hedged GBP Accumulation Founder Units GBP100,000,000 Hedged GBP Income Founder Units GBP100,000,000 Hedged US$ Accumulation Founder Units US$100,000,000 Hedged US$ Accumulation H Units US$5,000,000 Hedged US$ Accumulation X Units US$100,000,000
Muzinich Global Fixed Maturity 2027 Fund Hedged CHF Accumulation H Units CHF5,000,000 Hedged CHF Accumulation R Units CHF1,000 Hedged CHF Income H Units CHF5,000,000 Hedged CHF Income R Units CHF1,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation P Units €1,000 Hedged Euro Accumulation P2 Units €1,000 Hedged Euro Accumulation R Units €1,000 Hedged Euro Accumulation T Units €1,000 Hedged Euro Income H Units €5,000,000 Hedged Euro Income P2 Units € 1,000 Hedged Euro Income R Units €1,000 Hedged Euro Income T Units € 1,000 Hedged US$ Accumulation H Units US$5,000,000 Hedged US$ Accumulation P1 Units US$1,000 Hedged US$ Accumulation R Units US$1,000 Hedged US$ Income H Units US$5,000,000 Hedged US$ Income P1 Units US$1,000
Muzinich Funds
General Information cont/d…
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Minimum Subscriptions cont/d…
The minimum initial subscription is set out below:
Sub-Fund Unit Class Minimum Subscription Muzinich Global Fixed Maturity 2027 Fund cont/d… Hedged US$ Income R Units US$1,000
Muzinich Global Market Duration Investment Grade Fund Hedged CHF Accumulation Founder Units CHF100,000,000 Hedged CHF Accumulation R Units CHF1,000 Hedged Euro Accumulation Founder Units €100,000,000 Hedged Euro Accumulation R Units €1,000 Hedged GBP Accumulation Founder Units GBP100,000,000 Hedged GBP Income Founder Units GBP100,000,000 Hedged US$ Accumulation Founder Units US$100,000,000
Muzinich Global Fixed Maturity 2028 Fund Hedged CHF Accumulation H Units CHF5,000,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation R Units €1,000 Hedged Euro Accumulation T Units €1,000 Hedged Euro Income H Units €5,000,000 Hedged Euro Income R Units €1,000 Hedged Euro Income T Units €1,000 Hedged US$ Accumulation H Units US$5,000,000 Hedged US$ Accumulation P1 Units US$1,000 Hedged US$ Accumulation R Units US$1,000 Hedged US$ Income H Units US$5,000,000 Hedged US$ Income P1 Units US$1,000
Muzinich Global Fixed Maturity 2027 II Fund Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Income H Units €5,000,000
Muzinich Global Fixed Maturity 2029 Fund Hedged CHF Accumulation H Units CHF5,000,000 Hedged CHF Income H Units CHF5,000,000 Hedged Euro Accumulation G Units €100,000,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation P Units €1,000 Hedged Euro Accumulation R Units €1,000 Hedged Euro Accumulation T Units €1,000 Hedged Euro Income H Units €5,000,000 Hedged Euro Income P Units €1,000 Hedged Euro Income R Units €1,000 Hedged US$ Accumulation H Units US$5,000,000 Hedged US$ Accumulation P1 Units US$1,000 Hedged US$ Accumulation R Units US$1,000 Hedged US$ Income H Units US$5,000,000 Hedged US$ Income P1 Units US$1,000 Hedged US$ Income R Units US$1,000
Muzinich Funds
General Information cont/d…
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Minimum Subscriptions cont/d…
The minimum initial subscription is set out below:
Sub-Fund Unit Class Minimum Subscription Muzinich Global Credit Market Neutral Fund* Hedged Euro Accumulation Founder Units €100,000,000 Hedged Euro Accumulation H Units €5,000,000 Hedged Euro Accumulation X Units €100,000,000 Hedged GBP Accumulation Founder Units GBP100,000,000
* Muzinich Global Credit Market Neutral Fund launched on 12 February 2026.
Muzinich Funds
General Information cont/d…
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Prices The prices for buying and selling Units in the Sub-Funds are represented by the Net Asset Value (“NAV”) per Unit. A subscription fee not exceeding 5% of the NAV per Unit may be added to the total subscription amount and the resultant sum shall be rounded up to the nearest cent. The subscription fee shall be paid to Muzinich & Co. (Ireland) Limited (the “Manager”), or to any placing or sales agent, or agents or distributors appointed by the Manager, for its or their absolute use and benefit and shall not form part of the net assets of the relevant Sub-Fund.
The Manager may at its sole discretion waive such fee or fees or differentiate between applicants as to the amount of such fee or fees within the permitted limits.
Dealing
The Dealing Day for all Sub-Funds is each Business Day. Applications for subscriptions for all Sub-Funds must be received by the Administrator at its registered office no later than 4.00pm (Irish time) on the relevant Dealing Day. Requests for redemptions of Units in all Sub-Funds must be received by the Administrator at its registered office no later than 4.00pm (Irish time) on the relevant Dealing Day.
Any application received after the time aforesaid shall be deemed to be made in respect of the next Dealing Day following such relevant Dealing Day. The deadline for receipt of subscription monies is 4.00pm (Irish time), three Business Days after the relevant Dealing Day.
Application and redemption requests should be addressed to the Administrator:
State Street Fund Services (Ireland) Limited, 78 Sir John Rogerson’s Quay, Dublin 2, Ireland. Tel: +353-1-853-8693 Fax: +353-1-523-3710
Distributions
The Manager will determine the distribution policy of each Class of Units in accordance with the criteria as set out in the Supplement of the Sub-Fund. The distributions will normally be payable twice a year, in or around June and December in each year. Income Units which have a distribution frequency designated in the name of the Units, such as "(Monthly)" or "(Quarterly)", will declare dividends in accordance with their applicable frequency. Dividends may be declared monthly or quarterly, on the last Business Day of the month, unless otherwise set out in the relevant Supplement. Please refer to Note 2 for total distributions made by each Sub-Fund during the six month period.
Muzinich Funds
General Information cont/d…
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Distributions cont/d…
The following table illustrates the distributions that were paid over the last 2 financial years by each Sub-Fund:
Muzinich Americayield Fund
Date paid
Distribution per Hedged CHF Income H Units
Distribution per Hedged Euro Income A Units
Distribution per Hedged Euro Income H Units
Distribution per Hedged GBP Income S Units
Distribution per Hedged US$ Income A Units 9 January 2025 - - - - 10 February 2025 - - - - 10 March 2025 - - - - 8 April 2025 - - - - 8 May 2025 - - - - 9 June 2025 CHF2.1872 €2.4632 €1.9533 GBP2.4425 US$2.3408 8 July 2025 - - - - 8 August 2025 - - - - 9 September 2025 - - - - 8 October 2025 - - - - 10 November 2025 - - - - 8 December 2025 CHF2.2222 €2.5061 €1.9933 GBP2.5367 US$2.2720 9 January 2026 - - - - 9 February 2026 - - - - 9 March 2026 - - - - 10 April 2026 - - - - 11 May 2026 - - - - 8 June 2026* CHF2.0710 €2.3728 €1.8919 GBP2.3980 US$2.1759
Date paid
Distribution per Hedged US$ Income H Units
Distribution per Hedged US$ Income R Units
Distribution per Hedged US$ Monthly IRD Income R Units
Total Distribution 9 January 2025 - - US$0.6083 US$629 10 February 2025 - - US$0.5908 US$615 10 March 2025 - - US$0.5408 US$566 8 April 2025 - - US$0.5841 US$615 8 May 2025 - - US$0.5492 US$581 9 June 2025 US$2.7129 US$2.1757 US$0.5645 US$10,025,720 8 July 2025 - - US$0.5442 US$583 8 August 2025 - - US$0.5532 US$595 9 September 2025 - - US$0.5695 US$616 8 October 2025 - - US$0.5425 US$590 10 November 2025 - - US$0.5540 US$606 8 December 2025 US$2.6411 US$2.1010 US$0.5410 US$8,189,049 9 January 2026 - - US$0.5506 US$609 9 February 2026 - - US$0.5406 US$601 9 March 2026 - - US$0.4866 US$544 10 April 2026 - - US$0.5372 US$603 11 May 2026 - - US$0.5249 US$593 8 June 2026* US$2.5355 US$2.0040 US$0.5550 US$7,054,185
Muzinich Funds
General Information cont/d…
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Distributions cont/d…
Muzinich Europeyield Fund
Date paid
Distribution per Hedged Euro Income A Units
Distribution per Hedged Euro Income P Units
Distribution per Hedged Euro Income S Units
Distribution per Hedged GBP Income A Units
Distribution per Hedged GBP Income S Units 9 June 2025 €1.8043 €1.8709 €2.4202 GBP2.5320 GBP2.8171 8 December 2025 €1.7105 €1.7466 €2.3093 GBP2.4412 GBP2.7337 8 June 2026* €1.7595 €1.8117 €2.3637 GBP2.4971 GBP2.7864
Date paid
Distribution per Hedged US$ Income S Units
Total Distribution 9 June 2025 US$2.9943 €6,234,581 8 December 2025 US$2.7323 €6,803,840 8 June 2026* US$2.8162 €8,267,745
Muzinich Global High Yield Fund
Date paid
Distribution per Hedged Euro Discretionary S Units
Distribution per Hedged Euro Income H Units
Total Distribution 9 June 2025 €2.1422 €2.2606 US$784,090 8 December 2025 €2.2921 €2.4185 US$857,663 8 June 2026* €2.2900 €2.4169 US$861,595
Muzinich Funds
General Information cont/d…
14
Page 16
Distributions cont/d…
Muzinich Enhancedyield Short-Term Fund
Date paid
Distribution per Hedged AUD Income A1 Units
Distribution per Hedged CHF Income A Units
Distribution per Hedged Euro Discretionary A Units
Distribution per Hedged Euro Income A Units
Distribution per Hedged Euro Income A1 Units 9 January 2025 - - - - 10 February 2025 - - - - 10 March 2025 - - - - 8 April 2025 - - - - 8 May 2025 - - €3.2721 - 9 June 2025 - CHF1.7637 - €1.6273 €1.8888 8 July 2025 - - - - 8 August 2025 - - - - 9 September 2025 - - - - 8 October 2025 - - - - 10 November 2025 - - - - 8 December 2025 - CHF1.7035 - €1.5794 €1.8349 9 January 2026 - - - - 9 February 2026 - - - - 9 March 2026 - - - - 10 April 2026 - - - - 11 May 2026 - - €3.9788 - 8 June 2026* AUD0.8267 CHF1.6903 - €1.5967 €1.8539
Date paid
Distribution per Hedged Euro Income A2 Monthly Units
Distribution per Hedged Euro Income H Units
Distribution per Hedged Euro Income P Units
Distribution per Hedged Euro Income R Units
Distribution per Hedged Euro Income R1 Units 9 January 2025 - - - - 10 February 2025 - - - - 10 March 2025 - - - - 8 April 2025 - - - - 8 May 2025 - - - - 9 June 2025 - €1.7717 €1.5357 €1.5318 €1.7505 8 July 2025 - - - - 8 August 2025 - - - - 9 September 2025 - - - - 8 October 2025 - - - - 10 November 2025 - - - - 8 December 2025 - €1.7194 €1.4783 €1.4820 €1.6955 9 January 2026 - - - - 9 February 2026 - - - - 9 March 2026 €0.3195 - - - 10 April 2026 €0.3497 - - - 11 May 2026 €0.3397 - - - 8 June 2026* €0.3565 €1.7383 €1.5027 €1.5014 €1.7165
Muzinich Funds
General Information cont/d…
15
Page 17
Distributions cont/d…
Muzinich Enhancedyield Short-Term Fund cont/d…
Date paid
Distribution per Hedged Euro Income R2 Monthly Units
Distribution per Hedged GBP Income A Units
Distribution per Hedged GBP Income A1 Units
Distribution per Hedged GBP Income A2 Monthly Units
Distribution per Hedged GBP Income G Units 9 January 2025 - - - - 10 February 2025 - - - - 10 March 2025 - - - - 8 April 2025 - - - - 8 May 2025 - - - - 9 June 2025 - GBP1.8311 GBP2.0100 - GBP1.9733 8 July 2025 - - - - 8 August 2025 - - - - 9 September 2025 - - - - 8 October 2025 - - - - 10 November 2025 - - - - 8 December 2025 - GBP1.8081 GBP1.9878 - GBP1.9504 9 January 2026 - - - - 9 February 2026 - - - - 9 March 2026 €0.3016 - - GBP0.3196 10 April 2026 €0.3359 - - GBP0.3521 11 May 2026 €0.3283 - - GBP0.3391 8 June 2026* €0.3438 GBP1.8199 GBP1.9972 GBP0.3600 GBP1.9605
Date paid
Distribution per Hedged GBP Income H Units
Distribution per Hedged HKD Monthly IRD Income A2 Units
Distribution per Hedged HKD Monthly IRD Income R Units
Distribution per Hedged HKD Monthly IRD Income R2 Units
Distribution per Hedged JPY Monthly IRD Income R Units 9 January 2025 - - - - JPY0.0016 10 February 2025 - - - - JPY0.0017 10 March 2025 - - - - JPY0.0018 8 April 2025 - - - - JPY0.0018 8 May 2025 - - - - 9 June 2025 GBP1.9463 - - - 8 July 2025 - - HKD0.1447 - 8 August 2025 - - HKD0.2261 - 9 September 2025 - - HKD0.2564 - 8 October 2025 - - HKD0.3271 - 10 November 2025 - - HKD0.4666 - 8 December 2025 GBP1.9219 - HKD0.4543 - 9 January 2026 - - HKD0.4262 - 9 February 2026 - - HKD0.4175 - 9 March 2026 - - HKD0.3420 - 10 April 2026 - HKD0.2195 HKD0.3766 HKD0.2213 11 May 2026 - HKD0.3411 HKD0.3494 HKD0.3539 8 June 2026* GBP1.9330 HKD0.3838 HKD0.3786 HKD0.3838 -
Muzinich Funds
General Information cont/d…
16
Page 18
Distributions cont/d…
Muzinich Enhancedyield Short-Term Fund cont/d…
Date paid
Distribution per Hedged JPY Income R Monthly Units
Distribution per Hedged JPY Income Y Units
Distribution per Hedged SGD Income R Units
Distribution per Hedged SGD Monthly IRD Income A1 Units
Distribution per Hedged SGD Monthly IRD Income R Units 9 January 2025 - - - - 10 February 2025 - - - - 10 March 2025 - - - - 8 April 2025 - - - - 8 May 2025 - - - - SGD0.3105 9 June 2025 - JPY173.1775 SGD1.8190 - SGD0.3633 8 July 2025 - - - - SGD0.3420 8 August 2025 - - - - SGD0.3192 9 September 2025 - - - - SGD0.3063 8 October 2025 - - - - SGD0.2837 10 November 2025 - - - - SGD0.2800 8 December 2025 - JPY171.4194 SGD1.7300 - SGD0.2746 9 January 2026 - - - - SGD0.2533 9 February 2026 - - - - SGD0.2615 9 March 2026 JPY0.0015 - - - SGD0.2323 10 April 2026 JPY0.0007 - - SGD0.2637 SGD0.2656 11 May 2026 JPY0.0005 - - SGD0.2523 SGD0.2540 8 June 2026* JPY0.0013 JPY165.8095 SGD1.7336 SGD0.2529 SGD0.2546
Date paid
Distribution per Hedged US$ Income A Units
Distribution per Hedged US$ Income A1 Units
Distribution per Hedged US$ Income H Units
Distribution per Hedged US$ Income P1 Units
Distribution per Hedged US$ Income R Units 9 January 2025 - - - - 10 February 2025 - - - - 10 March 2025 - - - - 8 April 2025 - - - - 8 May 2025 - - - - 9 June 2025 US$2.1458 US$2.1770 US$2.1582 US$1.8251 US$2.0038 8 July 2025 - - - - 8 August 2025 - - - - 9 September 2025 - - - - 8 October 2025 - - - - 10 November 2025 - - - - 8 December 2025 US$1.9858 US$2.0165 US$1.9972 US$1.6736 US$1.8485 9 January 2026 - - - - 9 February 2026 - - - - 9 March 2026 - - - - 10 April 2026 - - - - 11 May 2026 - - - - 8 June 2026* US$2.0290 US$2.0588 US$2.0404 US$1.7189 US$1.8926
Muzinich Funds
General Information cont/d…
17
Page 19
Distributions cont/d…
Muzinich Enhancedyield Short-Term Fund cont/d…
Date paid
Distribution per Hedged US$ Income R1 Units
Distribution per Hedged US$ Monthly IRD Income A1 Units
Distribution per Hedged US$ Monthly IRD Income A2 Units
Distribution per Hedged US$ Monthly IRD Income R Units
Distribution per Hedged US$ Monthly IRD Income R2 Units
Total Distribution 9 January 2025 - - - US$0.4776 - €26,673 10 February 2025 - - - US$0.2331 - €32,607 10 March 2025 - - - US$0.2336 - €30,875 8 April 2025 - - - US$0.2592 - €32,845 8 May 2025 - - - US$0.2604 - €954,825 9 June 2025 US$2.0180 - - US$0.5043 - €16,403,578 8 July 2025 - - - US$0.4773 - €32,757 8 August 2025 - - - US$0.5056 - €123,258 9 September 2025 - - - US$0.4871 - €123,402 8 October 2025 - - - US$0.4181 - €129,157 10 November 2025 - - - US$0.4854 - €183,987 8 December 2025 US$1.8638 - - US$0.4802 - €16,719,542 9 January 2026 - - - US$0.4681 - €174,060 9 February 2026 - US$0.1722 - US$0.3894 - €186,069 9 March 2026 - US$0.4238 US$0.4387 US$0.3809 US$0.4386 €224,873 10 April 2026 - US$0.4825 US$0.4823 US$0.4326 US$0.4821 €485,420 11 May 2026 - US$0.4651 US$0.4649 US$0.4281 US$0.4647 €1,463,259 8 June 2026* US$1.9067 US$0.4816 US$0.3799 US$0.4432 US$0.4812 €17,262,659
Muzinich ShortDurationHighYield Fund
Date paid
Distribution per Hedged CHF Income H Units
Distribution per Hedged Euro Income A Units
Distribution per Hedged Euro Income H (Quarterly) Units
Distribution per Hedged Euro Income H Units
Distribution per Hedged Euro Income R Units 9 January 2025 - - - - 10 February 2025 - - - - 10 March 2025 - - €1.0998 - 8 April 2025 - - - - 8 May 2025 - - - - 9 June 2025 CHF1.7444 €1.7030 €1.0386 €1.7712 €1.6231 8 July 2025 - - - - 8 August 2025 - - - - 9 September 2025 - - €1.0320 - 8 October 2025 - - - - 10 November 2025 - - - - 8 December 2025 CHF1.7067 €1.6679 €0.9703 €1.7395 €1.5824 9 January 2026 - - - - 9 February 2026 - - - - 9 March 2026 - - €0.9178 - 8 June 2026* CHF1.5685 €1.5577 €0.9561 €1.6278 €1.4730
Muzinich Funds
General Information cont/d…
18
Page 20
Distributions cont/d…
Muzinich ShortDurationHighYield Fund cont/d…
Date paid
Distribution per Hedged Euro Income S Units
Distribution per Hedged GBP Income A Units
Distribution per Hedged GBP Income H Units
Distribution per Hedged GBP Income R Units
Distribution per Hedged GBP Income S Units 9 January 2025 - - - - 10 February 2025 - - - - 10 March 2025 - - - - 8 April 2025 - - - - 8 May 2025 - - - - 9 June 2025 €1.8099 GBP1.8687 GBP1.9787 GBP1.7713 GBP2.0664 8 July 2025 - - - - 8 August 2025 - - - - 9 September 2025 - - - - 8 October 2025 - - - - 10 November 2025 - - - - 8 December 2025 €1.7799 GBP1.8626 GBP1.9778 GBP1.7575 GBP2.0670 9 January 2026 - - - - 9 February 2026 - - - - 9 March 2026 - - - - 8 June 2026* €1.6672 GBP1.7316 GBP1.8423 GBP1.6283 GBP1.9273
Date paid
Distribution per Hedged SGD Monthly Income R Units**
Distribution per Hedged US$ Income A Units
Distribution per Hedged US$ Income H Units
Distribution per Hedged US$ Income R Units
Distribution per Hedged US$ Income S Units
Total Distribution 9 January 2025 SGD0.4415 - - - - US$53,195 10 February 2025 SGD0.3077 - - - - US$2,652 10 March 2025 SGD0.3248 - - - - US$2,767 8 April 2025 SGD0.3030 - - - - US$2,611 8 May 2025 SGD0.2866 - - - - US$3,088 9 June 2025 SGD0.3346 US$2.1696 US$2.2680 US$2.0725 US$2.3411 US$6,164,565 8 July 2025 SGD0.2715 - - - - US$629 8 August 2025 SGD0.3720 - - - - US$846 9 September 2025 SGD0.3207 - - - - US$364,237 8 October 2025 SGD0.3086 - - - - US$706 10 November 2025 SGD0.2968 - - - - US$673 8 December 2025 SGD0.2838 US$2.0274 US$2.1254 US$1.9278 US$2.1967 US$6,935,426 9 January 2026 SGD0.3179 - - - - US$684 9 February 2026 SGD0.3894 - - - - US$637 9 March 2026 SGD0.2663 - - - - US$320,851 8 June 2026* - US$1.9151 US$2.0117 US$1.8151 US$2.0840 US$7,720,045
Muzinich Funds
General Information cont/d…
19
Page 21
Distributions cont/d…
Muzinich Market Duration Enhancedyield Fund
Date paid
Distribution per Hedged Euro Income Founder Units***
Distribution per Hedged Euro Income H Units
Distribution per Hedged Euro Income R Units
Distribution per Hedged Euro Income S Units
Distribution per Hedged GBP Income S Units 9 June 2025 €1.9048 €1.8128 €1.5487 €1.8565 GBP2.1532 8 December 2025 €1.8524 €1.7601 €1.4925 €1.8044 GBP2.1290 8 June 2026* - €1.8472 €1.5836 €1.8909 GBP2.2207
Date paid
Distribution per Hedged US$ Income R Units
Distribution per Hedged US$ Income S Units
Total Distribution 9 June 2025 US$1.9648 US$2.3567 €1,765,066 8 December 2025 US$1.8032 US$2.1819 €1,691,422 8 June 2026* US$1.9346 US$2.3112 €1,359,494
Muzinich LongShortCreditYield Fund
Date paid
Distribution per Hedged Euro Income NR Units
Distribution per Hedged GBP Income N Units
Distribution per Hedged US$ Income NR Units
Total Distribution 9 June 2025 €1.0514 GBP0.7547 US$1.2520 US$66,177 8 December 2025 €0.9197 GBP1.2833 US$0.8517 US$54,943 8 June 2026* €0.7596 GBP1.1911 US$0.8351 US$37,556
Muzinich Funds
General Information cont/d…
20
Page 22
Distributions cont/d…
Muzinich EmergingMarketsShortDuration Fund
Date paid
Distribution per Hedged Euro Income G Units
Distribution per Hedged Euro Income H Units
Distribution per Hedged Euro Income S Units
Distribution per Hedged GBP Income A Units
Distribution per Hedged GBP Income G Units 9 January 2025 - - - - 10 February 2025 - - - - 10 March 2025 - - - - 8 April 2025 - - - - 8 May 2025 - - - - 9 June 2025 €1.9048 €2.1593 €1.5748 GBP1.6477 GBP1.8942 8 July 2025 - - - - 8 August 2025 - - - - 9 September 2025 - - - - 8 October 2025 - - - - 10 November 2025 - - - - 8 December 2025 €1.9213 €2.1733 €1.5864 GBP1.6830 GBP1.9453 9 January 2026 - - - - 9 February 2026 - - - - 9 March 2026 - - - - 10 April 2026 - - - - 11 May 2026 - - - - 8 June 2026* €2.0403 €2.2497 €1.6874 GBP1.7917 GBP2.0563
Date paid
Distribution per Hedged GBP Income S Units
Distribution per Hedged GBP Monthly Income G Units
Distribution per Hedged US$ Income G Units
Distribution per Hedged US$ Income R Monthly Units
Total Distribution 9 January 2025 - GBP0.4415 - US$0.3305 US$26,673 10 February 2025 - GBP0.4085 - US$0.3077 US$26,972 10 March 2025 - GBP0.4173 - US$0.3197 US$53,837 8 April 2025 - GBP0.4056 - US$0.3030 US$27,311 8 May 2025 - GBP0.3787 - US$0.2866 US$25,330 9 June 2025 GBP2.0856 GBP0.4330 US$2.1642 US$0.3301 US$4,050,696 8 July 2025 - GBP0.3859 - US$0.2902 US$54,177 8 August 2025 - GBP0.4129 - US$0.3008 US$57,383 9 September 2025 - GBP0.4200 - US$0.3160 US$63,397 8 October 2025 - GBP0.3939 - US$0.2920 US$64,583 10 November 2025 - GBP0.4172 - US$0.3057 US$67,462 8 December 2025 GBP2.1391 GBP0.3818 US$2.0838 US$0.2853 US$4,312,064 9 January 2026 - GBP0.4221 - US$0.3179 US$72,145 9 February 2026 - GBP0.4046 - US$0.3064 US$70,674 9 March 2026 - GBP0.4001 - US$0.2987 US$70,723 10 April 2026 - GBP0.4517 - US$0.3381 US$80,007 11 May 2026 - GBP0.4615 - US$0.3575 US$85,410 8 June 2026* GBP2.2650 GBP0.4340 US$2.2360 US$0.3266 US$4,271,947
Muzinich Funds
General Information cont/d…
21
Page 23
Distributions cont/d…
Muzinich Global Tactical Credit Fund
Date paid
Distribution per Hedged CHF Income Founder Units
Distribution per Hedged CHF Income H Units
Distribution per Hedged CHF Income S Units
Distribution per Hedged Euro Income Founder Units
Distribution per Hedged Euro Income G Units
Distribution per Hedged Euro Income G2 Units 9 January 2025 -----10 February 2025 -----10 March 2025 -----8 April 2025 -----8 May 2025 -----9 June 2025 CHF1.5333 CHF1.5477 CHF1.4805 €1.6900 €1.7589 €1.8383 8 July 2025 -----8 August 2025 -----9 September 2025 -----8 October 2025 -----10 November 2025 -----8 December 2025 CHF1.5923 CHF1.6075 CHF1.5388 €1.7666 €1.8376 9 January 2026 -----9 February 2026 -----9 March 2026 -----10 April 2026 -----11 May 2026 -----8 June 2026* CHF1.5953 CHF1.6153 CHF1.5448 €1.8030 €1.8771 -
Date paid
Distribution per Hedged Euro Income H Units
Distribution per Hedged Euro Income R Units
Distribution per Hedged Euro Income X Units
Distribution per Hedged GBP Income Founder Units
Distribution per Hedged GBP Income G Units
Distribution per Hedged GBP Income H Units 9 January 2025 -----10 February 2025 -----10 March 2025 -----8 April 2025 -----8 May 2025 -----9 June 2025 €1.6896 €1.3363 €1.8549 GBP1.8982 GBP1.9152 GBP1.7636 8 July 2025 -----8 August 2025 -----9 September 2025 -----8 October 2025 -----10 November 2025 -----8 December 2025 €1.7632 €1.3872 €1.9423 GBP2.0197 GBP2.0366 GBP1.8732 9 January 2026 -----9 February 2026 -----9 March 2026 -----10 April 2026 -----11 May 2026 -----8 June 2026* €1.8045 €1.4319 €1.9767 GBP2.0516 GBP2.0709 GBP1.9086
Muzinich Funds
General Information cont/d…
22
Page 24
Distributions cont/d…
Muzinich Global Tactical Credit Fund cont/d…
Date paid
Distribution per Hedged GBP Income S Units
Distribution per Hedged GBP Monthly Income G Units
Distribution per Hedged US$ Income Founder Units
Distribution per Hedged US$ Income G Units
Distribution per Hedged US$ Income H Units
Distribution per Hedged US$ Income P1 Units 9 January 2025 - GBP0.3828 - - - 10 February 2025 - GBP0.3721 - - - 10 March 2025 - GBP0.3697 - - - 8 April 2025 - GBP0.3681 - - - 8 May 2025 - GBP0.3343 - - - 9 June 2025 GBP1.8019 GBP0.3443 US$2.1667 US$2.0235 US$2.0188 US$1.5661 8 July 2025 - GBP0.3521 - - - 8 August 2025 - GBP0.3784 - - - 9 September 2025 - GBP0.3522 - - - 8 October 2025 - GBP0.3528 - - - 10 November 2025 - GBP0.3927 - - - 8 December 2025 GBP1.9152 GBP0.3522 US$2.1611 US$2.0173 US$2.0098 US$1.5498 9 January 2026 - GBP0.3814 - - - 9 February 2026 - GBP0.3550 - - - 9 March 2026 - GBP0.3565 - - - 10 April 2026 - GBP0.3894 - - - 11 May 2026 - GBP0.3826 - - - 8 June 2026* GBP1.9528 GBP0.4051 US$2.2297 US$2.0832 US$2.0795 US$1.6187
Date paid
Distribution per Hedged US$ Income R Units
Distribution per Hedged US$ Income S Units
Total Distribution 9 January 2025 - - US$52,532 10 February 2025 - - US$50,363 10 March 2025 - - US$50,017 8 April 2025 - - US$51,064 8 May 2025 - - US$48,966 9 June 2025 US$1.6681 US$2.0540 US$24,275,199 8 July 2025 - - US$54,126 8 August 2025 - - US$60,122 9 September 2025 - - US$60,718 8 October 2025 - - US$60,593 10 November 2025 - - US$67,122 8 December 2025 US$1.6518 US$2.0462 US$23,142,148 9 January 2026 - - US$53,815 9 February 2026 - - US$50,306 9 March 2026 - - US$49,592 10 April 2026 - - US$53,362 11 May 2026 - - US$55,069 8 June 2026* US$1.7238 US$2.1151 US$23,443,466
Muzinich Funds
General Information cont/d…
23
Page 25
Distributions cont/d…
Muzinich Asia Credit Opportunities Fund
Date paid
Distribution per Hedged Euro Income H Units
Distribution per Hedged GBP Income Founder Units
Distribution per Hedged GBP Income H Units
Total Distribution 9 June 2025 €1.4648 GBP1.4125 GBP1.4244 US$495,246 8 December 2025 €1.6267 GBP1.5933 GBP1.6090 US$563,912 8 June 2026* €1.6420 GBP1.5988 GBP1.6164 US$734,726
Muzinich Emerging Market Corporate Debt Fund
Date paid
Distribution per Hedged CHF Income Founder Units
Distribution per Hedged Euro Income Founder Units
Distribution per Hedged GBP Income Founder Units
Distribution per Hedged US$ Income Founder Units
Total Distribution 9 June 2025 CHF1.6054 €1.7293 GBP1.8905 US$2.1519 US$500,291 8 December 2025 CHF1.6848 €1.8224 GBP2.0269 US$2.1640 US$544,715 8 June 2026 CHF1.6732 €1.8426 GBP2.0398 US$2.2123 US$514,766
Muzinich European Credit Alpha Fund
Date paid
Distribution per Hedged Euro Income NG Units
Distribution per Hedged Euro Income X Units
Total Distribution 9 June 2025 €1.7039 - €1,722,612 8 December 2025 €1.5723 - €1,614,377 8 June 2026* €1.7638 €0.3935 €683,787
Muzinich Fixed Maturity 2028 Fund
Date paid
Distribution per Hedged Euro Income P Units
Total Distribution 9 June 2025 €1.1756 €2,588,863 8 December 2025 €1.1811 €2,399,125 8 June 2026* €1.1745 €2,212,656
Muzinich High Yield Bond 2028 Fund
Date paid
Distribution per Hedged Euro Income P Units
Distribution per Hedged Euro Income R Units
Total Distribution 9 June 2025 €1.1878 €1.1793 €2,873,732 8 December 2025 €1.1931 €1.1856 €2,617,105 8 June 2026* €1.1853 €1.1785 €2,369,272
Muzinich Funds
General Information cont/d…
24
Page 26
Distributions cont/d…
Muzinich Global Short Duration Investment Grade Fund
Date paid
Distribution per Hedged Euro Income Founder Units
Distribution per Hedged Euro Income H Units
Distribution per Hedged GBP Income Founder Units
Distribution per Hedged GBP Income H Units
Distribution per Hedged US$ Income Founder Units 9 June 2025 €1.6280 €1.5907 GBP1.7471 GBP1.7011 US$1.8914 8 December 2025 €1.5402 €1.5021 GBP1.6818 GBP1.6345 US$1.7071 8 June 2026* €1.6134 €1.5764 GBP1.7532 GBP1.7069 US$1.8068
Date paid
Distribution per Hedged US$ Income H Units
Distribution per Hedged US$ Monthly IRD Income P1 Units
Total Distribution 9 June 2025 US$1.8219 - €5,088,082 8 December 2025 US$1.6412 - €9,834,621 8 June 2026* US$1.7402 US$0.2802 €13,257,924
Muzinich Dynamic Credit Income Fund
Date paid
Distribution per Hedged GBP Income Founder Units
Total Distribution 9 June 2025 GBP2.6415 US$138,649 8 December 2025 GBP2.8065 US$177,924 8 June 2026* GBP2.8480 US$159,252
Muzinich Global Fixed Maturity 2027 Fund
Date paid
Distribution per Hedged CHF Income H Units
Distribution per Hedged CHF Income R Units
Distribution per Hedged Euro Income H Units
Distribution per Hedged Euro Income P2 Units
Distribution per Hedged Euro Income R Units 9 June 2025 CHF1.7500 CHF1.7500 €1.7500 €1.7500 €1.7500 8 December 2025 CHF0.5000 CHF0.5000 €1.7500 €1.7500 €1.7500 8 June 2026* CHF0.5000 CHF0.5000 €1.7500 €1.7500 €1.7500
Date paid
Distribution per Hedged Euro Income T Units
Distribution per Hedged US$ Income H Units
Distribution per Hedged US$ Income P1 Units
Distribution per Hedged US$ Income R Units
Total Distribution 9 June 2025 €1.7500 US$1.7500 US$1.7500 US$1.7500 €493,813 8 December 2025 €1.7500 US$1.7500 US$1.7500 US$1.7500 €430,287 8 June 2026* €1.7500 US$1.7500 US$1.7500 US$1.7500 €380,025
Muzinich Funds
General Information cont/d…
25
Page 27
Distributions cont/d…
Muzinich Global Market Duration Investment Grade Fund
Date paid
Distribution per Hedged GBP Income Founder Units
Total Distribution 9 June 2025 GBP2.2142 €103,580 8 December 2025 GBP2.2181 €88,924 8 June 2026* GBP2.2517 €33,946
Muzinich Global Fixed Maturity 2028 Fund
Date paid
Distribution per Hedged Euro Income H Units
Distribution per Hedged Euro Income R Units
Distribution per Hedged Euro Income T Units
Distribution per Hedged US$ Income H Units
Distribution per Hedged US$ Income P1 Units
Total Distribution 9 June 2025 €1.7500 €1.7500 €1.7500 US$1.7500 US$1.7500 €167,448 8 December 2025 €1.7500 €1.7500 €1.7500 US$1.7500 US$1.7500 €152,094 8 June 2026* €1.7500 €1.7500 €1.7500 US$1.7500 US$1.7500 €143,270
Muzinich Global Fixed Maturity 2027 II Fund
Date paid
Distribution per Hedged Euro Income H Units
Total Distribution 9 June 2025 €1.5000 €657,867 8 December 2025 €1.5000 €652,317 8 June 2026* €1.5000 €629,817
Muzinich Global Fixed Maturity 2029 Fund
Date paid
Distribution per Hedged CHF Income H Units
Distribution per Hedged Euro Income H Units
Distribution per Hedged Euro Income P Units
Distribution per Hedged Euro Income R Units
Distribution per Hedged US$ Income H Units 8 December 2025 CHF0.5000 €1.5000 €1.5000 €1.5000 US$1.7500 8 June 2026* CHF0.5000 €1.7500 €1.7500 €1.7500 US$1.7500
Date paid
Distribution per Hedged US$ Income P1 Units
Distribution per Hedged US$ Income R Units
Total Distribution 8 December 2025 US$1.7500 US$1.7500 €460,963 8 June 2026* US$1.7500 US$1.7500 €588,491
* This distribution was declared after the six month period and has not been included as a liability in these financial statements. ** This Unit Class terminated on 17 March 2026. Prior to the termination there weren't any distribution disclosed for this class. *** This Unit Class terminated on 31 March 2026. Prior to the termination there weren't any distribution disclosed for this class. For distributing Unit Classes that have launched and terminated during the six month period please refer to Note 21 of these financial statements.
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Dealings with Connected Persons
Regulation 43(1) of the UCITS Regulations “Restrictions of transactions with connected persons” states that “A responsible person shall ensure that any transaction between a UCITS and a connected person is a) conducted at arm’s length; and b) in the best interest of the Unitholders of the UCITS”.
As required under UCITS Regulation 78.4, the Directors, as responsible persons, are satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43(1) are applied to all transactions with a connected person; and all transactions with connected persons that were entered into during the six month period to which the report relates complied with the obligations that are prescribed by Regulation 43(1).
Significant events during the six month period
Details of any significant events during the six month period are disclosed in Note 12 to these financial statements.
Significant events after the six month period end
Details of any significant events after the six month period end are disclosed in Note 13 to these financial statements.
Corporate Governance Code
Statement of Compliance
The Board of Directors of the Manager has adopted in full the voluntary Code of Corporate Governance for Collective Investment Schemes and Management Companies issued by Irish Funds (“IF”), the text of which is available from the IF website, “ http://www.irishfunds.ie ”. The Fund has been in compliance with the Corporate Governance Code during the six month period ended 31 May 2026.
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Financial Markets in the Period
Global credit delivered positive returns for the reporting period November 30, 2025–May 31, 2026, demonstrating resilience across a volatile macroeconomic and geopolitical backdrop. The period opened amid broadly constructive conditions—with spread compression and higher beta segments such as subordinated financials and high yield outperforming. Positive momentum continued as rising dispersion within credit created select opportunities in segments that had previously been richly valued. The Federal Reserve (Fed) cut rates, though it signalled a more cautious path ahead, while the European Central Bank (ECB) held steady amid hawkish commentary that pushed longer yields higher.
March 2026 proved more challenging; escalating conflict in the Middle East stoked inflation fears, drove energy prices higher, and pressured both government bond yields and credit spreads. Emerging markets (EM) faced the sharpest headwinds, with energy-importing countries in Asia particularly exposed to rising import costs and shipping disruptions. However, the remainder of the reporting period delivered meaningful recovery with positive returns across the board. Sentiment improved as ceasefire developments in the Middle East raised hopes for a resolution to the conflict, easing inflation concerns and supporting risk appetite globally. In the US, strong fundamentals—including a healthy technology sector, a stable labor market, and high credit quality in high yield—underpinned performance. In Europe, declining oil prices led investors to temper expectations for further ECB rate hikes, with rates outperforming and steady demand from insurance accounts supporting the asset class. EM finished the period on a positive note, with Asian high yield and Middle Eastern financials among the standout performers.
References to returns refer to gross returns. Net returns will be reduced by fees and expenses and will vary by unit class. Reference returns refer to returns in the base currency of each Fund relative to a currency-similar market indicator.
Muzinich Americayield Fund
In this environment, the Fund generated positive returns and outperformed its indicative index, the ICE BofA B/BB US Non-Financial Cash Pay High Yield Constrained Index (JC4N). The Fund’s BB and single-B holdings both produced strong total returns for the reporting period, with notable outperformance from the Fund’s strong credit selection and overweight of single-B rated paper. We remain comfortable with our overweight in single-Bs as there is more alpha opportunity but less duration in that ratings cohort. On a sector basis, strong credit selection of homebuilders/real estate and services bonds benefited returns, while a relative underweight in energy bonds acted as a drag. In terms of duration, strong credit selection of the 3-5 years duration bucket bolstered relative returns during the reporting period, with contributions from every duration bucket to total returns.
Muzinich Europeyield Fund
In this environment, the Fund generated positive returns and comfortably outperformed the indicative ICE BofA BB-B European Currency Non-Financial High Yield Constrained Index (HP4N). During the reporting period, the Fund continued to benefit from exposure to defensive sectors where we believe any economic slowdown could have limited indirect impact; we remain focused on credits offering good carry and attractive fundamentals. Notable contributions to absolute performance came from larger allocations to automotive & auto parts, homebuilders/real estate, and telecommunications. On a relative sector basis, strong credit selection and an underweight in telecommunications and airlines bolstered returns, as did strong credit selection and an overweight of homebuilders/real estate and technology bonds. Conversely, a relative underweight in chemicals bonds acted as a drag. On a ratings basis, we are focused on capturing the higher-yielding part of investment grade market including rising stars (former BB+ bonds that have been recently upgraded but haven’t reached our price target) and attractive senior bonds from European real estate issuers after the sector sell-off in 2022; we believe those bonds are still attractive from a yield perspective. While most of the portfolio is invested in fixed-rate bonds, a minority allocation to senior secured syndicated loans (focusing on liquid loans with secondary market liquidity) and floating-rate notes allows us to have a broader number of issuers to choose from in European leveraged finance.
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Muzinich Global High Yield Fund
In this environment, the Fund generated positive returns and outperformed its indicative reference index, the ICE BofA Global High Yield Constrained Index (HW0C). The Fund continued to benefit from its higher yielding holdings on the back of strong credit selection and an overweight of single-B rated credit. On a regional basis, the Fund’s larger allocations to the US and Western Europe were the greatest contributors to absolute performance, with notable contributions from EM credit, including strong credit selection in the Middle East and Africa (MEA) region and an overweight in Asia (ex. Japan). From an industry perspective, strong credit selection of homebuilders/real estate, services, and technology bonds benefited performance, while the Fund’s mandated lack of exposure to the energy sector acted as drag on relative performance. At a duration level, strong credit selection across the 0-5 years duration range contributed to relative outperformance.
Muzinich Enhancedyield Short-Term Fund
During the reporting period, the Fund generated positive returns and outperformed its indicative ICE BofA German Federal Government (1 to 3 years) Index (G1D0). From a ratings perspective, strong security selection and an overweight of BB rated credit bolstered relative returns and contributed positively to absolute performance. The Fund’s BBB overweight contributed positively overall, with higher carry supporting returns through a brief period of spread widening in March before the subsequent rally. The Fund’s longer-dated allocation to the 3-5 year bucket followed a similar pattern of recovery; our decision to extend Fund duration in a period of higher yields ultimately helped performance through the remainder of the reporting period. Both investment grade and high yield holdings delivered positive returns supported by a healthy level of yield in the portfolio, whichwas enhanced through an increased allocation to high yield. On a sector basis, notable contributions came from higher beta sectors that benefited from spread compression, including the Fund’s primary allocations to automotives, diversified financial services, and telecommunications. From a currency perspective, USD, EUR, and GBP bonds all contributed positively to total return, with notably strong performance from EUR bonds driven by tighter spreads.
Muzinich ShortDurationHighYield Fund
Over the reporting period, the Fund (or “SDHY”) generated attractive positive returns and outperformed the shorter duration segment of the BB-B US high yield market. We maintained a conservative position at the start of the reporting period given tight spreads, managing extension risk by owning more below-par bonds than comparable short duration and regular duration indices. As spreads and yields rose during the reporting period, we saw only a modest natural extension of the portfolio and actively began to add exposure to more medium duration bonds (i.e., bonds with a duration greater than 2 years priced below par) as spreads and yields became more attractive. The Fund benefited from strong credit selection in real estate, telecommunications, and diversified financial services sectors. At the close of the reporting period, the five largest sector exposures are homebuilders/real estate, healthcare, telecommunications, diversified financial services, and services.
Muzinich Market Duration Enhancedyield Fund
The Fund generated positive returns and outperformed its indicative market, the Bloomberg Barclays Global Aggregate Corporate Total Return Index hedged EUR (LGCPTREH).All currencies contributed positively to Fund performance; EUR and GBP credit benefited from both spread tightening and falling European and UK government bond yields. USD credit also contributed positively to absolute performance, with spread compression and carry as the primary drivers of return. The Fund's significant overweight to EUR, which generated a notably higher local return than USD, contributed meaningfully to relative outperformance. On a sector basis, strong credit selection in automotives, diversified financial services, and banking most meaningfully bolstered returns, while exposure to select energy bonds weighed on relative returns. High yield allocations continued to play an important role in generating strong Fund performance; we increased exposure while retaining a BB-rated quality bias, primarily in European issuers. Across ratings, BB rated credit was the standout performer for the reporting period, with our minority allocation to single-Bs also contributing strongly. Within investment grade, BBBs outperformed single-As. By duration, strong contributions to absolute and relative performance came from across the core 0-5 years duration range.At the close of the reporting
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period, we reduced some of the Fund’s EUR exposure following strong performance. The Fund ended the reporting period with approximately 3% cash that we expect to deploy into the USD market. We also began to adjust positioning in anticipation of higher rates in the US.
Muzinich LongShortCreditYield Fund
In this volatile, but ultimately attractive US high yield market, the Fund gained at the beginning and end of the period, but lost ground modestly in February. Overall, the Fund’s performance was edged out by that of the broader US high yield market represented by the ICE BofA Merrill Lynch US Cash Pay High Yield index (J0A0). As in prior periods, the Fund was much less volatile than the market. Fund gains were comprised largely of market-beating returns in the Fund’s Core Long positions, but these averaged less than 80% of the Fund’s net asset value over the period, reducing their overall contribution. Within the Long book, the portfolio used both core long holdings and options which helped enable our delivery of above-market average returns without taking undue credit risk. As a result, larger conviction books—including telecommunications, homebuilders, and healthcare—were generally the largest contributors. Small allocations to diversified financial services, sovereigns (US Treasurys), and hotels declined most, but no sector cost the fund more than eight basis points in the period. The Fund gained from its Arbitrage book, but the Short and Portfolio Hedges book positions detracted as the market continued to price up risk. These two buckets were, however, instrumental in protecting the portfolio in March when the Fund was relatively flat gross of fees while the market declined by more than a percent. We will continue to deploy capital actively in these buckets from here as we believe that hedging costs are relatively attractive given how tightly high yield is once again priced. We finished the period with a credit beta to the market of approximately 30%, after drifting wider following March’s market sell-off.
Muzinich EmergingMarketsShortDuration Fund
In this environment, the Fund generated positive returns and outperformed its reference index, the ICE BofA Emerging Market Short Duration Index (Q690). The Fund delivered strong returns at the start and close of the reporting period, more than offsetting a brief period of underperformance in March following military operations in Iran. All regions generated positive total returns for the reporting period. Allocations to the Middle East/Africa (MEA) region led relative outperformance and generated solid absolute returns benefiting from security selection in companies we believe are best positioned to benefit from the ceasefire and the prospect of a longer-term peace agreement. Strong credit selection in Asia (ex. Japan) also bolstered returns. At the sovereign level within Asia, Singaporean credits outperformed towards the end of the reporting period, benefiting from exposure to the global data center build-out. In Latin America, Brazil was the standout in the final weeks of the reporting period, driven by high yield exposure. All sectors generated positive absolute performance, with energy and diversified financial services as the largest contributors. On a relative basis, superior credit selection and an underweight in utilities bolstered returns while a modest headwind from an underweight in energy vs. the reference index weighed on returns. From a ratings perspective, BB rated credits were the best performing ratings segment on an absolute basis.
Muzinich Global Tactical Credit Fund
In this environment, the Fund generated positive returns but underperformed the global credit markets as represented by the ICE BofA Global Corporate and High Yield Index (GI00). During thereporting period, all credit buckets contributed positively to total return. Towards the end of the reporting period, EU investment grade was a particularly notable contributor, benefiting from falling European government yields, while UK sterling-denominated investment grade was the largest contributor to relative performance driven by security selection.
The US, which represents a little over 40% of the Fund at the close of the reporting period, saw its long-end exposure perform particularly well within the credit sleeve. In Western Europe—which was the largest positive contributor to total return—both German and UK exposure contributed positively. Within the EM allocation, the Fund's holdings in Asia were the strongest absolute performers, while strong security selection in the United Arab Emirates helped support relative performance.
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At the sector level, banking, energy, diversified financial services, and technology were the largest contributors to absolute returns. On a relative sector basis, strong credit selection of banking and automotive bonds benefited performance, while exposure to select healthcare bonds acted as a drag vs. the reference index. At the ratings level, the Fund benefited from its overweight in BBB rated credits relative to single-A rated paper, with the BBB bucket proving the largest contributor to absolute returns. The Fund finished the reporting period at approximately 4.3 years duration (below the reference index), achieved by underweighting both the front end and long end of the curve. The underweight at the front-end was notably additive on a relative basis, as investors priced out expectations of US rate cuts.
Muzinich Asia Credit Opportunities Fund
In this environment, the Fund generated positive returns and comfortably outperformed its reference index, the ICE BofA Asian Dollar Index (ADOL). China, India, and Hong Kong were the main contributors to total return, while the Fund’s off-index positions in Japan were accretive. From a duration perspective, strong credit selection and an underweight of the 10+ years duration bucket bolstered relative performance. No duration bucket detracted on an absolute basis. By rating, the most significant contributions came from strong security selection in the BBB-rated cohort, the primary driver of both total returns and relative outperformance. High yield significantly outperformed investment grade, fully justifying the fund’s overweight stance. By industry, diversified financial services, homebuilders/real estate, and banking were the strongest contributors to absolute performance.
At the close of the reporting period, we saw strong performance from Singapore following a portfolio company’s site visit at some of its operations in China. With new issue market activity limited at the end of the period, the Fund participated selectively and on a “switch basis.” Portfolio changes at the end of the reporting period included lowering the Fund’s duration by reinvesting into short-dated high yield and further reducing exposure to Indonesia—already a key underweight—in favor of adding exposure to Hong Kong.
Muzinich Emerging Market Corporate Debt Fund
Over the reporting period, the Fund generated positive returns and performed in line with its reference index, the ICE BofA Emerging Market Corporate Liquid Index (EMCL). All regions generated positive total return. On a regional basis, Asia was the strongest contributor to absolute performance and a strong contributor to relative returns, benefiting from both strong security selection and strategic allocation. Latin America also generated significant contributions to absolute performance. On a relative basis, MEA led outperformance driven by underweight positioning and superior credit selection. Towards the end of the reporting period, Chinese credits outperformed at the sovereign level, led by investment grade technology holdings and high yield property positions. At the same time, Brazil was the standout performer in Latin America due to high yield exposure. From an industry perspective, utilities, banking, and metals/mining led positive contributions to absolute returns. On a relative sector basis, strong credit selection in utilities and capital goods bonds, as well as an underweight of quasi/foreign government bonds bolstered performance, while an underweight in chemicals bonds acted as a drag. The Fund benefited from an underweight of single-A rated credit over the reporting period, while the BB rated cohort—where the Fund maintains an overweight—was the largest contributor on an absolute basis. Over the reporting period, the Fund benefited from contributions across all ratings segments. The Fund closed the reporting period with a slight underweight in duration, achieved through an overweight in the belly of the curve relative to the front end and the long end. The underweight at the front end was additive on a relative basis, as investors priced out expectations of US rate cuts.
Muzinich European Credit Alpha Fund
The Fund generated strong positive returns for the reporting period. Hedges we added at the more constructive start of the period effectively helped protect the portfolio against the volatility caused by events in the Middle East that drove market sentiment in early March, causing spreads to widen and rates to move higher on the back of elevated oil prices. Following the selloff in March, the Long Book drove returns given rallying spreads, contributing to strong Fund performance. With the dispersion caused by the selloff in March
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and the subsequent rally in April and May, we sought to trim bonds that quickly moved back to February tights while adding those that lagged and had room to tighten. We participated in primary issues selectively, given the limited level of new issue premium reflecting continued strong technical conditions.
The reporting period ended with the Overlay weighing modestly on the Fund in the context of tightening spreads and rising equities; gains on rates futures partially offset losses on option-based hedges. The Arbitrage Book was mostly flat for the reporting period.
High yield spreads and equities almost entirely retraced March’s selloff by the end of the reporting period. The Fund performed relatively well in the rally having taken profit on many hedges during March. However, with spreads nearly back to tight levels and equities back to their highs, we are now returning to a more defensive stance. We have reinstated hedges during the last few weeks of the reporting period.
Muzinich Fixed Maturity 2028 Fund
The Fund delivered strong positive returns for the reporting period. At the sector level, key positive contributions came from automotives, chemicals, energy, and banking, while exposure to select technology bonds acted as a drag. The Fund’s high yield bias continues to support performance. Both investment grade and high yield holdings contributed positively on the back of strong security selection, showcasing the benefits of the Fund's well-balanced and diversified strategy.
Muzinich High Yield Bond 2028 Fund
The Fund generated strong, positive returns for the reporting period. By sector, our selection of automotive bonds provided the greatest contribution to performance, followed by chemicals, homebuilders/real estate, and banking. The Fund’s modest exposure to technology bonds weighed on returns. By duration, the Fund's fixed maturity mandate maintained a significant allocation to the 0-3 year duration-to-worst segment, limiting sensitivity to rate moves during the reporting period. By rating, the BB and single-B rated cohorts most meaningfully contributed to absolute returns. We maintain our conviction that high yield strategies, particularly those with shorter duration, are well positioned for this environment as ample liquidity, low defaults, and historically strong credit quality bode well despite the potential for volatility.
Muzinich Global Short Duration Investment Grade Fund
The Global Short Duration Investment Grade Fund generated positive returns and comfortably outperformed its indicative ICE BofA 1-3 Year Global Corporate Index (G1BC). Performance was supported by our bias to the EUR market; both EUR and GBP credit were the strongest absolute performers, benefiting from spread tightening, while falling government bond yields in Europe and the UK reflected easing ECB rate hike expectations. USD credit also contributed positively, although rising US Treasury yields across the curve meant that spread compression and carry were the primary return drivers rather than duration. We actively managed currency allocation, increasing EUR exposure early in the period before shifting towards a higher combined EUR and GBP weighting in March as weakness in European rates created an opportunity to lock in more attractive yields, ultimately contributing meaningfully to outperformance.
By duration, the core 1-3 years duration bucket generated the strongest absolute returns. At the same time, our off-benchmark exposure to the 0-1 and 3-5 years duration segments added incremental return across the curve, demonstrating the effectiveness of the strategy. From a ratings perspective, the BBB cohort outperformed single-As within investment grade as the lower end of the ratings spectrum benefited most from spread compression. The Fund’s significant overweight in BBB and BBB- rated credit contributed positively to relative returns through both allocation and selection. The Fund additionally benefited from its off-benchmark exposure to BB rated bonds. By sector, banking, diversified financial services, automotive, and homebuilders/real estate were the largest absolute contributors given their dominant portfolio weights, driven by spread compression and improved risk sentiment.
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Muzinich Dynamic Credit Income Fund
Over the reporting period, the Fund delivered positive returns but underperformed its indicative market as represented by its bespoke reference index (70% of HW40—ICE BofA BB-B Global High Yield Index, 30% of GBC4—ICE BofA BBB Global Corporate Index). All sub-asset classes posted positive total returns, with strong contributions from European corporates and US high yield. At the end of the reporting period, strong security selection of UK sterling-denominated investment grade and EM investment grade notably benefited returns. An allocation to US investment grade bonds at the long end also contributed positively.
The US, which represents just over 50% of the Fund at the close of the reporting period, saw its long-end exposure perform particularly well within the credit sleeve. Western European contributions were led by the Fund's UK exposure. Within the EM allocation, the Fund's exposure to Asia was the strongest performer. On a relative sector basis, strong credit selection in utilities, homebuilders/real estate, and banking bolstered performance, while a relative underweight in energy bonds and exposure to select healthcare bonds acted as a drag. From a ratings perspective, the Fund’s BB rated cohort was the largest contributor to total return. The Fund finished the reporting period with duration in line with the indicative market, achieved through an overweight at the belly of the curve relative to the wings. The Fund’s underweight at the front end was additive on a relative basis, as investors priced out expectations of US rate cuts.
Muzinich Global Fixed Maturity 2027 Fund
The Fund produced healthy returns over the reporting period. Positive returns were generated most significantly by the portfolio’s BBB rated cohort, with notable contributions from the Fund’s BB-focused high yield allocation. On a sector basis, positive contributions came from nearly every sector, led by diversified financial services, homebuilders, automotives, and banking. All duration buckets contributed to total returns for the period, led by the core 1-3 years duration segment. The portfolio ended the reporting period with approximately 61% allocated to Western Europe and 26% in the US. All regions delivered healthy results, with notable contributions from allocations to the European periphery, Eastern Europe, and Asia Pacific.
Muzinich Global Market Duration Investment Grade Fund
The Fund generated positive returns and outperformed its indicative Bloomberg Global Aggregate Corporate Index. By rating, the Fund’s overweight and strong selection of the BBB rated cohort was the strongest contributor to relative and absolute returns. Our continued preference for BBB over single-A rated credit was additive to performance, as was the Fund’s small allocation to high yield bonds (which are not included in the reference index).
On a relative sector basis, an underweight position and strong credit selection in homebuilders/real estate, automotives, and diversified financial services bonds bolstered returns, while exposure to select energy bonds acted as a drag. From a currency perspective, EUR and GBP credit were the strongest contributors to total return, benefiting from both spread tightening and a meaningful fall in European and UK government bond yields as rate hike expectations eased. USD credit alsocontributed positively to absolute returns. By duration, the 3-5 years duration bucket generated the strongest absolute and relative performance; the Fund's overweight allocation to the belly of the curve contributed meaningfully to outperformance.
Muzinich Global Fixed Maturity 2028 Fund
The Fund generated a solid return over the reporting period, benefiting from a well-diversified portfolio comprised of mostly investment grade corporates with some “better quality” high yield exposure. Positive returns were generated most significantly by our allocations to BBB- rated bonds and the BB rated cohort. On a sector basis, energy, homebuilders/real estate, and automotives were the largest contributors to absolute returns. All duration buckets contributed to total returns for the period. At the close of the reporting period, the portfolio was invested approximately 56% in Western Europe and 30% in the US. All regions delivered positive results, with notable contributions from allocations to the European periphery, Eastern Europe and Asia Pacific.
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Muzinich Global Fixed Maturity 2027 II Fund
The Fund produced a healthy return over the reporting period. Positive returns were generated most significantly by the portfolio’s BBB rated cohort, with contributions from the Fund's BB-focused high yield allocation. On a sector basis, the largest contributions came from the Fund’s holdings in automotives, banking, diversified financial services, and homebuilders/real estate. All duration buckets contributed to absolute returns for the period, led by the core 1-3 years duration segment. At the close of the reporting period, the portfolio was invested approximately 71% in Western Europe and 24% in the US. All regions delivered healthy, positive results, with meaningful contributions from minority allocations to the European periphery and Eastern Europe.
Muzinich Global Fixed Maturity 2029 Fund
The Fund generated a strong return over the reporting period. Positive performance came from across this well diversified portfolio comprised of mostly investment grade corporates with some “better quality” high yield exposure. The BB and BBB rated cohorts were the largest contributors to returns. On a sector basis, automotives, homebuilders/real estate, and energy were the largest contributors to returns. At the close of the reporting period, the portfolio was invested approximately 52% in Western Europe and 40% in the US/Canada. All regions delivered positive results, with meaningful contributions from our modest allocations to Asia Pacific, Latin America, and Eastern Europe.
Muzinich Global Credit Market Neutral Fund
The Fund launched on February 12, 2026, and navigated March's volatility by capitalizing on elevated dispersion, entering several pair trades and taking profits as spread differentials normalized and targets were reached. Opening headwinds from the ramp-up phase—including bid-offer costs and higher rates—were offset by strong alpha generation from these trades, which continue to progress monthly.
Outlook
Investor confidence seems to have largely returned, with risk appetite recovering as US-Iran negotiations ended the reporting period seemingly close to a deal. The resolution of the Middle East conflict remains the dominant swing factor for energy prices, inflation, and, ultimately, central bank policy in the months ahead. In this context, the question of whether elevated energy prices prove transitory or structural is becoming increasingly difficult to avoid. Central banks appear to be adjusting accordingly, and government bond curves have bear-flattened across the US, UK, and Germany, reflecting both higher neutral rate expectations and rising fiscal pressures. Against this backdrop, we see regional divergence persisting—European data softening while US fundamentals remain resilient—with credit spreads appearing to price in limited downside despite the uncertain macro environment. Consequently, we continue to favor short-duration credit where yields remain attractive in our view, while selectively adding higher-quality high yield where we believe fundamentals justify the spread. We believe demand for income should continue to underpin credit markets, though geopolitics and the evolving energy supply picture are likely to remain the dominant market drivers in the months ahead.
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Soft Commission Arrangements
There were no soft commission arrangements in place during the financial period or during the prior financial period and there are no plans to introduce such programs.
All market data from Bloomberg or as noted.
Muzinich & Co. Limited Investment Manager 16 July 2026
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Muzinich Americayield Fund
NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES - 98.76% (30/11/2025: 97.55%)
CORPORATE BONDS - 98.76% (30/11/2025: 97.55%)
Aerospace and Defence - 1.01% (30/11/2025: 1.82%) 2,450,000 TransDigm, Inc. 7.125 01/12/2031 2,547,584 0.56 2,000,000 TransDigm, Inc. 6.375 31/05/2033 2,021,623 0.45
Airlines - 1.39% (30/11/2025: 1.77%) 1,150,000 Alaska Airlines, Inc. 6.500 01/06/2031 1,144,361 0.25 700,000 American Airlines, Inc. 5.750 20/04/2029 699,685 0.15 925,000 JetBlue Airways Corp. 9.875 20/09/2031 852,005 0.19 2,500,000 OneSky Flight LLC 8.875 15/12/2029 2,638,713 0.59 950,000 United Airlines Holdings, Inc. 5.375 01/03/2031 940,753 0.21
Automotive and Auto Parts - 3.94% (30/11/2025: 2.79%) 1,250,000 Adient Global Holdings Ltd. 7.500 15/02/2033 1,297,125 0.29 825,000 American Axle & Manufacturing, Inc. 6.375 15/10/2032 828,599 0.18 600,000 American Axle & Manufacturing, Inc. 7.750 15/10/2033 602,059 0.13 1,475,000 Cyprium Corp. 6.375 15/04/2034 1,475,675 0.33 425,000 Goodyear Tire & Rubber Co. 5.000 15/07/2029 406,137 0.09 150,000 Goodyear Tire & Rubber Co. 6.625 15/07/2030 146,766 0.03 975,000 Goodyear Tire & Rubber Co. 5.250 30/04/2031 871,295 0.19 1,275,000 Goodyear Tire & Rubber Co. 5.250 15/07/2031 1,132,616 0.25 825,000 Nissan Motor Acceptance Co. LLC 2.750 09/03/2028 784,714 0.17 1,400,000 Nissan Motor Acceptance Co. LLC 6.125 30/09/2030 1,383,420 0.31 900,000 Nissan Motor Co. Ltd. 4.345 17/09/2027 888,399 0.20 2,025,000 Nissan Motor Co. Ltd. 4.810 17/09/2030 1,897,989 0.42 200,000 Nissan Motor Co. Ltd. 8.125 17/07/2035 212,555 0.05 475,000 Phinia, Inc. 6.750 15/04/2029 488,837 0.11 1,250,000 Phinia, Inc. 6.625 15/10/2032 1,283,355 0.29 1,600,000 Tenneco, Inc. 8.000 17/11/2028 1,604,213 0.36 800,000 ZF Finance GmbH 2.250 03/05/2028 901,651 0.20 500,000 ZF North America Capital, Inc. 6.750 23/04/2030 498,089 0.11 700,000 ZF North America Capital, Inc. 7.500 24/03/2031 707,541 0.16 325,000 ZF North America Capital, Inc. 6.875 23/04/2032 319,812 0.07
Broadcasting - 3.29% (30/11/2025: 3.10%) 1,150,000 Discovery Global Holdings, Inc. 4.054 15/03/2029 1,146,941 0.25 1,000,000 Discovery Global Holdings, Inc. 4.279 15/03/2032 903,750 0.20 1,725,000 Discovery Global Holdings, Inc. 5.050 15/03/2042 1,265,719 0.28 350,000 Discovery Global Holdings, Inc. 5.141 15/03/2052 239,312 0.05 450,000 Gray Media, Inc. 10.500 15/07/2029 476,611 0.11 625,000 Gray Media, Inc. 5.375 15/11/2031 449,047 0.10 1,125,000 Nexstar Media, Inc. 6.500 15/09/2033 1,134,763 0.25 525,000 Paramount Global 4.200 19/05/2032 454,768 0.10
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 98.76% (30/11/2025: 97.55%) cont/d...
CORPORATE BONDS - 98.76% (30/11/2025: 97.55%) cont/d...
Broadcasting - 3.29% (30/11/2025: 3.10%) cont/d... 525,000 Paramount Global 5.500 15/05/2033 470,514 0.10 200,000 Paramount Global 4.850 01/07/2042 135,208 0.03 625,000 Scripps Escrow II, Inc. 3.875 15/01/2029 580,803 0.13 350,000 Sinclair Television Group, Inc. 4.375 31/12/2032 280,875 0.06 2,125,000 Sinclair Television Group, Inc. 8.125 15/02/2033 2,186,094 0.49 2,575,000 Sirius XM Radio LLC 4.000 15/07/2028 2,509,731 0.56 1,375,000 Univision Communications, Inc. 4.500 01/05/2029 1,308,068 0.29 475,000 Univision Communications, Inc. 7.375 30/06/2030 473,411 0.11 800,000 Univision Communications, Inc. 9.375 01/08/2032 819,962 0.18
Building Materials - 2.10% (30/11/2025: 1.73%) 1,250,000 Builders FirstSource, Inc. 4.250 01/02/2032 1,151,246 0.26 250,000 Builders FirstSource, Inc. 6.375 15/06/2032 252,487 0.06 1,100,000 Miter Brands Acquisition Holdco, Inc. 6.750 01/04/2032 1,082,272 0.24 2,450,000 New Enterprise Stone & Lime Co., Inc. 5.250 15/07/2028 2,438,846 0.54 575,000 Park River Holdings, Inc. 8.000 15/03/2031 582,595 0.13 1,000,000 Smyrna Ready Mix Concrete LLC 6.000 01/11/2028 1,003,174 0.22 1,975,000 Standard Building Solutions, Inc. 6.500 15/08/2032 2,006,383 0.44 950,000 Standard Building Solutions, Inc. 6.250 01/08/2033 952,131 0.21
Cable and Satellite TV - 4.22% (30/11/2025: 3.39%) 2,475,000 CCO Holdings LLC 5.375 01/06/2029 2,430,963 0.54 2,900,000 CCO Holdings LLC 4.750 01/03/2030 2,742,481 0.61 3,100,000 CCO Holdings LLC 4.250 01/02/2031 2,808,526 0.62 2,175,000 Directv Financing LLC 8.875 01/02/2030 2,232,814 0.50 900,000 Directv Financing LLC 9.250 01/06/2032 924,569 0.21 2,225,000 DISH DBS Corp. 5.750 01/12/2028 2,185,305 0.48 3,025,000 DISH Network Corp. 11.750 15/11/2027 3,118,609 0.69 2,700,000 Midcontinent Communications 8.000 15/08/2032 2,551,613 0.57
Capital Goods - 2.15% (30/11/2025: 2.34%) 1,575,000 Amsted Industries, Inc. 6.375 15/03/2033 1,606,219 0.36 2,300,000 Calderys Financing LLC 11.250 01/06/2028 2,384,585 0.53 1,450,000 JB Poindexter & Co., Inc. 8.750 15/12/2031 1,492,895 0.33 450,000 Lsf12 Helix Parent LLC 7.125 01/02/2033 442,086 0.10 1,250,000 Patrick Industries, Inc. 6.375 01/11/2032 1,249,734 0.28 2,450,000 Terex Corp. 6.250 15/10/2032 2,488,894 0.55
Chemicals - 2.59% (30/11/2025: 2.25%) 1,500,000 Avient Corp. 6.250 01/11/2031 1,522,585 0.34 1,000,000 Celanese U.S. Holdings LLC 0.625 10/09/2028 1,085,286 0.24
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 98.76% (30/11/2025: 97.55%) cont/d...
CORPORATE BONDS - 98.76% (30/11/2025: 97.55%) cont/d...
Chemicals - 2.59% (30/11/2025: 2.25%) cont/d... 1,150,000 Compass Minerals International, Inc. 8.000 01/07/2030 1,217,027 0.27 1,350,000 FMC Corp. 3.450 01/10/2029 1,234,807 0.27 1,000,000 INEOS Finance PLC 7.500 15/04/2029 995,989 0.22 1,225,000 NOVA Chemicals Corp. 4.250 15/05/2029 1,196,911 0.27 1,325,000 Olympus Water U.S. Holding Corp. 7.250 15/02/2033 1,310,707 0.29 875,000 Rain Carbon, Inc. 12.250 01/09/2029 930,804 0.21 1,000,000 SCIH Salt Holdings, Inc. 4.875 01/05/2028 989,382 0.22 1,175,000 WR Grace Holdings LLC 6.625 15/08/2032 1,166,602 0.26
Consumer Products - 2.84% (30/11/2025: 2.07%) 1,575,000 Edgewell Personal Care Co. 5.500 01/06/2028 1,570,200 0.35 1,225,000 Energizer Holdings, Inc. 4.750 15/06/2028 1,211,484 0.27 2,750,000 Energizer Holdings, Inc. 4.375 31/03/2029 2,649,337 0.59 3,225,000 Masterbrand, Inc. 7.000 15/07/2032 3,221,698 0.71 675,000 Newell Brands, Inc. 6.625 15/09/2029 676,039 0.15 350,000 Newell Brands, Inc. 6.375 15/05/2030 345,648 0.08 1,475,000 Newell Brands, Inc. 6.625 15/05/2032 1,436,264 0.32 375,000 Whirlpool Corp. 4.750 26/02/2029 354,616 0.08 1,250,000 Whirlpool Corp. 6.500 15/06/2033 1,135,760 0.25 325,000 Whirlpool Corp. 4.500 01/06/2046 207,214 0.04
Containers - 3.30% (30/11/2025: 1.91%) 1,575,000 Ardagh Metal Packaging Finance USA LLC 4.000 01/09/2029 1,495,243 0.33 250,000 Ardagh Metal Packaging Finance USA LLC 6.250 30/01/2031 252,087 0.06 2,475,000 Canpack SA 3.875 15/11/2029 2,342,740 0.52 1,600,000 Clydesdale Acquisition Holdings, Inc. 6.750 15/04/2032 1,539,483 0.34 1,100,000 Graphic Packaging International LLC 3.750 01/02/2030 1,032,307 0.23 2,575,000 Mauser Packaging Solutions Holding Co. 7.875 15/04/2030 2,602,931 0.58 225,000 OI European Group BV 4.750 15/02/2030 214,242 0.05 1,275,000 Owens-Brockway Glass Container, Inc. 7.250 15/05/2031 1,255,264 0.28 650,000 Owens-Brockway Glass Container, Inc. 9.500 01/06/2033 668,685 0.15 375,000 Sword Purchaser LLC 8.250 15/04/2033 386,529 0.08 575,000 Sword Purchaser LLC 10.500 15/04/2034 598,433 0.13 600,000 Toucan Finco Ltd. 8.250 15/05/2030 609,911 0.13 650,000 Toucan Finco Ltd. 9.500 15/05/2030 578,840 0.13 1,275,000 Veritiv Operating Co. 10.500 30/11/2030 1,309,771 0.29
Diversified Financial Services - 8.22% (30/11/2025: 7.85%) 225,000 AerCap Ireland Capital DAC 4.750 15/01/2033 220,570 0.05 2,450,000 APH Somerset Investor 2 LLC 7.875 01/11/2029 2,461,172 0.55 675,000 Azorra Finance Ltd. 7.250 15/01/2031 691,014 0.15
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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Muzinich Americayield Fund cont/d…
NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 98.76% (30/11/2025: 97.55%) cont/d...
CORPORATE BONDS - 98.76% (30/11/2025: 97.55%) cont/d...
Diversified Financial Services - 8.22% (30/11/2025: 7.85%) cont/d... 1,125,000 Block, Inc. 6.500 15/05/2032 1,147,313 0.25 475,000 Block, Inc. 6.000 15/08/2033 475,514 0.11 700,000 Bread Financial Holdings, Inc. 6.750 15/05/2031 717,308 0.16 1,775,000 Burford Capital Global Finance LLC 6.250 15/04/2028 1,734,530 0.38 1,775,000 Burford Capital Global Finance LLC 6.875 15/04/2030 1,690,262 0.38 875,000 Burford Capital Global Finance LLC 7.500 15/07/2033 748,659 0.17 2,600,000 California Buyer Ltd. 6.375 15/02/2032 2,587,069 0.57 1,275,000 CrossCountry Intermediate Holdco LLC 6.500 01/10/2030 1,256,690 0.28 875,000 Dcli Bidco LLC 7.750 15/11/2029 900,716 0.20 600,000 Encore Capital Group, Inc. 6.625 15/04/2031 605,495 0.13 350,000 Encore Capital Group, Inc. 6.625 01/06/2032 350,147 0.08 1,275,000 FirstCash, Inc. 6.125 01/05/2034 1,276,555 0.28 1,275,000 Freedom Mortgage Corp. 6.625 15/01/2027 1,279,297 0.28 825,000 Freedom Mortgage Holdings LLC 8.375 01/04/2032 838,207 0.19 900,000 FTAI Aviation Investors LLC 5.875 15/04/2033 896,937 0.20 1,325,000 Global Aircraft Leasing Co. Ltd. 8.750 01/09/2027 1,355,894 0.30 225,000 Nasdaq, Inc. 5.550 15/02/2034 232,437 0.05 1,475,000 OneMain Finance Corp. 4.000 15/09/2030 1,362,242 0.30 1,350,000 OneMain Finance Corp. 6.500 15/03/2033 1,319,241 0.29 1,550,000 Pagaya U.S. Holdings Co. LLC 8.875 01/08/2030 1,214,786 0.27 1,600,000 PennyMac Financial Services, Inc. 4.250 15/02/2029 1,529,014 0.34 275,000 PennyMac Financial Services, Inc. 6.875 15/02/2033 267,391 0.06 875,000 PennyMac Financial Services, Inc. 6.750 15/02/2034 839,556 0.19 1,675,000 Phoenix Aviation Capital Ltd. 9.250 15/07/2030 1,727,900 0.38 1,800,000 PRA Group, Inc. 8.375 01/02/2028 1,830,614 0.41 475,000 PRA Group, Inc. 5.000 01/10/2029 450,687 0.10 100,000 PRA Group, Inc. 8.875 31/01/2030 102,886 0.02 1,325,000 Provident Funding Associates LP 9.750 15/09/2029 1,385,839 0.31 1,400,000 Shift4 Payments LLC 5.500 15/05/2033 1,612,311 0.36 1,950,000 United Wholesale Mortgage LLC 5.750 15/06/2027 1,943,487 0.43
Diversified Media - 1.59% (30/11/2025: 1.26%) 386,282 Advantage Sales & Marketing, Inc. 9.000 15/11/2030 321,580 0.07 1,250,000 Arches Buyer, Inc. 4.250 01/06/2028 1,215,478 0.27 1,300,000 Clear Channel Outdoor Holdings, Inc. 7.875 01/04/2030 1,355,575 0.30 800,000 Clear Channel Outdoor Holdings, Inc. 7.125 15/02/2031 827,650 0.18 850,000 Neptune Bidco U.S., Inc. 9.500 15/02/2033 870,572 0.19 750,000 Paramount Global 6.875 30/04/2036 694,084 0.16 1,200,000 Paramount Global 4.375 15/03/2043 768,616 0.17 575,000 Snap, Inc. 6.875 01/03/2033 570,338 0.13 550,000 Snap, Inc. 6.875 15/03/2034 541,758 0.12
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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Muzinich Americayield Fund cont/d…
NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 98.76% (30/11/2025: 97.55%) cont/d...
CORPORATE BONDS - 98.76% (30/11/2025: 97.55%) cont/d...
Energy - 7.68% (30/11/2025: 10.64%) 2,425,000 Ascent Resources Utica Holdings LLC 6.625 15/10/2032 2,489,820 0.55 2,425,000 Buckeye Partners LP 6.750 01/02/2030 2,512,913 0.56 1,501,000 Delek Logistics Partners LP 8.625 15/03/2029 1,563,344 0.35 1,450,000 Gulfport Energy Operating Corp. 6.750 01/09/2029 1,489,547 0.33 1,475,000 Harvest Midstream I LP 6.750 15/05/2034 1,515,274 0.34 1,000,000 Hilcorp Energy I LP 6.000 01/02/2031 985,880 0.22 2,050,000 Northern Oil & Gas, Inc. 7.875 15/10/2033 2,081,960 0.46 2,400,000 Rockies Express Pipeline LLC 6.875 15/04/2040 2,455,418 0.54 1,550,000 SM Energy Co. 6.625 15/04/2034 1,559,247 0.35 550,000 Sunoco LP 4.500 30/04/2030 534,558 0.12 1,675,000 Sunoco LP 5.875 15/03/2034 1,666,000 0.37 3,800,000 Tallgrass Energy Partners LP 6.000 31/12/2030 3,837,365 0.85 1,775,000 Venture Global Calcasieu Pass LLC 4.125 15/08/2031 1,666,802 0.37 1,525,000 Venture Global Calcasieu Pass LLC 3.875 01/11/2033 1,360,549 0.30 225,000 Venture Global Calcasieu Pass LLC 6.000 01/05/2036 227,640 0.05 725,000 Venture Global LNG, Inc. 7.000 15/01/2030 743,985 0.16 3,575,000 Venture Global LNG, Inc. 8.375 01/06/2031 3,722,000 0.83 275,000 Venture Global Plaquemines LNG LLC 6.500 15/01/2034 287,682 0.06 375,000 Venture Global Plaquemines LNG LLC 6.500 15/06/2034 391,554 0.09 3,300,000 Venture Global Plaquemines LNG LLC 6.750 15/01/2036 3,501,897 0.78
Entertainment and Film - 0.17% (30/11/2025: 0.16%) 775,000 Cinemark USA, Inc. 5.250 15/07/2028 771,299 0.17
Environmental - Nil (30/11/2025: 0.27%)
Food and Drug Retail - 0.71% (30/11/2025: 0.93%) 1,175,000 Albertsons Cos., Inc. 3.500 15/03/2029 1,121,768 0.25 450,000 Albertsons Cos., Inc. 5.750 31/03/2034 434,073 0.10 1,425,000 Market Bidco Finco PLC 6.750 31/01/2031 1,628,581 0.36
Food, Beverage and Tobacco - 1.96% (30/11/2025: 1.73%) 900,000 CD&R Smokey Buyer, Inc. 9.500 15/10/2029 541,307 0.12 1,100,000 Fiesta Purchaser, Inc. 7.875 01/03/2031 1,107,205 0.24 2,050,000 KeHE Distributors LLC 9.000 15/02/2029 2,143,576 0.48 875,000 KeHE Distributors LLC 7.125 30/04/2033 887,612 0.20 1,300,000 Performance Food Group, Inc. 4.250 01/08/2029 1,260,279 0.28 750,000 Performance Food Group, Inc. 6.125 15/09/2032 759,191 0.17 2,000,000 Post Holdings, Inc. 4.625 15/04/2030 1,947,553 0.43 200,000 Post Holdings, Inc. 6.250 15/10/2034 198,441 0.04
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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Muzinich Americayield Fund cont/d…
NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 98.76% (30/11/2025: 97.55%) cont/d...
CORPORATE BONDS - 98.76% (30/11/2025: 97.55%) cont/d...
Gaming - 2.80% (30/11/2025: 3.45%) 1,225,000 Boyd Gaming Corp. 4.750 15/06/2031 1,181,696 0.26 1,225,000 Caesars Entertainment, Inc. 6.500 15/02/2032 1,195,414 0.27 1,525,000 Great Canadian Gaming Corp. 8.750 15/11/2029 1,505,272 0.33 1,575,000 Jacobs Entertainment, Inc. 6.750 15/02/2029 1,549,296 0.34 650,000 Penn Entertainment, Inc. 5.625 15/01/2027 650,026 0.15 2,075,000 Penn Entertainment, Inc. 4.125 01/07/2029 1,987,986 0.44 1,300,000 Penn Entertainment, Inc. 6.750 01/04/2031 1,295,775 0.29 1,125,000 Rivers Enterprise Borrower LLC 6.250 15/10/2030 1,134,813 0.25 425,000 Rivers Enterprise Borrower LLC 6.625 01/02/2033 431,576 0.10 1,775,000 Station Casinos LLC 4.625 01/12/2031 1,681,474 0.37
Healthcare - 7.78% (30/11/2025: 7.47%) 1,650,000 Adapthealth LLC 5.125 01/03/2030 1,599,757 0.35 1,525,000 Avantor Funding, Inc. 4.625 15/07/2028 1,509,954 0.34 2,050,000 Bausch & Lomb Corp. 8.375 01/10/2028 2,119,187 0.47 1,200,000 Community Health Systems, Inc. 5.250 15/05/2030 1,131,867 0.25 1,550,000 DaVita, Inc. 3.750 15/02/2031 1,441,995 0.32 425,000 DaVita, Inc. 6.875 01/09/2032 440,461 0.10 1,150,000 Embecta Corp. 5.000 15/02/2030 890,424 0.20 1,250,000 Endo Finance Holdings LP 8.500 15/04/2031 1,333,058 0.30 225,000 HCA, Inc. 4.600 15/11/2032 219,743 0.05 1,500,000 LifePoint Health, Inc. 8.375 15/02/2032 1,576,328 0.35 1,625,000 LifePoint Health, Inc. 7.000 01/05/2034 1,588,401 0.35 2,425,000 Medline Borrower LP 3.875 01/04/2029 2,361,300 0.52 1,375,000 Medline Borrower LP 5.250 01/10/2029 1,373,386 0.30 1,000,000 National Mentor Holdings, Inc. 10.500 15/12/2030 1,053,277 0.23 1,000,000 Organon & Co. 5.125 30/04/2031 991,759 0.22
1,050,000
Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. 8.750 17/04/2032 954,188 0.21 4,225,000 Perrigo Finance Unlimited Co. 6.125 30/09/2032 4,035,924 0.90 1,500,000 Prestige Brands, Inc. 3.750 01/04/2031 1,377,938 0.31 2,375,000 Prime Healthcare Services, Inc. 9.375 01/09/2029 2,485,655 0.55 1,800,000 Star Parent, Inc. 9.000 01/10/2030 1,891,913 0.42 2,450,000 Tenet Healthcare Corp. 4.250 01/06/2029 2,389,809 0.53 2,375,000 U.S. Acute Care Solutions LLC 9.750 15/05/2029 2,278,240 0.51
Homebuilders and Real Estate - 8.33% (30/11/2025: 10.68%) 225,000 American Tower Corp. 5.650 15/03/2033 233,416 0.05 2,575,000 Apollo Commercial Real Estate Finance, Inc. 4.625 15/06/2029 2,574,190 0.57 1,375,000 Ashton Woods USA LLC 6.875 01/08/2033 1,349,458 0.30 1,625,000 Blackstone Mortgage Trust, Inc. 6.250 01/06/2031 1,599,456 0.36 2,200,000 Century Communities, Inc. 6.625 15/09/2033 2,183,244 0.48
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 98.76% (30/11/2025: 97.55%) cont/d...
CORPORATE BONDS - 98.76% (30/11/2025: 97.55%) cont/d...
Homebuilders and Real Estate - 8.33% (30/11/2025: 10.68%) cont/d... 225,000 Crown Castle, Inc. 5.100 01/05/2033 224,079 0.05 2,450,000 Global Infrastructure Solutions, Inc. 5.625 01/06/2029 2,447,934 0.54 775,000 Howard Hughes Corp. 4.125 01/02/2029 748,830 0.17 1,025,000 Howard Hughes Corp. 6.125 01/03/2034 1,002,064 0.22 2,500,000 Iron Mountain, Inc. 5.250 15/07/2030 2,474,265 0.55 600,000 Kennedy-Wilson, Inc. 4.750 01/02/2030 607,246 0.14 4,800,000 Kennedy-Wilson, Inc. 5.000 01/03/2031 4,842,144 1.07 750,000 Kennedy-Wilson, Inc. 7.000 01/06/2031 768,159 0.17 825,000 Kennedy-Wilson, Inc. 7.250 01/06/2033 839,413 0.19 2,450,000 Ladder Capital Finance Holdings LLLP 4.750 15/06/2029 2,401,574 0.53 3,625,000 MasTec, Inc. 6.625 15/08/2029 3,635,023 0.81 3,325,000 Park Intermediate Holdings LLC 5.875 01/10/2028 3,327,075 0.74 1,025,000 RHP Hotel Properties LP 6.500 01/04/2032 1,051,541 0.23 200,000 RHP Hotel Properties LP 5.750 15/03/2034 198,513 0.04 1,650,000 SBA Communications Corp. 3.125 01/02/2029 1,583,893 0.35 1,025,000 Service Properties Trust 4.375 15/02/2030 924,706 0.21 1,200,000 Starwood Property Trust, Inc. 4.375 15/01/2027 1,200,307 0.27 1,250,000 Starwood Property Trust, Inc. 7.250 01/04/2029 1,297,864 0.29
Hotels - 0.78% (30/11/2025: 0.28%) 425,000 Carnival Corp. 5.125 01/05/2029 424,809 0.09 550,000 Hilton Grand Vacations Borrower LLC 5.000 01/06/2029 535,445 0.12 1,300,000 Hilton Grand Vacations Borrower LLC 4.875 01/07/2031 1,213,364 0.27 1,350,000 Travel & Leisure Co. 6.250 01/06/2031 1,358,477 0.30
Insurance - 1.21% (30/11/2025: 0.74%) 2,100,000 Acrisure LLC 4.250 15/02/2029 1,992,569 0.44 1,075,000 Alliant Holdings Intermediate LLC 6.500 01/10/2031 1,078,856 0.24 875,000 Asurion LLC 8.000 31/12/2032 913,043 0.21 1,475,000 Asurion LLC 8.375 01/02/2034 1,442,685 0.32
Leisure - 1.58% (30/11/2025: 1.36%) 1,000,000 A&K Travel Group Holdings Ltd. 7.500 15/05/2033 1,014,579 0.22 250,000 Carnival Corp. 5.875 15/06/2031 254,070 0.06 525,000 Carnival Corp. 5.750 01/08/2032 531,002 0.12 1,775,000 Carnival Corp. 6.125 15/02/2033 1,799,252 0.40 1,375,000 NCL Corp. Ltd. 5.875 15/01/2031 1,329,855 0.29 600,000 Sabre GLBL, Inc. 11.125 15/07/2030 535,500 0.12 1,700,000 SeaWorld Parks & Entertainment, Inc. 5.250 15/08/2029 1,655,598 0.37
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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Muzinich Americayield Fund cont/d…
NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 98.76% (30/11/2025: 97.55%) cont/d...
CORPORATE BONDS - 98.76% (30/11/2025: 97.55%) cont/d...
Metals and Mining - 4.51% (30/11/2025: 4.05%) 975,000 Alcoa Nederland Holding BV 7.125 15/03/2031 1,018,386 0.23 1,400,000 Capstone Copper Corp. 6.750 31/03/2033 1,428,616 0.32 3,425,000 Constellium SE 5.625 15/06/2028 3,429,716 0.76 2,875,000 ERO Copper Corp. 6.500 15/02/2030 2,876,308 0.64 600,000 First Quantum Minerals Ltd. 7.250 15/02/2034 616,606 0.14 1,750,000 Fortescue Treasury Pty. Ltd. 4.375 01/04/2031 1,672,273 0.37 1,175,000 Kaiser Aluminum Corp. 4.500 01/06/2031 1,127,145 0.25 925,000 Kaiser Aluminum Corp. 5.875 01/03/2034 921,767 0.20 1,261,000 Mineral Resources Ltd. 9.250 01/10/2028 1,309,085 0.29 200,000 Mineral Resources Ltd. 6.000 01/05/2032 199,393 0.04 1,475,000 Mineral Resources Ltd. 6.250 01/05/2034 1,467,609 0.33 2,550,000 Novelis Corp. 4.750 30/01/2030 2,462,744 0.55 325,000 Novelis Corp. 3.875 15/08/2031 295,781 0.06 1,575,000 SunCoke Energy, Inc. 4.875 30/06/2029 1,507,299 0.33
Publishing and Printing - 0.65% (30/11/2025: 1.11%) 1,575,000 Cimpress PLC 7.375 15/09/2032 1,594,961 0.35 1,300,000 McGraw-Hill Education, Inc. 7.375 01/09/2031 1,328,677 0.30
Restaurants - 0.62% (30/11/2025: 1.07%) 1,225,000 1011778 BC ULC 4.375 15/01/2028 1,213,056 0.27 1,425,000 1011778 BC ULC 4.000 15/10/2030 1,351,594 0.30 225,000 McDonald's Corp. 4.950 14/08/2033 228,482 0.05
Services - 5.25% (30/11/2025: 5.17%) 2,925,000 Allied Universal Holdco LLC 4.625 01/06/2028 2,884,018 0.64 1,150,000 Allied Universal Holdco LLC 7.875 15/02/2031 1,203,354 0.27 625,000 Avis Budget Car Rental LLC 8.375 15/06/2032 638,703 0.14 1,450,000 Beacon Mobility Corp. 7.250 01/08/2030 1,502,087 0.33 1,525,000 BlueLinx Holdings, Inc. 6.000 15/11/2029 1,495,875 0.33 1,975,000 Brink's Co. 6.750 15/06/2032 2,025,145 0.45 1,225,000 Clarivate Science Holdings Corp. 3.875 01/07/2028 1,185,578 0.26 475,000 Garda World Security Corp. 6.500 15/01/2031 483,451 0.11 1,500,000 Graham Holdings Co. 5.625 01/12/2033 1,477,020 0.33 3,375,000 Neptune Bidco U.S., Inc. 9.290 15/04/2029 3,453,027 0.77 1,325,000 Neptune Bidco U.S., Inc. 10.375 15/05/2031 1,385,446 0.31 1,600,000 Prime Security Services Borrower LLC 3.375 31/08/2027 1,569,621 0.35 1,200,000 RB Global Holdings, Inc. 6.750 15/03/2028 1,220,179 0.27 2,000,000 TriNet Group, Inc. 3.500 01/03/2029 1,871,248 0.41 1,225,000 WESCO Distribution, Inc. 6.375 15/03/2029 1,253,999 0.28
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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Muzinich Americayield Fund cont/d…
NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 98.76% (30/11/2025: 97.55%) cont/d...
CORPORATE BONDS - 98.76% (30/11/2025: 97.55%) cont/d...
Steel - 0.59% (30/11/2025: 0.52%) 675,000 Cleveland-Cliffs, Inc. 4.875 01/03/2031 628,168 0.14 650,000 Cleveland-Cliffs, Inc. 7.000 15/03/2032 657,936 0.15 375,000 Cleveland-Cliffs, Inc. 7.375 01/05/2033 385,375 0.08 975,000 Cleveland-Cliffs, Inc. 7.625 15/01/2034 1,004,103 0.22
Super Retail - 2.82% (30/11/2025: 2.94%) 675,000 Advance Auto Parts, Inc. 3.900 15/04/2030 630,691 0.14 575,000 Advance Auto Parts, Inc. 7.375 01/08/2033 598,595 0.13 1,450,000 Champ Acquisition Corp. 8.375 01/12/2031 1,523,545 0.34 850,000 Ken Garff Automotive LLC 4.875 15/09/2028 842,401 0.19 1,050,000 Magnera Corp. 4.750 15/11/2029 983,805 0.22 2,400,000 Magnera Corp. 7.250 15/11/2031 2,320,157 0.51 1,175,000 Michaels Cos., Inc. 8.500 15/03/2033 1,148,191 0.25 750,000 PetSmart LLC 7.500 15/09/2032 756,400 0.17 1,200,000 Upbound Group, Inc. 6.375 15/02/2029 1,188,825 0.26 1,275,000 VF Corp. 2.950 23/04/2030 1,154,976 0.26 1,500,000 Victra Holdings LLC 8.750 15/09/2029 1,558,022 0.35
Technology - 4.44% (30/11/2025: 4.36%) 950,000 Almaviva-The Italian Innovation Co. SpA 5.000 30/10/2030 1,081,464 0.24 1,150,000 Cloud Software Group, Inc. 6.500 31/03/2029 1,141,856 0.25 2,325,000 Cloud Software Group, Inc. 8.250 30/06/2032 2,284,484 0.51 800,000 CoreWeave, Inc. 9.250 01/06/2030 816,770 0.18 800,000 CoreWeave, Inc. 9.000 01/02/2031 812,136 0.18 875,000 Fortress Intermediate 3, Inc. 7.500 01/06/2031 885,627 0.20 1,375,000 Insight Enterprises, Inc. 6.625 15/05/2032 1,397,892 0.31 775,000 ION Platform Finance U.S., Inc. 5.000 01/05/2028 725,651 0.16 400,000 ION Platform Finance U.S., Inc. 7.875 30/09/2032 310,278 0.07 550,000 Kioxia Holdings Corp. 6.250 24/07/2030 566,770 0.13 375,000 Kioxia Holdings Corp. 6.625 24/07/2033 393,490 0.09 475,000 OAK-Eagle Acquireco, Inc. 7.250 01/07/2033 495,635 0.11 1,275,000 OAK-Eagle Acquireco, Inc. 8.750 01/07/2034 1,348,177 0.30 725,000 Open Text Corp. 3.875 15/02/2028 703,668 0.16 575,000 Open Text Corp. 3.875 01/12/2029 528,105 0.12 1,625,000 Open Text Holdings, Inc. 4.125 01/12/2031 1,419,138 0.31 2,900,000 Rocket Software, Inc. 9.000 28/11/2028 2,926,625 0.65 1,850,000 UKG, Inc. 6.875 01/02/2031 1,819,515 0.40 425,000 ZoomInfo Technologies LLC 3.875 01/02/2029 333,489 0.07
Telecommunications - 7.00% (30/11/2025: 5.43%) 1,650,000 APLD ComputeCo 2 LLC 6.750 15/03/2031 1,663,981 0.37
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 98.76% (30/11/2025: 97.55%) cont/d...
CORPORATE BONDS - 98.76% (30/11/2025: 97.55%) cont/d...
Telecommunications - 7.00% (30/11/2025: 5.43%) cont/d... 2,625,000 APLD ComputeCo LLC 9.250 15/12/2030 2,835,060 0.63 225,000 AT&T, Inc. 4.550 01/11/2032 221,004 0.05 3,075,000 Connect Finco SARL 9.000 15/09/2029 3,250,789 0.72 4,400,000 EchoStar Corp. 10.750 30/11/2029 4,784,494 1.06 250,000 Fibercop SpA 6.375 15/11/2033 250,648 0.06 250,000 Fibercop SpA 6.000 30/09/2034 240,853 0.05 250,000 Fibercop SpA 7.200 18/07/2036 250,507 0.06 250,000 Fibercop SpA 7.721 04/06/2038 253,372 0.06 1,275,000 Flash Compute LLC 7.250 31/12/2030 1,316,033 0.29 2,650,000 GCI LLC 4.750 15/10/2028 2,559,248 0.57 1,550,000 Iliad Holding SAS 7.000 15/04/2032 1,578,597 0.35 875,000 Level 3 Financing, Inc. 6.875 30/06/2033 902,197 0.20 675,000 Level 3 Financing, Inc. 7.000 31/03/2034 700,115 0.15 1,525,000 Level 3 Financing, Inc. 8.500 15/01/2036 1,650,318 0.37 150,000 Level 3 Financing, Inc. 7.500 15/02/2037 154,746 0.03 500,000 Meridian Arc Holdco LLC 6.250 30/04/2031 502,841 0.11 1,950,000 PR RNO Property Owner 1 LLC 6.500 01/05/2031 1,953,802 0.43 2,500,000 Virgin Media Secured Finance PLC 5.500 15/05/2029 2,404,546 0.53 1,325,000 VZ Secured Financing BV 5.000 15/01/2032 1,151,377 0.26 1,650,000 Windstream Services LLC 8.250 01/10/2031 1,742,070 0.39 1,166,108 Zayo Group Holdings, Inc. 9.250 09/03/2030 1,168,679 0.26
Transportation Excluding Air and Rail - 0.30% (30/11/2025: Nil) 1,350,000 RXO, Inc. 6.375 15/05/2031 1,360,383 0.30
Utilities - 2.94% (30/11/2025: 2.91%) 1,250,000 Alpha Generation LLC 6.750 15/10/2032 1,279,951 0.28 700,000 Alpha Generation LLC 6.250 15/01/2034 694,411 0.15 1,200,000 Clearway Energy Operating LLC 4.750 15/03/2028 1,191,734 0.27 1,350,000 Clearway Energy Operating LLC 3.750 15/02/2031 1,258,616 0.28 225,000 Clearway Energy Operating LLC 5.750 15/01/2034 223,817 0.05 250,000 Commonwealth Edison Co. 3.150 15/03/2032 231,235 0.05 1,000,000 Hawaiian Electric Co., Inc. 6.000 01/10/2033 993,084 0.22 1,175,000 NRG Energy, Inc. 6.000 15/01/2036 1,167,917 0.26 2,350,000 Suburban Propane Partners LP 5.000 01/06/2031 2,254,516 0.50 1,600,000 Talen Energy Supply LLC 6.500 01/02/2036 1,610,262 0.36 1,450,000 TerraForm Power Operating LLC 5.000 31/01/2028 1,442,330 0.32 225,000 Xcel Energy, Inc. 5.450 15/08/2033 229,787 0.05
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 98.76% (30/11/2025: 97.55%) cont/d...
CORPORATE BONDS - 98.76% (30/11/2025: 97.55%) cont/d...
Utilities - 2.94% (30/11/2025: 2.91%) cont/d... 625,000 XPLR Infrastructure Operating Partners LP 8.375 15/01/2031 670,423 0.15
Total Corporate Bonds (Cost: US$438,131,171) 444,961,454 98.76
Total Transferable Securities (Cost: US$438,131,171) 444,961,454 98.76
Investments (Cost: US$438,131,171) 444,961,454 98.76
FINANCIAL DERIVATIVE INSTRUMENTS - (0.07)% (30/11/2025: (0.37)%)
Forward Foreign Currency Exchange Contracts - (0.07)% (30/11/2025: (0.37)%)
MATURITY DATE
SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD
NUMBER OF CONTRACTS
UNREALISED GAIN/(LOSS) US$
% of NET ASSETS 15/07/2026 State Street Bank CHF 5,572,993 USD 7,130,662 3 34,786 0.01 12/08/2026 State Street Bank CHF 102 USD 130 2 1 0.00 15/06/2026 State Street Bank CHF 81 USD 103 2 - (0.00) 15/06/2026 State Street Bank EUR 108,707,474 USD 126,250,961 19 678,975 0.16 12/08/2026 State Street Bank EUR 1,554 USD 1,813 8 8 0.00 15/06/2026 State Street Bank GBP 942,551 USD 1,264,364 5 6,116 0.00 15/07/2026 State Street Bank GBP 931,892 USD 1,250,287 2 5,752 0.00 12/08/2026 State Street Bank GBP 26 USD 35 1 - 0.00 15/07/2026 State Street Bank USD 246,666 CHF 190,889 1 1,231 0.00 12/08/2026 State Street Bank USD 99,706 CHF 76,890 1 550 0.00 15/06/2026 State Street Bank USD 42,860,007 EUR 36,490,169 11 253,048 0.05 12/08/2026 State Street Bank USD 3,119,611 EUR 2,642,757 3 26,469 0.00 15/07/2026 State Street Bank USD 3,495,909 EUR 2,977,935 4 14,415 0.00 15/06/2026 State Street Bank USD 2,844,858 GBP 2,091,402 2 25,826 0.01 15/07/2026 State Street Bank USD 52,288 GBP 38,429 1 491 0.00 12/08/2026 State Street Bank USD 9,735 GBP 7,159 1 86 0.00 15/07/2026 State Street Bank CHF 292,192 USD 378,987 2 (3,302) (0.00) 12/08/2026 State Street Bank CHF 5,596,754 USD 7,253,970 2 (36,439) (0.01) 15/06/2026 State Street Bank CHF 5,658,627 USD 7,333,555 4 (81,368) (0.02) 15/06/2026 State Street Bank EUR 1,667 USD 1,955 1 (9) (0.00) 15/07/2026 State Street Bank EUR 82,052,968 USD 96,260,240 21 (332,408) (0.07) 12/08/2026 State Street Bank EUR 80,822,534 USD 95,403,900 12 (807,393) (0.18) 15/06/2026 State Street Bank GBP 4,138 USD 5,631 1 (53) (0.00) 15/07/2026 State Street Bank GBP 47,964 USD 65,054 3 (405) (0.00) 12/08/2026 State Street Bank GBP 933,212 USD 1,270,094 4 (12,367) (0.00) 15/07/2026 State Street Bank USD 9,012 CHF 7,053 1 (57) (0.00) 15/06/2026 State Street Bank USD 104,065 CHF 81,620 2 (540) (0.00)
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FINANCIAL DERIVATIVE INSTRUMENTS - (0.07)% (30/11/2025: (0.37)%) cont/d…
Forward Foreign Currency Exchange Contracts - (0.07)% (30/11/2025: (0.37)%) cont/d…
MATURITY DATE
SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD
NUMBER OF CONTRACTS
UNREALISED GAIN/(LOSS) US$
% of NET ASSETS 15/06/2026 State Street Bank USD 9,053,603 EUR 7,829,313 12 (88,123) (0.02) 15/07/2026 State Street Bank USD 7,134 GBP 5,319 1 (36) (0.00) 15/06/2026 State Street Bank USD 21,060 GBP 15,686 2 (83) (0.00)
Unrealised gain on forward foreign currency exchange contracts 1,047,754 0.23 Unrealised loss on forward foreign currency exchange contracts (1,362,583) (0.30) Net unrealised loss on forward foreign currency exchange contracts (314,829) (0.07)
Total Financial Derivative Instruments (314,829) (0.07)
FAIR VALUE US$
% of NET ASSETS
Portfolio of Investments 444,646,625 98.69
Cash at bank and broker (30/11/2025: 1.77%) 992,657 0.22
Debtors (30/11/2025: 1.69%) 7,785,376 1.73
Total 453,424,658 100.64
Creditors (30/11/2025: (0.64)%) (2,855,380) (0.64)
NAV 450,569,278 100.00
31/05/2026 30/11/2025 31/05/2025 NAV US$450,569,278 US$469,733,703 US$539,757,409
NAV attributed to each Unit Class -Hedged CHF Accumulation H Units CHF2,314,862 CHF3,003,896 CHF2,934,837 -Hedged CHF Accumulation R Units CHF3,055,218 CHF3,252,351 CHF2,795,705 -Hedged CHF Accumulation S Units CHF10,628,532 CHF10,621,319 CHF18,243,691 -Hedged CHF Income H Units CHF959,781 CHF982,250 CHF1,054,648 -Hedged Euro Accumulation A Units €8,971,510 €9,028,183 €7,875,142 -Hedged Euro Accumulation H Units €47,861,328 €14,149,126 €27,762,871 -Hedged Euro Accumulation P Units €3,315,062 €4,331,113 €2,360,756 -Hedged Euro Accumulation R Units €8,109,918 €23,563,601 €10,575,435 -Hedged Euro Income A Units €160,984,075 €194,517,620 €254,649,335 -Hedged Euro Income H Units €1,610,401 €1,304,577 €759,115 -Hedged GBP Income S Units GBP712,262 GBP3,146,275 GBP3,317,067 -Hedged US$ Accumulation A Units US$8,379,802 US$9,239,625 US$9,656,371 -Hedged US$ Accumulation H Units US$31,883,936 US$35,446,820 US$34,247,157
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31/05/2026 30/11/2025 31/05/2025 NAV attributed to each Unit Class cont/d… -Hedged US$ Accumulation R Units US$34,190,753 US$35,886,237 US$35,437,611 -Hedged US$ Accumulation S Units US$2,715,949 US$2,647,191 US$2,442,834 -Hedged US$ Income A Units US$46,070,239 US$47,209,288 US$51,527,701 -Hedged US$ Income H Units US$33,321,789 US$24,485,173 US$24,129,012 -Hedged US$ Income R Units US$1,833,886 US$1,768,259 US$2,183,423 -Hedged US$ Monthly IRD Income R Units US$113,239 US$111,386 US$106,347
Number of Units in issue -Hedged CHF Accumulation H Units 21,343 27,701 27,821 -Hedged CHF Accumulation R Units 22,712 24,079 21,186 -Hedged CHF Accumulation S Units 90,164 90,164 159,264 -Hedged CHF Income H Units 12,642 12,572 13,490 -Hedged Euro Accumulation A Units 26,435 26,860 24,291 -Hedged Euro Accumulation H Units 367,768 109,973 224,111 -Hedged Euro Accumulation P Units 29,575 38,858 21,871 -Hedged Euro Accumulation R Units 26,895 78,708 36,530 -Hedged Euro Income A Units 1,740,933 2,067,357 2,732,289 -Hedged Euro Income H Units 23,302 18,552 10,899 -Hedged GBP Income S Units 8,202 35,941 38,683 -Hedged US$ Accumulation A Units 21,916 24,639 27,032 -Hedged US$ Accumulation H Units 192,350 218,430 221,923 -Hedged US$ Accumulation R Units 101,192 108,026 111,706 -Hedged US$ Accumulation S Units 15,265 15,205 14,763 -Hedged US$ Income A Units 539,401 548,690 611,242 -Hedged US$ Income H Units 357,185 260,536 262,044 -Hedged US$ Income R Units 21,084 20,181 25,433 -Hedged US$ Monthly IRD Income R Units 1,135 1,100 1,064
NAV per Unit -Hedged CHF Accumulation H Units CHF108.46 CHF108.44 CHF105.49 -Hedged CHF Accumulation R Units CHF134.52 CHF135.07 CHF131.96 -Hedged CHF Accumulation S Units CHF117.88 CHF117.80 CHF114.55 -Hedged CHF Income H Units CHF75.92 CHF78.13 CHF78.18 -Hedged Euro Accumulation A Units €339.38 €336.12 €324.20 -Hedged Euro Accumulation H Units €130.14 €128.66 €123.88 -Hedged Euro Accumulation P Units €112.09 €111.46 €107.94 -Hedged Euro Accumulation R Units €301.54 €299.38 €289.50 -Hedged Euro Income A Units €92.47 €94.09 €93.20 -Hedged Euro Income H Units €69.11 €70.32 €69.65 -Hedged GBP Income S Units GBP86.84 GBP87.54 GBP85.75 -Hedged US$ Accumulation A Units US$382.36 US$375.00 US$357.22 -Hedged US$ Accumulation H Units US$165.76 US$162.28 US$154.32 -Hedged US$ Accumulation R Units US$337.88 US$332.20 US$317.24 -Hedged US$ Accumulation S Units US$177.92 US$174.10 US$165.47 -Hedged US$ Income A Units US$85.41 US$86.04 US$84.30 -Hedged US$ Income H Units US$93.29 US$93.98 US$92.08 -Hedged US$ Income R Units US$86.98 US$87.62 US$85.85
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31/05/2026 30/11/2025 31/05/2025 NAV per Unit cont/d… -Hedged US$ Monthly IRD Income R Units US$99.77 US$101.26 US$99.95
For Units launched and terminated during the six month period please refer to Note 12 of these financial statements.
Analysis of Total Assets
% of TOTAL ASSETS Transferable securities admitted to an exchange 11.58 Transferable securities dealt in on another regulated market 86.26 OTC financial derivative instruments 0.23 Other current assets 1.93 Total assets 100.00
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Muzinich Europeyield Fund
NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES - 87.68% (30/11/2025: 86.32%)
CORPORATE BONDS - 86.64% (30/11/2025: 86.32%)
Aerospace and Defence - 0.93% (30/11/2025: 1.01%) 8,775,000 Czechoslovak Group AS 5.250 10/01/2031 8,997,447 0.93
Airlines - 0.24% (30/11/2025: 0.85%) 2,300,000 Air France-KLM Variable Perpetual 2,309,131 0.24
Automotive and Auto Parts - 10.94% (30/11/2025: 8.87%) 5,400,000 Benteler International Austria GmbH 7.250 15/06/2031 5,747,166 0.59 6,975,000 Forvia SE 5.625 15/06/2030 7,199,246 0.75 1,750,000 Forvia SE 5.375 15/03/2031 1,789,638 0.19 1,300,000 Grupo Antolin Irausa SA 3.500 30/04/2028 604,812 0.06 3,500,000 IHO Verwaltungs GmbH 6.750 15/11/2029 3,663,555 0.38 4,950,000 IHO Verwaltungs GmbH 5.625 15/05/2031 5,095,035 0.53 6,875,000 Mahle GmbH 7.125 15/07/2032 7,207,337 0.75 4,100,000 Nissan Motor Co. Ltd. 6.375 17/07/2033 4,214,185 0.44 9,400,000 RCI Banque SA Variable Perpetual 9,579,822 0.99 4,000,000 Schaeffler AG 4.750 14/08/2029 4,091,840 0.42 8,800,000 Schaeffler AG 4.500 12/05/2032 8,707,248 0.90 7,300,000 Stellantis NV Variable Perpetual 7,263,135 0.75 6,550,000 Stellantis NV Variable Perpetual 6,513,844 0.67 2,900,000 TMD Friction Group GmbH 8.250 15/05/2031 3,022,206 0.31 4,700,000 Valeo SE 5.125 20/05/2031 4,834,514 0.50 2,000,000 Valeo SE 4.875 03/02/2033 1,987,120 0.21 7,700,000 Volkswagen International Finance NV Variable Perpetual 7,896,350 0.82 2,000,000 Volkswagen International Finance NV Variable Perpetual 1,957,500 0.20 3,000,000 ZF Europe Finance BV 4.750 31/01/2029 3,016,620 0.31 3,300,000 ZF Europe Finance BV 6.125 13/03/2029 3,426,258 0.35 2,200,000 ZF Europe Finance BV 7.000 12/06/2030 2,345,134 0.24 3,200,000 ZF Europe Finance BV 5.500 17/02/2032 3,169,248 0.33 2,400,000 ZF Finance GmbH 3.750 21/09/2028 2,380,152 0.25
Banking - 3.70% (30/11/2025: 2.02%) 1,900,000 AIB Group PLC Variable Perpetual 1,956,905 0.20 4,200,000 Banco Comercial Portugues SA Variable Perpetual 4,587,156 0.47 4,200,000 CaixaBank SA Variable Perpetual 4,119,906 0.43 4,000,000 Commerzbank AG Variable Perpetual 4,226,320 0.44 4,400,000 Credit Agricole SA Variable Perpetual 4,644,860 0.48 4,800,000 Deutsche Bank AG Variable Perpetual 4,803,072 0.50 4,200,000 Deutsche Bank AG Variable Perpetual 4,537,050 0.47 6,600,000 KBC Group NV Variable Perpetual 6,896,274 0.71
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 87.68% (30/11/2025: 86.32%) cont/d...
CORPORATE BONDS - 86.64% (30/11/2025: 86.32%) cont/d...
Broadcasting - 1.58% (30/11/2025: 2.36%) 7,100,000 Canal+ SA 4.625 03/12/2030 7,111,644 0.73 8,000,000 Lagardere SA 4.750 12/06/2030 8,183,360 0.85
Building Materials - 0.60% (30/11/2025: 1.26%) 5,750,000 Project Grand U.K. PLC 9.000 01/06/2029 5,818,483 0.60
Cable and Satellite TV - 0.44% (30/11/2025: Nil) 2,904,305 Summer BidCo BV 8.875 31/01/2031 2,981,008 0.31
1,500,000
Virgin Media O2 Vendor Financing Notes VII DAC 7.500 15/07/2033 1,310,910 0.13
Capital Goods - Nil (30/11/2025: 0.46%)
Chemicals - 1.87% (30/11/2025: 1.78%) 2,800,000 ASK Chemicals Deutschland Holding GmbH 10.000 15/11/2029 2,822,624 0.29 5,900,000 INEOS Finance PLC 6.375 15/04/2029 5,859,526 0.60 3,275,000 INEOS Finance PLC 7.875 15/11/2031 3,249,946 0.34 1,275,000 INEOS Quattro Finance 2 PLC 8.500 15/03/2029 1,220,481 0.13 4,875,000 Maxam Prill SARL 6.000 15/07/2030 4,964,798 0.51
Containers - 1.64% (30/11/2025: 1.23%) 4,550,000 Ardagh Metal Packaging Finance USA LLC 5.000 30/01/2031 4,566,107 0.47 3,825,000 ProGroup AG 5.375 15/04/2031 3,873,998 0.40 3,750,000 Stora Enso OYJ Variable Perpetual 3,791,062 0.39 4,175,000 Toucan Finco Ltd. 8.250 15/05/2030 3,636,801 0.38
Diversified Financial Services - 1.25% (30/11/2025: 2.86%) 1,900,000 Jerrold Finco PLC 7.500 15/06/2031 2,204,205 0.23 2,375,000 Kane Bidco Ltd. 7.750 15/07/2031 2,766,558 0.29 4,500,000 Shift4 Payments LLC 5.500 15/05/2033 4,441,005 0.46 2,800,000 Worldline SA 4.125 12/09/2028 2,636,480 0.27
Energy - 3.31% (30/11/2025: 3.10%) 3,000,000 Bluenord ASA 7.875 19/05/2031 2,588,072 0.27 6,125,000 Energean PLC 5.625 12/05/2031 6,054,991 0.63 2,725,000 Ithaca Energy North Sea PLC 5.500 01/10/2031 2,740,423 0.28
2,000,000
Societatea Nationala de Gaze Naturale ROMGAZ SA 4.625 04/11/2031 2,003,640 0.21 4,250,000 Var Energi ASA Variable 15/11/2083 4,623,277 0.48 2,050,000 Var Energi ASA Variable 29/04/2086 2,061,542 0.21 7,400,000 Wintershall Dea Finance 2 BV Variable Perpetual 7,179,110 0.74 4,575,000 Wintershall Dea Finance 2 BV Variable Perpetual 4,739,380 0.49
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 87.68% (30/11/2025: 86.32%) cont/d...
CORPORATE BONDS - 86.64% (30/11/2025: 86.32%) cont/d...
Environmental - 0.99% (30/11/2025: 0.85%) 7,650,000 Currenta Group Holdings SARL 5.500 15/05/2030 7,771,406 0.80 1,800,000 Currenta Group Holdings SARL Variable 15/05/2032 1,819,764 0.19
Food and Drug Retail - 2.89% (30/11/2025: 2.87%) 2,025,000 Bellis Acquisition Co. PLC 8.125 14/05/2030 2,159,892 0.22 2,700,000 Co.-Operative Bank Holdings Ltd. 7.500 08/07/2026 3,125,304 0.32 3,600,000 Co.-Operative Group Ltd. 8.250 15/12/2031 4,212,773 0.44 7,150,000 Market Bidco Finco PLC 6.750 31/01/2031 7,002,424 0.72 1,825,000 Market Bidco Finco PLC 8.750 31/01/2031 2,040,421 0.21 3,900,000 Maxima Grupe UAB 4.750 19/05/2031 3,923,010 0.41 5,500,000 New Immo Holding SA 4.875 08/12/2028 5,515,400 0.57
Food, Beverage and Tobacco - 3.68% (30/11/2025: 3.03%) 2,925,000 Boparan Finance PLC 9.375 07/11/2029 3,579,953 0.37 9,475,000 Flora Food Management BV 6.875 02/07/2029 9,110,118 0.94 4,665,000 Froneri Lux FinCo SARL 4.750 01/08/2032 4,536,759 0.47 4,375,000 Koninklijke FrieslandCampina NV Variable Perpetual 4,395,081 0.45 4,600,000 Roquette Freres SA Variable Perpetual 4,629,026 0.48 4,800,000 Roquette Freres SA Variable Perpetual 4,818,192 0.50 3,650,000 Tereos Finance Groupe I SA 5.875 30/04/2030 3,554,115 0.37 1,000,000 Tereos Finance Groupe I SA 5.750 30/04/2031 958,130 0.10
Gaming - 3.55% (30/11/2025: 4.10%) 11,137,500 Allwyn Entertainment Financing U.K. PLC 7.250 30/04/2030 11,608,144 1.20 2,200,000 Entain PLC 4.875 30/11/2031 2,215,862 0.23 3,350,000 Flutter Treasury DAC 5.000 29/04/2029 3,408,860 0.35 2,625,000 Flutter Treasury DAC 4.000 04/06/2031 2,570,111 0.27 2,025,000 Intralot Capital Luxembourg SA 6.750 15/10/2031 2,019,472 0.21 8,576,445 LHMC Finco 2 SARL 8.625 15/05/2030 8,939,314 0.92 3,500,000 Playtech PLC 5.875 28/06/2028 3,562,685 0.37
Healthcare - 7.40% (30/11/2025: 6.21%)
5,075,000
Bausch & Lomb Netherlands BV & Bausch & Lomb, Inc. Variable 15/01/2031 5,139,706 0.53 6,700,000 Bayer AG Variable 13/09/2054 6,907,633 0.71 7,300,000 Bayer AG Variable 25/03/2082 7,498,268 0.78 6,100,000 CAB SELAS 7.750 09/08/2031 6,140,199 0.63 1,400,000 Cheplapharm Arzneimittel GmbH Variable 15/05/2030 1,410,066 0.15 5,275,000 Cheplapharm Arzneimittel GmbH 7.125 15/06/2031 5,411,781 0.56 1,800,000 Cheplapharm Arzneimittel GmbH 6.750 15/02/2032 1,819,800 0.19 4,050,000 Ephios Subco 3 SARL 7.875 31/01/2031 4,259,790 0.44 4,500,000 Grifols SA 7.125 01/05/2030 4,692,465 0.49
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 87.68% (30/11/2025: 86.32%) cont/d...
CORPORATE BONDS - 86.64% (30/11/2025: 86.32%) cont/d...
Healthcare - 7.40% (30/11/2025: 6.21%) cont/d... 8,369,230 Grifols SA 7.500 01/05/2030 8,720,236 0.90 5,000,000 Gruppo San Donato SpA 6.500 31/10/2031 4,832,600 0.50 5,700,000 MPT Operating Partnership LP 7.000 15/02/2032 5,757,741 0.60 8,600,000 Nidda Healthcare Holding GmbH 7.000 21/02/2030 8,914,072 0.92
Homebuilders and Real Estate - 9.09% (30/11/2025: 10.07%) 4,925,000 Aroundtown Finance SARL Variable Perpetual 4,779,663 0.49 1,500,000 Aroundtown Finance SARL Variable Perpetual 1,427,280 0.15 6,400,000 CPI Property Group SA Variable Perpetual 5,856,901 0.61 9,750,000 CPI Property Group SA 6.000 27/01/2032 9,583,627 0.99 5,600,000 DL Invest Group PM SA 6.625 10/07/2030 5,490,436 0.57 2,694,352 Globalworth Real Estate Investments Ltd. 6.250 31/03/2029 2,750,214 0.28 1,245,504 Globalworth Real Estate Investments Ltd. 6.250 31/03/2030 1,270,668 0.13 1,450,000 GTC Finance DAC 6.500 15/10/2030 1,279,002 0.13 9,400,000 Heimstaden Bostad AB Variable Perpetual 9,267,366 0.96 4,000,000 Heimstaden Bostad AB Variable Perpetual 3,868,160 0.40 4,650,000 Kier Group PLC 9.000 15/02/2029 5,589,530 0.58 4,975,000 MLP Group SA 6.125 15/10/2029 5,119,026 0.53 1,600,000 New Immo Holding SA 5.875 17/04/2028 1,636,672 0.17 3,400,000 New Immo Holding SA 4.950 14/11/2030 3,385,414 0.35 2,700,000 New Immo Holding SA 5.500 23/04/2031 2,706,426 0.28 3,275,000 Public Property Invest AS 4.375 01/10/2032 3,278,668 0.34
10,000,000
Samhallsbyggnadsbolaget I Norden Holding AB 1.125 26/09/2029 8,286,900 0.86 12,219,396 Vivion Investments SARL 6.500 28/02/2029 12,287,458 1.27
Hotels - 0.81% (30/11/2025: Nil) 3,600,000 Essendi SA 6.375 15/10/2029 3,747,240 0.39 4,000,000 Essendi SA 5.625 15/05/2032 4,056,480 0.42
Leisure - 1.31% (30/11/2025: 2.87%) 2,000,000 Deuce Finco PLC 7.000 20/11/2031 2,304,090 0.24 5,550,000 eDreams ODIGEO SA 4.875 30/12/2030 4,973,188 0.51 5,200,000 Motion Finco SARL 7.375 15/06/2030 4,558,684 0.47 800,000 TUI Cruises GmbH 6.250 15/04/2029 827,744 0.09
Publishing and Printing - 0.50% (30/11/2025: 0.57%) 4,525,000 Future PLC 6.750 10/07/2030 4,839,858 0.50
Restaurants - 0.76% (30/11/2025: 0.71%) 3,000,000 Punch Finance PLC 7.875 30/12/2030 3,510,090 0.37 3,800,000 Stonegate Pub Co. Financing PLC Variable 31/07/2029 3,795,250 0.39
Muzinich Funds
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 87.68% (30/11/2025: 86.32%) cont/d...
CORPORATE BONDS - 86.64% (30/11/2025: 86.32%) cont/d...
Services - 6.04% (30/11/2025: 5.54%) 2,300,000 Albion Financing 1 SARL 5.375 21/05/2030 2,366,562 0.25 6,900,000 Amber Finco PLC 6.625 15/07/2029 7,166,754 0.74 2,000,000 Avis Budget Finance PLC 7.000 28/02/2029 2,018,080 0.21 1,100,000 Avis Budget Finance PLC 7.250 31/07/2030 1,108,492 0.11 3,425,000 Egis SA 5.125 15/05/2031 3,479,081 0.36 5,775,000 Eurofins Scientific SE Variable Perpetual 6,046,540 0.63 3,700,000 IWG U.S. Finance LLC 6.500 28/06/2030 3,992,559 0.41 8,750,000 Multiversity SpA Variable 17/05/2031 8,845,375 0.92 2,700,000 Multiversity SpA 7.125 17/05/2031 2,824,659 0.29 7,300,000 OEG Finance PLC 7.250 27/09/2029 7,604,118 0.79 5,375,000 PeopleCert Wisdom Issuer PLC 5.500 15/06/2031 5,263,684 0.54 3,000,000 Q-Park Holding I BV 5.125 01/03/2029 3,071,730 0.32 1,850,000 Q-Park Holding I BV Variable 01/09/2031 1,855,661 0.19 3,075,000 Summer BC Holdco B SARL Variable 15/02/2030 2,694,868 0.28
Super Retail - 0.91% (30/11/2025: 1.18%) 4,675,000 Gg12 SpA 6.250 28/04/2033 4,732,082 0.49 4,100,000 Rakuten Group, Inc. Variable Perpetual 4,054,900 0.42
Technology - 4.13% (30/11/2025: 3.40%) 9,050,000 Almaviva-The Italian Innovation Co. SpA 5.000 30/10/2030 8,828,456 0.91 9,550,000 ams-OSRAM AG 10.500 30/03/2029 10,110,012 1.05 1,950,000 ams-OSRAM AG 7.250 31/05/2032 1,989,605 0.21 2,000,000 Atos SE 9.360 18/12/2029 2,304,760 0.24 6,550,000 Engineering - Ingegneria Informatica - SpA 8.625 15/02/2030 6,513,909 0.67 1,450,000 ION Platform Finance SARL 6.500 30/09/2030 1,207,053 0.12 4,200,000 IPD 3 BV 5.500 15/06/2031 4,087,104 0.42 4,825,000 Lutech 8.125 15/05/2031 4,916,385 0.51
Telecommunications - 10.26% (30/11/2025: 11.83%) 8,875,000 Digi Romania SA 4.625 29/10/2031 8,786,516 0.91 4,900,000 Eutelsat Communications SACA 6.250 15/03/2033 5,105,310 0.53 2,200,000 Fibercop SpA 5.375 15/04/2031 2,264,460 0.23 11,225,000 Fibercop SpA Variable 30/06/2031 11,378,782 1.18 8,325,000 NJJ Continental SA 5.250 31/07/2028 9,384,895 0.97 2,350,000 PLT VII Finance SARL Variable 15/06/2031 2,370,421 0.24 5,075,000 SoftBank Group Corp. 6.375 22/04/2030 5,246,535 0.54
9,200,000
Telecommunications Co. Telekom Srbija AD Belgrade 7.000 28/10/2029 7,922,936 0.82
2,225,000
Telecommunications Co. Telekom Srbija AD Belgrade 6.750 18/05/2033 2,268,232 0.23 5,700,000 Telefonica Europe BV Variable Perpetual 6,055,167 0.63
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 87.68% (30/11/2025: 86.32%) cont/d...
CORPORATE BONDS - 86.64% (30/11/2025: 86.32%) cont/d...
Telecommunications - 10.26% (30/11/2025: 11.83%) cont/d... 3,400,000 Telefonica Europe BV Variable Perpetual 3,717,016 0.38 6,550,000 United Group BV 6.500 31/10/2031 6,730,518 0.70 2,200,000 Virgin Media Finance PLC 5.000 15/07/2030 1,549,528 0.16 8,300,000 Virgin Media Secured Finance PLC 4.250 15/01/2030 8,595,661 0.89 3,200,000 Virgin Media Secured Finance PLC 4.125 15/08/2030 3,268,155 0.34 5,205,000 Vmed O2 U.K. Financing I PLC 5.625 15/04/2032 4,874,014 0.50 3,200,000 Vodafone Group PLC Variable 30/08/2086 3,951,091 0.41 3,300,000 VZ Vendor Financing II BV 2.875 15/01/2029 3,173,511 0.33 3,200,000 Ziggo BV 4.875 15/01/2030 2,565,902 0.27
Transportation Excluding Air and Rail - 2.41% (30/11/2025: 2.37%) 2,900,000 Abertis Infraestructuras Finance BV Variable Perpetual 2,922,620 0.30 6,200,000 gategroup Finance Luxembourg SA 3.000 28/02/2027 6,838,700 0.71 7,800,000 Heathrow Finance PLC 3.875 01/03/2027 8,884,500 0.92 4,025,000 Heathrow Finance PLC 6.625 01/03/2031 4,633,029 0.48
Utilities - 5.41% (30/11/2025: 4.92%) 2,500,000 Audax Renovables SA 7.500 22/05/2031 2,523,500 0.26 4,276,000 California Buyer Ltd. 5.625 15/02/2032 4,343,988 0.45 4,250,000 ContourGlobal Power Holdings SA 5.000 28/02/2030 4,298,577 0.45 4,050,000 ContourGlobal Power Holdings SA 4.375 31/07/2031 3,956,243 0.41 9,300,000 Eesti Energia AS Variable Perpetual 9,736,754 1.01 11,200,000 Electricite de France SA Variable Perpetual 11,510,352 1.19 2,800,000 Electricite de France SA Variable Perpetual 2,677,080 0.28 3,000,000 Energo - Pro as 6.450 15/04/2031 2,990,558 0.31 2,200,000 Orsted AS Variable 31/12/2099 2,238,368 0.23 2,500,000 Orsted AS Variable 31/12/2099 2,549,425 0.26 3,900,000 UGI International LLC 2.500 01/12/2029 3,659,838 0.38 1,800,000 Veolia Environnement SA Variable Perpetual 1,775,664 0.18
Total Corporate Bonds (Cost: €832,131,112) 837,506,400 86.64
Investment Funds - 1.04% (30/11/2025: Nil) 100,000 Muzinich Global Credit Market Neutral Fund 10,018,000 1.04
Total Investment Funds (Cost: €10,000,000) 10,018,000 1.04
Total Transferable Securities (Cost: €842,131,112) 847,524,400 87.68
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
CORPORATE LOANS - 6.21% (30/11/2025: 8.89%)
Broadcasting - 0.40% (30/11/2025: Nil) 3,800,000 Discovery Global Holdings, Inc. Variable 27/05/2033 3,819,000 0.40
Food and Drug Retail - 1.73% (30/11/2025: 1.82%) 10,250,000 CD&R Firefly Bidco Ltd. Variable 29/04/2029 11,899,035 1.23 4,250,000 Market Bidco Ltd. Variable 04/11/2030 4,871,277 0.50
Food, Beverage and Tobacco - 0.50% (30/11/2025: 0.68%) 4,800,000 Blitz 26-281 SE Variable 27/05/2033 4,854,000 0.50
Gaming - 0.31% (30/11/2025: Nil) 2,992,320 Betclic Everest Group SAS Variable 10/12/2031 3,005,232 0.31
Healthcare - Nil (30/11/2025: 0.70%)
Services - Nil (30/11/2025: 1.47%)
Super Retail - Nil (30/11/2025: 0.41%)
Technology - 0.93% (30/11/2025: 0.55%) 8,900,000 Electronic Arts, Inc. Variable 24/03/2033 8,965,727 0.93
Telecommunications - 2.34% (30/11/2025: 3.26%) 22,576,749 MasOrange Finco PLC Variable 25/03/2031 22,623,370 2.34
Total Corporate Loans (Cost: €59,957,825) 60,037,641 6.21
Investments (Cost: €902,088,937) 907,562,041 93.89
FINANCIAL DERIVATIVE INSTRUMENTS - 0.04% (30/11/2025: 0.12%)
Forward Foreign Currency Exchange Contracts - 0.02% (30/11/2025: 0.12%)
MATURITY DATE
SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD
NUMBER OF CONTRACTS
UNREALISED GAIN/(LOSS) €
% of NET ASSETS 15/07/2026 State Street Bank CHF 5,207,021 EUR 5,680,150 6 46,413 0.00 12/08/2026 State Street Bank CHF 5,041,382 EUR 5,535,590 3 19,098 0.00 15/06/2026 State Street Bank CHF 21,617 EUR 23,650 1 77 0.00 15/06/2026 State Street Bank EUR 5,597,349 CHF 5,024,416 1 82,432 0.01 12/08/2026 State Street Bank EUR 31,179,392 GBP 27,041,544 1 41,092 0.00 15/07/2026 State Street Bank EUR 10,484,233 GBP 9,083,686 2 11,752 0.00 15/06/2026 State Street Bank EUR 6,884,921 USD 7,986,537 15 44,959 0.00 12/08/2026 State Street Bank EUR 5,348,559 USD 6,233,417 4 22,778 0.00 15/07/2026 State Street Bank GBP 14,445,067 EUR 16,588,079 10 65,478 0.00
Muzinich Funds
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FINANCIAL DERIVATIVE INSTRUMENTS - 0.04% (30/11/2025: 0.12%) cont/d…
Forward Foreign Currency Exchange Contracts - 0.02% (30/11/2025: 0.12%) cont/d…
MATURITY DATE
SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD
NUMBER OF CONTRACTS
UNREALISED GAIN/(LOSS) €
% of NET ASSETS 15/06/2026 State Street Bank GBP 4,140,369 EUR 4,768,232 7 11,426 0.00 12/08/2026 State Street Bank GBP 214,717 EUR 247,105 1 141 0.00 15/07/2026 State Street Bank SEK 1,996,336 EUR 183,627 4 1,726 0.00 12/08/2026 State Street Bank SEK 1,917,944 EUR 177,172 4 961 0.00 15/06/2026 State Street Bank SEK 24,160 EUR 2,218 4 24 0.00 12/08/2026 State Street Bank USD 52,871,898 EUR 44,790,981 7 382,351 0.04 15/07/2026 State Street Bank USD 54,878,280 EUR 46,760,226 19 180,517 0.02 15/06/2026 State Street Bank USD 2,029,869 EUR 1,727,423 3 11,031 0.00 15/06/2026 State Street Bank CHF 5,319,913 EUR 5,926,265 6 (87,002) (0.01) 15/06/2026 State Street Bank EUR 260,784 CHF 239,512 2 (2,111) (0.00) 12/08/2026 State Street Bank EUR 5,395,668 CHF 4,913,950 2 (18,614) (0.00) 15/07/2026 State Street Bank EUR 5,478,226 CHF 5,021,885 2 (44,729) (0.00) 12/08/2026 State Street Bank EUR 1,401,374 GBP 1,217,004 1 (4) (0.00) 15/06/2026 State Street Bank EUR 35,128,668 GBP 30,486,198 7 (64,709) (0.00) 15/07/2026 State Street Bank EUR 31,065,299 GBP 27,159,677 2 (246,791) (0.03) 12/08/2026 State Street Bank EUR 4,017 SEK 43,477 1 (21) (0.00) 15/07/2026 State Street Bank EUR 14,917 SEK 161,780 2 (103) (0.00) 15/06/2026 State Street Bank EUR 23,453 SEK 254,215 2 (143) (0.00) 15/06/2026 State Street Bank EUR 611,434 USD 717,799 7 (3,314) (0.00) 12/08/2026 State Street Bank EUR 3,682,453 USD 4,346,821 2 (31,437) (0.00) 15/07/2026 State Street Bank EUR 6,156,929 USD 7,237,323 8 (33,597) (0.00) 15/06/2026 State Street Bank GBP 4,541,829 EUR 5,249,389 2 (6,285) (0.00) 12/08/2026 State Street Bank GBP 5,470,901 EUR 6,306,528 6 (6,791) (0.00) 15/07/2026 State Street Bank SEK 163 EUR 15 1 - (0.00) 15/06/2026 State Street Bank SEK 2,025,285 EUR 189,961 3 (1,977) (0.00) 12/08/2026 State Street Bank USD 1,155,305 EUR 990,439 6 (3,355) (0.00) 15/06/2026 State Street Bank USD 53,555,368 EUR 46,036,443 16 (169,663) (0.01)
Unrealised gain on forward foreign currency exchange contracts 922,256 0.07 Unrealised loss on forward foreign currency exchange contracts (720,646) (0.05) Net unrealised gain on forward foreign currency exchange contracts 201,610 0.02
Open Futures Contracts - (0.00)% (30/11/2025: Nil)
NOTIONAL AMOUNT DESCRIPTION
SUB-FUND COUNTERPARTY
MATURITY DATE
NUMBER OF CONTRACTS
UNREALISED GAIN/(LOSS) €
% of NET ASSETS
23,234,000
Euro-Bobl Future June 26 Morgan Stanley 08/06/2026 200 (12,000) (0.00) Net unrealised loss on open futures contracts (12,000) (0.00)
Muzinich Funds
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FINANCIAL DERIVATIVE INSTRUMENTS - 0.04% (30/11/2025: 0.12%) cont/d…
Interest Rate Swaps - 0.02% (30/11/2025: Nil%)
CCY
NOTIONAL AMOUNT
SECURITY NAME
SUB FUND PAYS
SUB FUND RECEIVES
EXPIRATION DATE
UNREALISED GAIN/(LOSS) €
% of NET ASSETS
EUR 10,000,000
12 Month EURIBOR
12 Month EURIBOR 2.54% 22/03/2027 (1,868) (0.00)
EUR 10,000,000
3 Month EURIBOR
3 Month EURIBOR 2.61% 24/04/2027 8,855 0.00
EUR 50,000,000
3 Month EURIBOR
3 Month EURIBOR 2.65% 29/04/2027 63,263 0.01
EUR 30,000,000
3 Month EURIBOR
3 Month EURIBOR 2.80% 19/05/2027 78,921 0.01 Unrealised gain on interest rate swaps 151,039 0.02 Unrealised loss on interest rate swaps (1,868) (0.00) Net unrealised gain on interest rate swaps 149,171 0.02
Total Financial Derivative Instruments 338,781 0.04
FAIR VALUE €
% of NET ASSETS
Portfolio of Investments 907,900,822 93.93
Cash at bank and broker (30/11/2025: 5.96%) 48,739,040 5.04
Debtors (30/11/2025: 3.13%) 40,270,091 4.17
Total 996,909,953 103.14
Creditors (30/11/2025: (4.42)%) (30,295,432) (3.14)
NAV 966,614,521 100.00
31/05/2026 30/11/2025 31/05/2025 NAV €966,614,521 €908,187,354 €971,912,977
NAV attributed to each Unit Class -Hedged CHF Accumulation H Units CHF15,362,909 CHF15,441,091 CHF18,859,739 -Hedged Euro Accumulation A Units €128,173,402 €159,342,119 €249,660,078 -Hedged Euro Accumulation H Units €175,346,634 €174,572,629 €204,419,991 -Hedged Euro Accumulation P Units €19,283,227 €21,191,624 €25,504,090 -Hedged Euro Accumulation R Units €42,208,054 €40,555,468 €28,576,982 -Hedged Euro Accumulation S Units €77,382,323 €67,236,483 €65,792,080 -Hedged Euro Income A Units €320,953,785 €292,427,628 €242,669,602 -Hedged Euro Income P Units €2,096,493 €1,793,462 €1,839,408 -Hedged Euro Income S Units €45,286,862 €19,298,813 €23,447,608 -Hedged GBP Accumulation A Units GBP1,296,487 GBP1,213,996 GBP1,166,591
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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31/05/2026 30/11/2025 31/05/2025 NAV attributed to each Unit Class cont/d… -Hedged GBP Income A Units GBP275,407 GBP395,268 GBP478,059 -Hedged GBP Income S Units GBP558,610 GBP507,787 GBP653,479 -Hedged SEK Accumulation R Units SEK5,563,825 SEK6,037,435 SEK6,053,521 -Hedged US$ Accumulation A Units US$81,354,084 US$80,009,992 US$64,472,796 -Hedged US$ Accumulation H Units US$3,281,939 US$3,529,308 US$21,386,097 -Hedged US$ Accumulation R Units US$2,805,508 US$1,385,288 US$1,109,357 -Hedged US$ Accumulation S Units US$68,809,490 US$44,452,838 US$33,905,240 -Hedged US$ Income S Units US$2,527,134 US$868,997 US$29,334
Number of Units in issue -Hedged CHF Accumulation H Units 137,488 139,134 173,391 -Hedged Euro Accumulation A Units 432,186 546,422 881,288 -Hedged Euro Accumulation H Units 1,042,303 1,057,183 1,276,508 -Hedged Euro Accumulation P Units 150,029 167,021 206,077 -Hedged Euro Accumulation R Units 299,263 291,703 211,056 -Hedged Euro Accumulation S Units 473,026 418,945 422,937 -Hedged Euro Income A Units 4,045,296 3,668,184 3,062,077 -Hedged Euro Income P Units 21,134 17,994 18,563 -Hedged Euro Income S Units 466,298 197,754 241,703 -Hedged GBP Accumulation A Units 5,347 5,136 5,136 -Hedged GBP Income A Units 2,425 3,493 4,296 -Hedged GBP Income S Units 4,844 4,419 5,783 -Hedged SEK Accumulation R Units 29,905 32,855 33,828 -Hedged US$ Accumulation A Units 427,437 431,437 362,044 -Hedged US$ Accumulation H Units 23,189 25,636 162,065 -Hedged US$ Accumulation R Units 16,214 8,196 6,818 -Hedged US$ Accumulation S Units 344,254 228,761 182,110 -Hedged US$ Income S Units 21,694 7,492 257
NAV per Unit -Hedged CHF Accumulation H Units CHF111.74 CHF110.98 CHF108.77 -Hedged Euro Accumulation A Units €296.57 €291.61 €283.29 -Hedged Euro Accumulation H Units €168.23 €165.13 €160.14 -Hedged Euro Accumulation P Units €128.53 €126.88 €123.76 -Hedged Euro Accumulation R Units €141.04 €139.03 €135.40 -Hedged Euro Accumulation S Units €163.59 €160.49 €155.56 -Hedged Euro Income A Units €79.34 €79.72 €79.25 -Hedged Euro Income P Units €99.20 €99.67 €99.09 -Hedged Euro Income S Units €97.12 €97.59 €97.01 -Hedged GBP Accumulation A Units GBP242.47 GBP236.37 GBP227.14 -Hedged GBP Income A Units GBP113.57 GBP113.16 GBP111.28 -Hedged GBP Income S Units GBP115.32 GBP114.91 GBP113.00 -Hedged SEK Accumulation R Units SEK186.05 SEK183.76 SEK178.95 -Hedged US$ Accumulation A Units US$190.33 US$185.45 US$178.08 -Hedged US$ Accumulation H Units US$141.53 US$137.67 US$131.96 -Hedged US$ Accumulation R Units US$173.03 US$169.02 US$162.71 -Hedged US$ Accumulation S Units US$199.88 US$194.32 US$186.18
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31/05/2026 30/11/2025 31/05/2025 NAV per Unit cont/d… -Hedged US$ Income S Units US$116.49 US$115.99 US$114.14
For Units launched and terminated during the six month period please refer to Note 12 of these financial statements.
Analysis of Total Assets
% of TOTAL ASSETS Transferable securities admitted to an exchange 83.79 Transferable securities dealt in on another regulated market 0.16 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 6.02 Investment funds 1.00 OTC financial derivative instruments 0.11 Other current assets 8.92 Total assets 100.00
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Muzinich Global High Yield Fund
NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES - 95.26% (30/11/2025: 94.36%)
GOVERNMENT ISSUES - 0.28% (30/11/2025: Nil)
Airlines - 0.28% (30/11/2025: Nil) 600,000 Avianca Midco 2 PLC 9.500 28/01/2031 580,500 0.28
Total Government Issues (Cost: US$607,480) 580,500 0.28
CORPORATE BONDS - 94.98% (30/11/2025: 94.36%)
Aerospace and Defence - 0.86% (30/11/2025: 1.10%) 750,000 TransDigm, Inc. 6.000 15/01/2033 759,002 0.37 1,000,000 TransDigm, Inc. 6.375 31/05/2033 1,010,812 0.49
Airlines - 1.52% (30/11/2025: 0.98%) 500,000 Alaska Airlines, Inc. 6.500 01/06/2031 497,548 0.24 750,000 American Airlines, Inc. 5.750 20/04/2029 749,663 0.36 525,000 JetBlue Airways Corp. 9.875 20/09/2031 483,570 0.24 1,325,000 OneSky Flight LLC 8.875 15/12/2029 1,398,518 0.68
Automotive and Auto Parts - 3.37% (30/11/2025: 3.58%) 475,000 American Axle & Manufacturing, Inc. 7.750 15/10/2033 476,630 0.23 475,000 Cyprium Corp. 6.375 15/04/2034 475,217 0.23 50,000 Goodyear Tire & Rubber Co. 6.625 15/07/2030 48,922 0.02 700,000 Goodyear Tire & Rubber Co. 5.250 15/07/2031 621,828 0.30 1,000,000 Nemak SAB de CV 3.625 28/06/2031 869,584 0.42 325,000 Nissan Motor Acceptance Co. LLC 6.125 30/09/2030 321,151 0.16 500,000 Phinia, Inc. 6.625 15/10/2032 513,342 0.25 800,000 RCI Banque SA Variable Perpetual 951,419 0.46 300,000 Stellantis NV Variable Perpetual 348,317 0.17 525,000 Stellantis NV Variable Perpetual 609,267 0.30 500,000 Tenneco, Inc. 8.000 17/11/2028 501,317 0.24 300,000 TMD Friction Group GmbH 8.250 15/05/2031 364,838 0.18 300,000 ZF Europe Finance BV 6.125 13/03/2029 363,479 0.18 475,000 ZF North America Capital, Inc. 7.500 24/03/2031 480,117 0.23
Banking - 2.97% (30/11/2025: 3.84%) 1,000,000 Bank Negara Indonesia Persero Tbk. PT Variable Perpetual 1,007,733 0.49
900,000
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico Variable 08/01/2039 966,938 0.47 600,000 Commerzbank AG Variable Perpetual 698,643 0.34 800,000 Deutsche Bank AG Variable Perpetual 1,008,478 0.49 900,000 Global Bank Corp. Variable 16/04/2029 882,662 0.42 1,000,000 OTP Bank Nyrt Variable 30/07/2035 1,048,222 0.51 500,000 TC Ziraat Bankasi AS 8.000 16/01/2029 518,624 0.25
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 95.26% (30/11/2025: 94.36%) cont/d...
CORPORATE BONDS - 94.98% (30/11/2025: 94.36%) cont/d...
Broadcasting - 2.29% (30/11/2025: 3.62%) 375,000 Discovery Global Holdings, Inc. 4.054 15/03/2029 374,003 0.18 800,000 Discovery Global Holdings, Inc. 5.050 15/03/2042 587,000 0.29 338,000 Gray Media, Inc. 10.500 15/07/2029 357,988 0.17 250,000 Gray Media, Inc. 9.625 15/07/2032 246,792 0.12 475,000 Nexstar Media, Inc. 6.500 15/09/2033 479,122 0.23 225,000 Paramount Global 4.200 19/05/2032 194,900 0.09 200,000 Paramount Global 5.500 15/05/2033 179,244 0.09 475,000 Sinclair Television Group, Inc. 4.375 31/12/2032 381,188 0.19 950,000 Sinclair Television Group, Inc. 8.125 15/02/2033 977,312 0.47 700,000 Univision Communications, Inc. 4.500 01/05/2029 665,925 0.32 275,000 Univision Communications, Inc. 9.375 01/08/2032 281,862 0.14
Building Materials - 1.33% (30/11/2025: 1.65%) 725,000 Builders FirstSource, Inc. 4.250 01/02/2032 667,722 0.32 275,000 Park River Holdings, Inc. 8.000 15/03/2031 278,633 0.14 600,000 Project Grand U.K. PLC 9.000 01/06/2029 708,509 0.34 575,000 Quikrete Holdings, Inc. 6.750 01/03/2033 583,831 0.28 500,000 Standard Building Solutions, Inc. 6.500 15/08/2032 507,945 0.25
Cable and Satellite TV - 3.02% (30/11/2025: 3.21%) 475,000 CCO Holdings LLC 5.000 01/02/2028 470,549 0.23 1,025,000 CCO Holdings LLC 4.250 01/02/2031 928,626 0.45 1,250,000 CCO Holdings LLC 4.500 01/06/2033 1,070,174 0.52 94,000 Directv Financing LLC 5.875 15/08/2027 94,302 0.04 700,000 Directv Financing LLC 8.875 01/02/2030 718,607 0.35 400,000 Directv Financing LLC 9.250 01/06/2032 410,920 0.20 475,000 DISH DBS Corp. 5.750 01/12/2028 466,526 0.23 500,000 DISH DBS Corp. 5.125 01/06/2029 452,953 0.22 575,000 EW Scripps Co. 9.875 15/08/2030 549,470 0.27 925,000 Midcontinent Communications 8.000 15/08/2032 874,164 0.42 154,210 Summer BidCo BV 8.875 31/01/2031 184,708 0.09
Capital Goods - 2.18% (30/11/2025: 2.16%) 1,100,000 Bidvest Group U.K. PLC 6.200 17/09/2032 1,108,744 0.54 1,025,000 Fortune Star BVI Ltd. 5.050 27/01/2027 1,015,352 0.49 575,000 Fortune Star BVI Ltd. 8.500 19/05/2028 591,468 0.29 640,000 JB Poindexter & Co., Inc. 8.750 15/12/2031 658,933 0.32 200,000 Lsf12 Helix Parent LLC 7.125 01/02/2033 196,483 0.10 900,000 Terex Corp. 6.250 15/10/2032 914,288 0.44
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 95.26% (30/11/2025: 94.36%) cont/d...
CORPORATE BONDS - 94.98% (30/11/2025: 94.36%) cont/d...
Chemicals - 2.66% (30/11/2025: 1.11%) 1,000,000 Alpek SAB de CV 3.250 25/02/2031 876,957 0.43 250,000 Avient Corp. 6.250 01/11/2031 253,764 0.12 350,000 Celanese U.S. Holdings LLC 7.375 15/02/2034 365,780 0.18 375,000 Compass Minerals International, Inc. 8.000 01/07/2030 396,856 0.19 500,000 INEOS Finance PLC 7.875 15/11/2031 579,011 0.28 1,025,000 Olympus Water U.S. Holding Corp. 7.250 15/02/2033 1,013,944 0.49 1,000,000 Orbia Advance Corp. SAB de CV 7.500 13/05/2035 1,021,104 0.50 500,000 UPL Corp. Ltd. 4.500 08/03/2028 486,281 0.24 500,000 WR Grace Holdings LLC 5.625 15/08/2029 479,271 0.23
Consumer Products - 1.45% (30/11/2025: 1.37%) 375,000 Edgewell Personal Care Co. 4.125 01/04/2029 358,648 0.17 1,225,000 Masterbrand, Inc. 7.000 15/07/2032 1,223,746 0.59 400,000 Newell Brands, Inc. 6.625 15/09/2029 400,615 0.19 475,000 Whirlpool Corp. 6.125 15/06/2030 447,185 0.22 625,000 Whirlpool Corp. 6.500 15/06/2033 567,880 0.28
Containers - 2.09% (30/11/2025: 1.64%) 750,000 Canpack SA 3.875 15/11/2029 709,921 0.35 325,000 Clydesdale Acquisition Holdings, Inc. 6.750 15/04/2032 312,708 0.15 800,000 Mauser Packaging Solutions Holding Co. 7.875 15/04/2030 808,678 0.39 725,000 Mauser Packaging Solutions Holding Co. 9.250 15/04/2030 695,332 0.34 300,000 Owens-Brockway Glass Container, Inc. 7.250 15/05/2031 295,356 0.14 300,000 Owens-Brockway Glass Container, Inc. 9.500 01/06/2033 308,624 0.15 225,000 Sword Purchaser LLC 8.250 15/04/2033 231,917 0.11 425,000 Toucan Finco Ltd. 8.250 15/05/2030 432,020 0.21 500,000 Veritiv Operating Co. 10.500 30/11/2030 513,635 0.25
Diversified Financial Services - 6.65% (30/11/2025: 7.88%) 1,000,000 APH Somerset Investor 2 LLC 7.875 01/11/2029 1,004,560 0.49 275,000 Azorra Finance Ltd. 7.250 15/01/2031 281,524 0.14 500,000 Block, Inc. 6.000 15/08/2033 500,540 0.24 525,000 Bread Financial Holdings, Inc. 6.750 15/05/2031 537,981 0.26 500,000 Burford Capital Global Finance LLC 7.500 15/07/2033 427,805 0.21 1,000,000 California Buyer Ltd. 6.375 15/02/2032 995,027 0.48 375,000 CrossCountry Intermediate Holdco LLC 6.500 01/10/2030 369,615 0.18 250,000 Dcli Bidco LLC 7.750 15/11/2029 257,348 0.12 225,000 Encore Capital Group, Inc. 6.625 01/06/2032 225,094 0.11 800,000 FirstCash, Inc. 6.125 01/05/2034 800,976 0.39 625,000 Freedom Mortgage Holdings LLC 8.375 01/04/2032 635,005 0.31 500,000 FTAI Aviation Investors LLC 7.000 15/06/2032 517,047 0.25
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 95.26% (30/11/2025: 94.36%) cont/d...
CORPORATE BONDS - 94.98% (30/11/2025: 94.36%) cont/d...
Diversified Financial Services - 6.65% (30/11/2025: 7.88%) cont/d... 500,000 Global Aircraft Leasing Co. Ltd. 8.750 01/09/2027 511,658 0.25 400,000 Muthoot Finance Ltd. 5.750 04/08/2030 395,164 0.19 500,000 OneMain Finance Corp. 5.375 15/11/2029 488,204 0.24 475,000 OneMain Finance Corp. 7.125 15/11/2031 481,211 0.23 1,075,000 Pagaya U.S. Holdings Co. LLC 8.875 01/08/2030 842,513 0.41 575,000 PennyMac Financial Services, Inc. 6.875 15/02/2033 559,090 0.27 675,000 Phoenix Aviation Capital Ltd. 9.250 15/07/2030 696,318 0.34 500,000 Piramal Finance Ltd. 7.800 29/01/2028 512,853 0.25 750,000 PRA Group, Inc. 5.000 01/10/2029 711,611 0.35 1,300,000 SoftBank Group Corp. 5.750 08/07/2032 1,504,382 0.73 400,000 Worldline SA 4.125 12/09/2028 439,520 0.21
Diversified Media - 0.33% (30/11/2025: 0.50%) 450,000 Clear Channel Outdoor Holdings, Inc. 7.125 15/02/2031 465,554 0.22 225,000 Snap, Inc. 6.875 15/03/2034 221,628 0.11
Energy - 9.45% (30/11/2025: 0.40%) 950,000 Ascent Resources Utica Holdings LLC 6.625 15/10/2032 975,393 0.47 1,000,000 Azule Energy Finance PLC 8.250 22/01/2031 1,020,667 0.50 600,000 Bluenord ASA 7.875 19/05/2031 604,030 0.29 275,000 Delek Logistics Partners LP 7.375 30/06/2033 284,103 0.14 1,000,000 DNO ASA 8.500 27/03/2030 1,046,944 0.51 1,550,000 Energean Israel Finance Ltd. 5.875 30/03/2031 1,486,335 0.72 475,000 Gulfport Energy Operating Corp. 6.750 01/09/2029 487,955 0.24 1,000,000 Harvest Midstream I LP 6.750 15/05/2034 1,027,305 0.50 975,000 Hilcorp Energy I LP 6.000 01/02/2031 961,233 0.47 500,000 Kosmos Energy Ltd. 7.500 01/03/2028 489,071 0.24 1,000,000 Medco Cypress Tree Pte. Ltd. 8.625 19/05/2030 1,047,820 0.51 775,000 Northern Oil & Gas, Inc. 7.875 15/10/2033 787,082 0.38 1,000,000 Petrobras Global Finance BV 7.250 17/03/2044 1,035,190 0.50 1,000,000 Puma International Financing SA 7.750 25/04/2029 1,031,044 0.50 600,000 SM Energy Co. 6.625 15/04/2034 603,580 0.29 500,000 Sunoco LP 5.625 15/03/2031 500,842 0.24 500,000 Sunoco LP 5.875 15/03/2034 497,313 0.24 1,000,000 TPAO Varlik Kiralama ASA 6.300 04/03/2031 970,486 0.47 750,000 Transportadora de Gas del Sur SA 8.500 24/07/2031 802,264 0.39 900,000 Trident Energy Finance PLC 12.500 30/11/2029 958,198 0.46 800,000 Var Energi ASA Variable 29/04/2086 938,816 0.46 800,000 Wintershall Dea Finance 2 BV Variable Perpetual 967,103 0.47 900,000 YPF SA 9.500 17/01/2031 947,677 0.46
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 95.26% (30/11/2025: 94.36%) cont/d...
CORPORATE BONDS - 94.98% (30/11/2025: 94.36%) cont/d...
Environmental - 0.74% (30/11/2025: 0.67%) 1,350,000 Ambipar Lux SARL 9.875 06/02/2031 337,500 0.16 1,000,000 Currenta Group Holdings SARL 5.500 15/05/2030 1,185,469 0.58
Food and Drug Retail - 0.77% (30/11/2025: 1.53%) 550,000 Albertsons Cos., Inc. 5.750 31/03/2034 530,534 0.26 925,000 Market Bidco Finco PLC 6.750 31/01/2031 1,057,149 0.51
Food, Beverage and Tobacco - 2.64% (30/11/2025: 2.55%) 950,000 Arcor SAIC 7.600 31/07/2033 985,834 0.48 1,000,000 BRF SA 4.875 24/01/2030 955,485 0.46 325,000 CD&R Smokey Buyer, Inc. 9.500 15/10/2029 195,472 0.10 975,000 Flora Food Management BV 6.875 02/07/2029 1,093,960 0.53 375,000 KeHE Distributors LLC 7.125 30/04/2033 380,405 0.18 1,000,000 MARB BondCo PLC 3.950 29/01/2031 893,387 0.43 800,000 Roquette Freres SA Variable Perpetual 937,098 0.46
Gaming - 3.60% (30/11/2025: 5.33%) 810,000 Allwyn Entertainment Financing U.K. PLC 7.250 30/04/2030 985,172 0.48 500,000 Caesars Entertainment, Inc. 6.500 15/02/2032 487,924 0.24 1,000,000 Gohl Capital Holdings Ltd. Variable Perpetual 979,379 0.47 375,000 Great Canadian Gaming Corp. 8.750 15/11/2029 370,149 0.18 400,000 Intralot Capital Luxembourg SA 6.750 15/10/2031 465,506 0.23 525,000 Jacobs Entertainment, Inc. 6.750 15/02/2029 516,432 0.25 811,933 LHMC Finco 2 SARL 8.625 15/05/2030 987,573 0.48 625,000 Penn Entertainment, Inc. 4.125 01/07/2029 598,791 0.29 175,000 Rivers Enterprise Borrower LLC 6.250 15/10/2030 176,526 0.08 900,000 Studio City Finance Ltd. 5.000 15/01/2029 863,262 0.42 1,000,000 Wynn Macau Ltd. 5.625 26/08/2028 997,860 0.48
Healthcare - 7.67% (30/11/2025: 7.73%) 950,000 1261229 BC Ltd. 10.000 15/04/2032 973,524 0.47
800,000
Bausch & Lomb Netherlands BV & Bausch & Lomb, Inc. Variable 15/01/2031 945,463 0.46 1,400,000 Bayer AG Variable 13/09/2054 1,684,359 0.82 325,000 Cheplapharm Arzneimittel GmbH 6.750 15/02/2032 383,430 0.18 350,000 Community Health Systems, Inc. 5.250 15/05/2030 330,128 0.16 500,000 DaVita, Inc. 6.875 01/09/2032 518,189 0.25 450,000 Embecta Corp. 5.000 15/02/2030 348,427 0.17 950,000 Endo Finance Holdings LP 8.500 15/04/2031 1,013,124 0.49 600,000 Ephios Subco 3 SARL 7.875 31/01/2031 736,439 0.36 676,923 Grifols SA 7.500 01/05/2030 823,065 0.40 700,000 LifePoint Health, Inc. 5.375 15/01/2029 678,338 0.33
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 95.26% (30/11/2025: 94.36%) cont/d...
CORPORATE BONDS - 94.98% (30/11/2025: 94.36%) cont/d...
Healthcare - 7.67% (30/11/2025: 7.73%) cont/d... 475,000 LifePoint Health, Inc. 8.375 15/02/2032 499,170 0.24 375,000 LifePoint Health, Inc. 7.000 01/05/2034 366,554 0.18 700,000 Organon & Co. 5.125 30/04/2031 694,231 0.33
675,000
Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. 8.750 17/04/2032 613,406 0.30 1,000,000 Perrigo Finance Unlimited Co. 6.125 30/09/2032 955,248 0.46 900,000 Prime Healthcare Services, Inc. 9.375 01/09/2029 941,932 0.46 375,000 Raven Acquisition Holdings LLC 6.875 15/11/2031 368,000 0.18 1,250,000 Rede D'or Finance SARL 4.500 22/01/2030 1,194,783 0.58 700,000 Star Parent, Inc. 9.000 01/10/2030 735,744 0.36 1,050,000 U.S. Acute Care Solutions LLC 9.750 15/05/2029 1,007,222 0.49
Homebuilders and Real Estate - 9.12% (30/11/2025: 10.26%) 1,000,000 Alpha Star Holding VIII Ltd. 8.375 12/04/2027 1,008,476 0.49 800,000 Apollo Commercial Real Estate Finance, Inc. 4.625 15/06/2029 799,748 0.39 475,000 Ashton Woods USA LLC 6.875 01/08/2033 466,176 0.23 725,000 Blackstone Mortgage Trust, Inc. 6.250 01/06/2031 713,604 0.35 925,000 Century Communities, Inc. 6.625 15/09/2033 917,955 0.44 500,000 CPI Property Group SA Variable Perpetual 533,962 0.26 500,000 CPI Property Group SA 1.750 14/01/2030 507,207 0.25 525,000 CPI Property Group SA 6.000 27/01/2032 602,194 0.29 1,000,000 Franshion Brilliant Ltd. 4.250 23/07/2029 925,664 0.45 700,000 Heimstaden Bostad AB Variable Perpetual 805,339 0.39 600,000 Howard Hughes Corp. 4.125 01/02/2029 579,739 0.28 450,000 Howard Hughes Corp. 6.125 01/03/2034 439,931 0.21 800,000 IRB Infrastructure Developers Ltd. 7.110 11/03/2032 819,136 0.40 250,000 Kennedy-Wilson, Inc. 4.750 01/03/2029 250,688 0.12 900,000 Kennedy-Wilson, Inc. 4.750 01/02/2030 910,868 0.44 575,000 Kennedy-Wilson, Inc. 7.000 01/06/2031 588,922 0.28 625,000 Kennedy-Wilson, Inc. 7.250 01/06/2033 635,919 0.31 375,000 LGI Homes, Inc. 7.000 15/11/2032 362,242 0.17 709,000 MAF Global Securities Ltd. Variable Perpetual 715,453 0.35 300,000 New Immo Holding SA 5.500 23/04/2031 350,918 0.17 750,000 Pakuwon Jati Tbk. PT 4.875 29/04/2028 738,038 0.36
1,000,000
Samhallsbyggnadsbolaget I Norden Holding AB 0.750 14/11/2028 1,024,792 0.50 300,000 Service Properties Trust 4.375 15/02/2030 270,646 0.13 659,000 Trust 2401 4.869 15/01/2030 630,956 0.31 341,000 Trust Fibra Uno 4.869 15/01/2030 326,867 0.16 475,000 Uniti Group LP 6.500 15/02/2029 469,695 0.23 675,000 Uniti Services LLC 7.500 15/10/2033 710,880 0.34
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 95.26% (30/11/2025: 94.36%) cont/d...
CORPORATE BONDS - 94.98% (30/11/2025: 94.36%) cont/d...
Homebuilders and Real Estate - 9.12% (30/11/2025: 10.26%) cont/d... 1,023,938 Vivion Investments SARL 6.500 28/02/2029 1,201,539 0.58 475,000 XHR LP 6.625 15/05/2030 486,728 0.24
Hotels - 0.79% (30/11/2025: 0.64%) 500,000 GENM Capital Labuan Ltd. 3.882 19/04/2031 453,595 0.22 400,000 Hilton Grand Vacations Borrower LLC 4.875 01/07/2031 373,343 0.18 800,000 Travel & Leisure Co. 6.250 01/06/2031 805,024 0.39
Insurance - 0.70% (30/11/2025: 0.37%) 500,000 Alliant Holdings Intermediate LLC 7.000 15/01/2031 507,923 0.25 950,000 Asurion LLC 8.375 01/02/2034 929,187 0.45
Leisure - 1.13% (30/11/2025: 1.62%) 200,000 A&K Travel Group Holdings Ltd. 7.500 15/05/2033 202,916 0.10 500,000 eDreams ODIGEO SA 4.875 30/12/2030 522,834 0.25 500,000 Motion Finco SARL 7.375 15/06/2030 511,515 0.25 425,000 NCL Corp. Ltd. 5.875 15/01/2031 411,046 0.20 225,000 Sabre GLBL, Inc. 11.125 15/07/2030 200,812 0.10 500,000 SeaWorld Parks & Entertainment, Inc. 5.250 15/08/2029 486,941 0.23
Metals and Mining - 2.51% (30/11/2025: 3.37%) 1,350,000 Endeavour Mining PLC 7.000 28/05/2030 1,381,877 0.67 725,000 ERO Copper Corp. 6.500 15/02/2030 725,330 0.35 200,000 First Quantum Minerals Ltd. 7.250 15/02/2034 205,535 0.10 450,000 Mineral Resources Ltd. 8.500 01/05/2030 465,032 0.23 500,000 Mineral Resources Ltd. 6.250 01/05/2034 497,495 0.24 850,000 Navoi Mining & Metallurgical Combinat 6.750 14/05/2030 882,638 0.43 1,000,000 Navoiyuran State Enterprise 6.700 02/07/2030 1,019,495 0.49
Paper - 0.43% (30/11/2025: 0.46%) 850,000 LD Celulose International GmbH 7.950 26/01/2032 887,454 0.43
Publishing and Printing - 0.25% (30/11/2025: 0.41%) 500,000 Cimpress PLC 7.375 15/09/2032 506,337 0.25
Railroads - 0.28% (30/11/2025: 0.50%) 650,000 Rumo Luxembourg SARL 4.200 18/01/2032 578,035 0.28
Restaurants - 0.23% (30/11/2025: 1.23%) 400,000 Stonegate Pub Co. Financing PLC Variable 31/07/2029 466,196 0.23
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 95.26% (30/11/2025: 94.36%) cont/d...
CORPORATE BONDS - 94.98% (30/11/2025: 94.36%) cont/d...
Services - 4.07% (30/11/2025: 4.39%) 650,000 Allied Universal Holdco LLC 7.875 15/02/2031 680,157 0.33 300,000 Avis Budget Car Rental LLC 8.375 15/06/2032 306,577 0.15 625,000 Beacon Mobility Corp. 7.250 01/08/2030 647,451 0.31 375,000 BlueLinx Holdings, Inc. 6.000 15/11/2029 367,838 0.18 700,000 Brink's Co. 6.750 15/06/2032 717,773 0.35 250,000 Garda World Security Corp. 6.500 15/01/2031 254,448 0.12 325,000 Garda World Security Corp. 8.250 01/08/2032 333,590 0.16 875,000 Multiversity SpA 7.125 17/05/2031 1,068,224 0.52 1,200,000 Neptune Bidco U.S., Inc. 9.290 15/04/2029 1,227,743 0.60 1,100,000 Neptune Bidco U.S., Inc. 10.375 15/05/2031 1,150,182 0.56 550,000 OEG Finance PLC 7.250 27/09/2029 668,561 0.32 375,000 PeopleCert Wisdom Issuer PLC 5.500 15/06/2031 428,543 0.21 525,000 TriNet Group, Inc. 7.125 15/08/2031 528,806 0.26
Steel - 0.25% (30/11/2025: 0.29%) 550,000 Cleveland-Cliffs, Inc. 4.875 01/03/2031 511,841 0.25
Super Retail - 2.69% (30/11/2025: 2.93%) 475,000 Advance Auto Parts, Inc. 7.000 01/08/2030 488,404 0.24 475,000 Advance Auto Parts, Inc. 7.375 01/08/2033 494,492 0.24 750,000 Bath & Body Works, Inc. 6.625 01/10/2030 763,835 0.37 675,000 Champ Acquisition Corp. 8.375 01/12/2031 709,237 0.34 375,000 LCM Investments Holdings II LLC 4.875 01/05/2029 366,272 0.18 100,000 Magnera Corp. 4.750 15/11/2029 93,696 0.05 1,025,000 Magnera Corp. 7.250 15/11/2031 990,901 0.48 600,000 Michaels Cos., Inc. 8.500 15/03/2033 586,310 0.28 225,000 Michaels Cos., Inc. 11.000 15/03/2034 212,931 0.10 475,000 Upbound Group, Inc. 6.375 15/02/2029 470,576 0.23 350,000 Victra Holdings LLC 8.750 15/09/2029 363,538 0.18
Technology - 4.84% (30/11/2025: 4.27%) 500,000 Almaviva-The Italian Innovation Co. SpA 5.000 30/10/2030 569,191 0.28 700,000 ams-OSRAM AG 10.500 30/03/2029 864,766 0.42 1,100,000 Cloud Software Group, Inc. 6.500 31/03/2029 1,092,210 0.53 375,000 Cloud Software Group, Inc. 8.250 30/06/2032 368,465 0.18 325,000 CoreWeave, Inc. 9.250 01/06/2030 331,813 0.16 725,000 CoreWeave, Inc. 9.000 01/02/2031 735,998 0.36 400,000 CoreWeave, Inc. 9.750 01/10/2031 412,811 0.20 650,000 Engineering - Ingegneria Informatica - SpA 8.625 15/02/2030 754,338 0.37 450,000 Fortress Intermediate 3, Inc. 7.500 01/06/2031 455,465 0.22 175,000 OAK-Eagle Acquireco, Inc. 7.250 01/07/2033 182,602 0.09
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 95.26% (30/11/2025: 94.36%) cont/d...
CORPORATE BONDS - 94.98% (30/11/2025: 94.36%) cont/d...
Technology - 4.84% (30/11/2025: 4.27%) cont/d... 200,000 OAK-Eagle Acquireco, Inc. 8.750 01/07/2034 211,479 0.10 575,000 Open Text Corp. 3.875 15/02/2028 558,082 0.27 650,000 Open Text Holdings, Inc. 4.125 01/12/2031 567,655 0.27 350,000 Qnity Electronics, Inc. 6.250 15/08/2033 357,341 0.17 950,000 Rocket Software, Inc. 9.000 28/11/2028 958,722 0.46 725,000 Rocket Software, Inc. 6.500 15/02/2029 678,697 0.33 900,000 UKG, Inc. 6.875 01/02/2031 885,170 0.43
Telecommunications - 7.61% (30/11/2025: 8.84%) 775,000 APLD ComputeCo 2 LLC 6.750 15/03/2031 781,567 0.38 875,000 APLD ComputeCo LLC 9.250 15/12/2030 945,020 0.46 450,000 Connect Finco SARL 9.000 15/09/2029 475,725 0.23 750,000 EchoStar Corp. 10.750 30/11/2029 815,539 0.40 518,562 EchoStar Corp. 6.750 30/11/2030 530,326 0.26 250,000 Eutelsat Communications SACA 6.250 15/03/2033 303,961 0.15 1,200,000 Fibercop SpA 5.375 15/04/2031 1,441,370 0.70 900,000 GCI LLC 4.750 15/10/2028 869,179 0.42 500,000 Iliad Holding SAS 7.000 15/04/2032 509,225 0.25 700,000 Level 3 Financing, Inc. 6.875 30/06/2033 721,757 0.35 725,000 Level 3 Financing, Inc. 7.000 31/03/2034 751,975 0.36 275,000 Level 3 Financing, Inc. 8.500 15/01/2036 297,598 0.14 100,000 Level 3 Financing, Inc. 7.500 15/02/2037 103,164 0.05 400,000 Meridian Arc Holdco LLC 6.250 30/04/2031 402,273 0.20 400,000 PR RNO Property Owner 1 LLC 6.500 01/05/2031 400,780 0.19 525,000 SV RNO Property Owner 1 LLC 5.875 01/03/2031 518,724 0.25
750,000
Telecommunications Co. Telekom Srbija AD Belgrade 7.000 28/10/2029 753,723 0.37
175,000
Telecommunications Co. Telekom Srbija AD Belgrade 6.750 18/05/2033 208,184 0.10 600,000 Turkcell Iletisim Hizmetleri AS 5.800 11/04/2028 601,193 0.29 200,000 United Group BV 6.750 15/02/2031 241,696 0.12 600,000 Virgin Media Secured Finance PLC 4.250 15/01/2030 725,111 0.35 1,000,000 Vmed O2 U.K. Financing I PLC 4.500 15/07/2031 1,137,374 0.55 750,000 Windstream Services LLC 8.250 01/10/2031 791,850 0.38 945,000 WULF Compute LLC 7.750 15/10/2030 993,521 0.48 370,157 Zayo Group Holdings, Inc. 9.250 09/03/2030 370,973 0.18
Transportation Excluding Air and Rail - 1.47% (30/11/2025: 1.53%) 125,000 GB AIT Buyer, Inc. 8.750 30/04/2034 125,258 0.06 500,000 Li & Fung Ltd. 8.375 05/02/2029 513,630 0.25 790,000 Mersin Uluslararasi Liman Isletmeciligi AS 8.250 15/11/2028 809,963 0.39 225,000 RXO, Inc. 6.375 15/05/2031 226,730 0.11
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 95.26% (30/11/2025: 94.36%) cont/d...
CORPORATE BONDS - 94.98% (30/11/2025: 94.36%) cont/d...
Transportation Excluding Air and Rail - 1.47% (30/11/2025: 1.53%) cont/d... 750,000 Simpar Europe SA 5.200 26/01/2031 641,625 0.31 700,000 TAV Havalimanlari Holding AS 8.500 07/12/2028 718,333 0.35
Utilities - 3.02% (30/11/2025: 2.40%) 250,000 Alpha Generation LLC 6.750 15/10/2032 255,990 0.13 500,000 Alpha Generation LLC 6.250 15/01/2034 496,008 0.24 550,000 Energo - Pro as 8.000 27/05/2030 676,318 0.33 500,000 Energuate Trust 2.0 6.350 15/09/2035 498,694 0.24 837,250 Greenko Wind Projects Mauritius Ltd. 7.250 27/09/2028 846,279 0.41 1,000,000 Limak Yenilenebilir Enerji AS 9.625 12/08/2030 997,095 0.48 1,000,000 ReNew Wind Energy AP2 4.500 14/07/2028 970,216 0.47 699,975 Sorik Marapi Geothermal Power PT 7.750 05/08/2031 710,262 0.35 753,125 Star Energy Geothermal Wayang Windu Ltd. 6.750 24/04/2033 770,603 0.37
Total Corporate Bonds (Cost: US$192,639,995) 195,758,024 94.98
Total Transferable Securities (Cost: US$193,247,475) 196,338,524 95.26
NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
CORPORATE LOANS - 0.66% (30/11/2025: 2.02%)
Food and Drug Retail - 0.66% (30/11/2025: 0.69%) 1,000,000 CD&R Firefly Bidco Ltd. Variable 29/04/2029 1,354,690 0.66
Services - Nil (30/11/2025: 0.61%)
Super Retail - Nil (30/11/2025: 0.60%)
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
CORPORATE LOANS – 0.66% (30/11/2025: 2.02%) cont/d...
Telecommunications - Nil (30/11/2025: 0.12%)
Total Corporate Loans (Cost: US$1,255,495) 1,354,690 0.66
Investments (Cost: US$194,502,970) 197,693,214 95.92
FINANCIAL DERIVATIVE INSTRUMENTS - 1.96% (30/11/2025: (0.55)%)
Forward Foreign Currency Exchange Contracts - 1.96% (30/11/2025: (0.55)%)
MATURITY DATE
SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD
NUMBER OF CONTRACTS
UNREALISED GAIN/(LOSS) US$
% of NET ASSETS 15/06/2026 State Street Bank EUR 13,168,199 USD 15,314,503 25 61,061 0.02 12/08/2026 State Street Bank EUR 1,741,452 USD 2,031,034 14 7,201 0.00 12/08/2026 State Street Bank GBP 2,117,546 USD 2,837,289 3 16,612 0.00 15/06/2026 State Street Bank GBP 185,418 USD 248,779 2 1,150 0.00 15/07/2026 State Street Bank GBP 27,754 USD 37,252 1 156 0.00 15/06/2026 State Street Bank NOK 518,161,681 USD 53,723,312 15 2,372,294 1.16 15/07/2026 State Street Bank NOK 513,467,222 USD 53,942,567 13 1,616,779 0.78 12/08/2026 State Street Bank NOK 521,830,146 USD 56,298,270 12 138,607 0.06 12/08/2026 State Street Bank USD 13,235,138 EUR 11,213,493 3 110,615 0.05 15/07/2026 State Street Bank USD 17,217,743 EUR 14,655,339 11 84,241 0.03 15/06/2026 State Street Bank USD 818,464 EUR 697,632 6 3,887 0.00 12/08/2026 State Street Bank USD 2,066,194 GBP 1,518,115 2 20,170 0.01 15/07/2026 State Street Bank USD 101,184 GBP 74,937 1 181 0.00 15/06/2026 State Street Bank USD 18,707 GBP 13,747 1 178 0.00 15/06/2026 State Street Bank USD 36,239 NOK 332,779 2 213 0.00 15/06/2026 State Street Bank EUR 1,081,744 USD 1,266,827 5 (3,754) (0.00) 15/07/2026 State Street Bank EUR 14,974,473 USD 17,579,528 27 (72,926) (0.04) 12/08/2026 State Street Bank EUR 16,609,002 USD 19,577,089 19 (137,542) (0.05) 12/08/2026 State Street Bank GBP 25,312 USD 34,392 1 (277) (0.00) 15/07/2026 State Street Bank GBP 61,191 USD 83,043 3 (568) (0.00) 12/08/2026 State Street Bank NOK 514,760 USD 55,789 3 (117) (0.00) 12/08/2026 State Street Bank USD 5,527,270 EUR 4,737,211 8 (17,268) (0.00) 15/06/2026 State Street Bank USD 15,391,973 EUR 13,240,879 18 (68,451) (0.02) 15/07/2026 State Street Bank USD 2,055,585 GBP 1,532,122 1 (9,468) (0.00) 15/06/2026 State Street Bank USD 2,266,897 GBP 1,689,786 2 (10,791) (0.01) 15/07/2026 State Street Bank USD 2,468,077 NOK 22,880,102 1 (7,648) (0.00)
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FINANCIAL DERIVATIVE INSTRUMENTS - 1.96% (30/11/2025: (0.55)%) cont/d…
Forward Foreign Currency Exchange Contracts - 1.96% (30/11/2025: (0.55)%) cont/d…
MATURITY DATE
SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD
NUMBER OF CONTRACTS
UNREALISED GAIN/(LOSS) US$
% of NET ASSETS 15/06/2026 State Street Bank USD 2,722,287 NOK 25,788,967 10 (69,598) (0.03)
Unrealised gain on forward foreign currency exchange contracts 4,433,345 2.11 Unrealised loss on forward foreign currency exchange contracts (398,408) (0.15) Net unrealised gain on forward foreign currency exchange contracts 4,034,937 1.96
Total Financial Derivative Instruments 4,034,937 1.96
FAIR VALUE US$
% of NET ASSETS
Portfolio of Investments 201,728,151 97.88
Cash at bank and broker (30/11/2025: 2.48%) 1,319,312 0.64
Debtors (30/11/2025: 2.53%) 3,456,852 1.68
Total 206,504,315 100.20
Bank overdraft and amounts due to broker (30/11/2025: (0.00)%) (449) (0.00)
Creditors (30/11/2025: (0.84)%) (410,069) (0.20)
NAV 206,093,797 100.00
31/05/2026 30/11/2025 31/05/2025 NAV US$206,093,797 US$193,081,456 US$177,168,128
NAV attributed to each Unit Class -Hedged Euro Accumulation A Units €5,229,317 €5,331,127 €6,186,433 -Hedged Euro Accumulation H Units €212,097 €5,257,963 €5,067,027 -Hedged Euro Accumulation P Units €1,291,615 €4,093,699 €4,096,702 -Hedged Euro Accumulation R Units €1,501,780 €2,496,641 €2,461,973 -Hedged Euro Discretionary S Units €24,075,409 €24,410,502 €24,175,031 -Hedged Euro Income H Units €1,665,760 €1,688,715 €1,672,569 -Hedged NOK Accumulation G Units NOK84,109,346 NOK84,099,778 NOK74,746,368 -Hedged NOK Accumulation M Units NOK1,445,058,180 NOK1,352,084,165 NOK1,210,078,686 -Hedged NOK Accumulation S Units NOK6,967,615 NOK7,261,020 NOK17,818,565 -Hedged US$ Accumulation R Units US$113,336 US$111,117 US$106,342
Number of Units in issue -Hedged Euro Accumulation A Units 14,332 14,798 17,772
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31/05/2026 30/11/2025 31/05/2025 Number of Units in issue cont/d… -Hedged Euro Accumulation H Units 1,688 42,444 42,409 -Hedged Euro Accumulation P Units 11,324 36,205 37,348 -Hedged Euro Accumulation R Units 4,559 7,657 7,795 -Hedged Euro Discretionary S Units 301,886 301,886 301,886 -Hedged Euro Income H Units 19,453 19,453 19,453 -Hedged NOK Accumulation G Units 661,445 677,896 632,265 -Hedged NOK Accumulation M Units 10,065,182 9,646,031 9,052,732 -Hedged NOK Accumulation S Units 52,145 55,640 143,144 -Hedged US$ Accumulation R Units 940 940 940
NAV per Unit -Hedged Euro Accumulation A Units €364.87 €360.26 €348.10 -Hedged Euro Accumulation H Units €125.65 €123.88 €119.48 -Hedged Euro Accumulation P Units €114.06 €113.07 €109.69 -Hedged Euro Accumulation R Units €329.41 €326.06 €315.84 -Hedged Euro Discretionary S Units €79.75 €80.86 €80.08 -Hedged Euro Income H Units €85.63 €86.81 €85.98 -Hedged NOK Accumulation G Units NOK127.16 NOK124.06 NOK118.22 -Hedged NOK Accumulation M Units NOK143.57 NOK140.17 NOK133.67 -Hedged NOK Accumulation S Units NOK133.62 NOK130.50 NOK124.48 -Hedged US$ Accumulation R Units US$120.57 US$118.21 US$113.13
For Units launched and terminated during the six month period please refer to Note 12 of these financial statements.
Analysis of Total Assets
% of TOTAL ASSETS Transferable securities admitted to an exchange 46.18 Transferable securities dealt in on another regulated market 48.71 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 0.66 OTC financial derivative instruments 2.14 Other current assets 2.31 Total assets 100.00
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES - 94.33% (30/11/2025: 95.33%)
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%)
Aerospace and Defence - 0.08% (30/11/2025: 0.08%) 7,350,000 Axon Enterprise, Inc. 6.125 15/03/2030 6,435,628 0.08
Airlines - 2.57% (30/11/2025: 2.69%) 11,765,000 Air Canada 3.875 15/08/2026 10,081,586 0.12 18,900,000 Air France-KLM 4.625 23/05/2029 19,356,246 0.23 43,050,000 American Airlines, Inc. 5.750 20/04/2029 36,874,449 0.44 25,820,000 AS Mileage Plan IP Ltd. 5.021 20/10/2029 21,935,794 0.26 21,610,000 Delta Air Lines, Inc. 4.950 10/07/2028 18,612,508 0.23 10,029,167 Delta Air Lines, Inc. 4.750 20/10/2028 8,603,120 0.11 11,529,000 Delta Air Lines, Inc. 5.250 10/07/2030 9,994,617 0.12 12,500,000 Finnair OYJ 4.750 24/05/2029 12,708,250 0.15 11,900,000 Finnair OYJ 4.250 27/11/2030 11,837,525 0.14 10,017,000 OneSky Flight LLC 8.875 15/12/2029 9,060,197 0.11 23,100,000 Transportes Aereos Portugueses SA 5.125 15/11/2029 23,394,987 0.28 21,875,000 United Airlines Holdings, Inc. 4.875 01/03/2029 18,544,258 0.22 15,350,000 United Airlines Holdings, Inc. 5.375 01/03/2031 13,025,920 0.16
Automotive and Auto Parts - 11.03% (30/11/2025: 10.61%) 2,000,000 American Axle & Manufacturing, Inc. 5.000 01/10/2029 1,677,861 0.02 18,775,000 American Honda Finance Corp. 4.550 03/03/2028 16,110,661 0.19 8,450,000 Belron U.K. Finance PLC 5.750 15/10/2029 7,306,432 0.09 19,000,000 Benteler International Austria GmbH 7.250 15/06/2031 20,221,510 0.24 7,775,000 Clarios Global LP 6.750 15/02/2030 6,891,133 0.08 8,825,000 Clarios Global LP 4.750 15/06/2031 8,848,563 0.11 5,000,000 Ford Motor Credit Co. LLC 2.700 10/08/2026 4,271,205 0.05 9,000,000 Ford Motor Credit Co. LLC 5.800 05/03/2027 7,774,136 0.09 13,068,000 Ford Motor Credit Co. LLC 4.125 17/08/2027 11,114,425 0.13 15,175,000 Ford Motor Credit Co. LLC 5.918 20/03/2028 13,204,072 0.16 14,825,000 Ford Motor Credit Co. LLC 3.622 27/07/2028 14,886,672 0.18 29,005,000 Ford Motor Credit Co. LLC 6.798 07/11/2028 25,770,795 0.31 24,950,000 Ford Motor Credit Co. LLC 4.165 21/11/2028 25,377,893 0.30 10,500,000 Ford Motor Credit Co. LLC 5.800 08/03/2029 9,133,242 0.11 6,650,000 Ford Motor Credit Co. LLC 5.303 06/09/2029 5,707,924 0.07 15,000,000 Ford Motor Credit Co. LLC 3.778 16/09/2029 15,043,650 0.18 16,750,000 Ford Motor Credit Co. LLC 4.445 14/02/2030 17,131,230 0.21 27,525,000 Ford Motor Credit Co. LLC 4.066 21/08/2030 27,795,571 0.33 15,000,000 Ford Motor Credit Co. LLC 6.184 29/08/2031 17,628,245 0.21 4,000,000 Forvia SE 2.750 15/02/2027 3,989,720 0.05 964,000 Forvia SE 2.375 15/06/2027 955,864 0.01 5,928,571 Forvia SE 3.750 15/06/2028 5,931,654 0.07 14,250,000 Forvia SE 5.375 15/03/2031 14,572,763 0.17
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Automotive and Auto Parts - 11.03% (30/11/2025: 10.61%) cont/d... 9,350,000 Forvia SE 5.500 15/06/2031 9,585,527 0.11 5,800,000 General Motors Financial Co., Inc. 2.350 26/02/2027 4,898,990 0.06 7,075,000 General Motors Financial Co., Inc. 5.000 15/07/2027 6,102,830 0.07 200,000 General Motors Financial Co., Inc. 5.050 04/04/2028 172,901 0.00 18,700,000 General Motors Financial Co., Inc. 5.800 23/06/2028 16,383,627 0.20 17,000,000 General Motors Financial Co., Inc. 5.800 07/01/2029 14,983,978 0.18 26,950,000 General Motors Financial Co., Inc. 5.350 12/03/2029 31,371,053 0.38 17,000,000 Gestamp Automocion SA 4.375 15/10/2030 17,025,840 0.20 4,150,000 Goodyear Europe BV 2.750 15/08/2028 4,036,083 0.05 22,700,000 Goodyear Tire & Rubber Co. 5.000 15/07/2029 18,589,052 0.22 34,000,000 Harley-Davidson Financial Services, Inc. 3.050 14/02/2027 28,840,436 0.35 5,500,000 Hyundai Capital America 1.500 15/06/2026 4,708,190 0.06 6,181,000 Hyundai Capital America 5.250 08/01/2027 5,326,158 0.06 4,900,000 Hyundai Capital America 4.250 18/09/2028 4,164,937 0.05 17,600,000 IHO Verwaltungs GmbH 6.750 15/11/2029 18,422,448 0.22 11,400,000 IHO Verwaltungs GmbH 5.625 15/05/2031 11,734,020 0.14 40,575,000 Jaguar Land Rover Automotive PLC 4.500 15/07/2028 40,602,185 0.49 12,320,000 Lear Corp. 4.250 15/05/2029 10,429,880 0.13 4,034,000 LKQ Corp. 5.750 15/06/2028 3,517,514 0.04 24,850,000 Mahle GmbH 6.500 02/05/2031 25,848,473 0.31 14,800,000 Nissan Motor Acceptance Co. LLC 6.950 15/09/2026 12,737,024 0.15 10,800,000 Nissan Motor Acceptance Co. LLC 5.625 29/09/2028 9,243,952 0.11 14,275,000 Nissan Motor Acceptance Co. LLC 6.125 30/09/2030 12,087,881 0.15 5,000,000 Nissan Motor Co. Ltd. 4.345 17/09/2027 4,229,443 0.05 7,175,000 Nissan Motor Co. Ltd. 5.250 17/07/2029 7,273,656 0.09 8,000,000 Opmobility 4.296 05/02/2031 8,071,040 0.10 22,275,000 Porsche Automobil Holding SE 3.750 27/09/2029 22,491,290 0.27 8,050,000 RAC Bond Co. PLC 5.750 06/05/2046 9,396,238 0.11 15,900,000 RCI Banque SA 3.625 22/02/2030 15,944,043 0.19 25,000,000 RCI Banque SA 3.375 06/06/2030 24,893,000 0.30 12,800,000 Renault SA 3.875 30/09/2030 12,777,856 0.15 3,800,000 Schaeffler AG 4.250 01/04/2028 3,837,696 0.05 12,000,000 Schaeffler AG 3.375 12/10/2028 11,921,400 0.14 12,700,000 Schaeffler AG 4.125 13/05/2029 12,771,628 0.15 18,240,000 Stellantis Finance U.S., Inc. 5.750 18/03/2030 15,706,463 0.19 25,299,000 Stellantis Financial Services U.S. Corp. 4.950 15/09/2028 21,598,341 0.26 17,175,000 Stellantis Financial Services U.S. Corp. 5.400 15/06/2029 14,757,642 0.18 32,850,000 Stellantis NV 3.375 19/11/2028 32,822,406 0.39 4,650,000 TMD Friction Group GmbH 8.250 15/05/2031 4,845,951 0.06 36,600,000 Valeo SE 1.000 03/08/2028 34,723,152 0.42 20,400,000 Volkswagen Bank GmbH 4.000 26/11/2030 20,684,988 0.25
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Automotive and Auto Parts - 11.03% (30/11/2025: 10.61%) cont/d... 10,000,000 Volkswagen Financial Services NV 5.250 14/07/2031 11,493,535 0.14 9,400,000 ZF Europe Finance BV 4.750 31/01/2029 9,452,076 0.11 10,400,000 ZF Europe Finance BV 6.125 13/03/2029 10,797,904 0.13 4,300,000 ZF Europe Finance BV 7.000 12/06/2030 4,583,671 0.06 13,000,000 ZF Finance GmbH 2.250 03/05/2028 12,555,660 0.15
Banking - 18.64% (30/11/2025: 19.88%) 41,200,000 Abanca Corp. Bancaria SA Variable 23/09/2033 45,045,196 0.54 20,500,000 ABN AMRO Bank NV Variable 22/02/2033 20,998,926 0.25 16,800,000 AL Sydbank Variable 05/03/2030 16,889,040 0.20 28,600,000 Banco Comercial Portugues SA Variable 17/05/2032 28,727,842 0.34 9,800,000 Banco Santander SA Variable 04/10/2032 10,960,288 0.13 12,200,000 Banco Santander SA Variable 23/08/2033 12,728,504 0.15 26,500,000 Banco Santander SA Variable 22/04/2034 27,440,485 0.33 14,835,000 Bank of America Corp. Variable 24/01/2031 12,929,400 0.16 13,575,000 Bank of Ireland Group PLC Variable 01/03/2033 14,242,890 0.17 7,075,000 Bank of Ireland Group PLC Variable 10/08/2034 7,284,774 0.09 19,750,000 Bank Polska Kasa Opieki SA Variable 03/06/2030 19,759,677 0.24 15,000,000 Bankinter SA Variable 25/06/2034 15,453,450 0.19 20,000,000 Banque Federative du Credit Mutuel SA Variable 15/01/2035 20,113,800 0.24 7,425,000 Barclays PLC Variable 25/02/2029 6,413,641 0.08 33,300,000 Bayerische Landesbank Variable 23/09/2031 33,246,054 0.40 31,200,000 Bayerische Landesbank Variable 22/11/2032 30,326,088 0.36 14,000,000 Belfius Bank SA Variable 06/04/2034 13,179,740 0.16 29,925,000 BNP Paribas SA 2.591 20/01/2028 25,344,148 0.30 10,700,000 BNP Paribas SA Variable 09/05/2029 9,183,280 0.11 10,500,000 BNP Paribas SA Variable 20/05/2030 9,184,078 0.11 53,900,000 BNP Paribas SA Variable 28/08/2034 54,567,821 0.65 28,300,000 BPCE SA Variable 30/11/2032 31,467,239 0.38 14,028,000 CaixaBank SA Variable 13/09/2027 12,095,174 0.14 13,025,000 CaixaBank SA Variable 15/03/2030 11,433,499 0.14 15,950,000 CaixaBank SA Variable 03/07/2031 13,667,412 0.16 13,800,000 CaixaBank SA Variable 30/05/2034 14,663,742 0.18 7,075,000 Citigroup, Inc. Variable 11/09/2031 5,999,510 0.07 9,000,000 Commerzbank AG Variable 15/10/2031 10,305,093 0.12 7,600,000 Commerzbank AG Variable 28/02/2033 9,209,669 0.11 34,400,000 Commerzbank AG Variable 16/10/2034 35,572,352 0.43 12,000,000 Commonwealth Bank of Australia Variable 04/06/2034 12,259,680 0.15 8,450,000 Credit Agricole SA Variable 11/09/2028 7,247,512 0.09 4,970,000 Credit Agricole SA Variable 10/01/2033 4,192,858 0.05 16,200,000 Credit Agricole SA Variable 28/08/2033 16,893,360 0.20
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Banking - 18.64% (30/11/2025: 19.88%) cont/d... 11,300,000 Credit Agricole SA Variable 09/11/2034 13,178,003 0.16 41,000,000 Credit Agricole SA Variable 18/03/2035 41,443,620 0.50 13,975,000 Danske Bank AS Variable 12/09/2031 11,772,300 0.14 7,470,000 Deutsche Bank AG Variable 13/07/2027 6,420,407 0.08 63,200,000 Deutsche Bank AG Variable 24/06/2032 63,460,384 0.76 16,600,000 Erste Group Bank AG Variable 15/11/2032 16,096,024 0.19 16,000,000 Eurobank SA Variable 25/04/2034 16,941,760 0.20 17,500,000 Hamburg Commercial Bank AG 4.500 24/07/2028 17,902,675 0.21 8,720,000 HSBC Holdings PLC Variable 19/06/2029 7,465,445 0.09 7,000,000 HSBC Holdings PLC Variable 10/03/2030 5,946,879 0.07 33,700,000 HSBC Holdings PLC Variable 16/11/2032 35,104,279 0.42 59,100,000 HSBC Holdings PLC Variable 22/03/2035 60,802,671 0.73 18,200,000 ING Groep NV Variable 15/08/2034 18,551,806 0.22 7,800,000 ING Groep NV Variable 26/08/2035 7,934,706 0.10 15,000,000 Intesa Sanpaolo SpA Variable 20/02/2034 15,930,000 0.19 27,285,000 JPMorgan Chase & Co. Variable 23/04/2030 23,260,664 0.28 25,075,000 JPMorgan Chase & Co. Variable 22/07/2030 21,696,707 0.26 7,790,000 JPMorgan Chase & Co. Variable 22/10/2031 6,548,672 0.08 10,939,000 Landsbankinn Hf. 3.500 24/06/2030 10,864,177 0.13 10,400,000 Lloyds Banking Group PLC Variable 10/02/2030 8,815,733 0.11 12,870,000 Lloyds Banking Group PLC Variable 15/12/2031 14,740,892 0.18 22,200,000 Lloyds Banking Group PLC Variable 02/06/2033 26,239,304 0.31 13,775,000 Luminor Bank AS Variable 12/06/2029 13,786,709 0.17 16,225,000 Luminor Bank AS Variable 27/05/2031 16,411,587 0.20 20,825,000 National Australia Bank Ltd. Variable 15/09/2031 23,839,789 0.29 3,300,000 National Bank of Greece SA Variable 28/06/2035 3,506,019 0.04 10,771,000 Nationwide Building Society 4.000 14/09/2026 9,216,136 0.11 22,300,000 Nationwide Building Society Variable 16/04/2034 22,770,976 0.27 12,205,000 NatWest Group PLC Variable 18/05/2029 10,522,785 0.13 60,000,000 NatWest Group PLC Variable 28/11/2031 68,832,303 0.83 21,000,000 NatWest Group PLC Variable 25/02/2035 20,943,510 0.25 16,800,000 Norddeutsche Landesbank-Girozentrale Variable 23/08/2034 17,576,328 0.21 11,200,000 Nykredit Realkredit AS Variable 24/04/2035 11,257,680 0.13 4,400,000 OTP Banka DD Variable 20/05/2028 4,401,848 0.05 18,800,000 Permanent TSB Group Holdings PLC Variable 10/07/2030 19,285,792 0.23 9,050,000 Permanent TSB Group Holdings PLC Variable 22/12/2035 8,959,138 0.11 5,825,000 Piraeus Bank SA Variable 17/07/2029 5,967,945 0.07 9,950,000 Piraeus Bank SA Variable 17/04/2034 10,769,084 0.13 19,500,000 QNB Finance Ltd. 4.500 24/07/2030 16,534,702 0.20 29,800,000 Raiffeisen Bank International AG Variable 18/06/2032 29,601,234 0.35 42,000,000 Raiffeisen Bank International AG Variable 17/06/2033 40,307,820 0.48
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Banking - 18.64% (30/11/2025: 19.88%) cont/d... 16,000,000 Raiffeisen Bank zrt Variable 23/05/2030 16,587,766 0.20 22,200,000 Santander U.K. Group Holdings PLC Variable 10/01/2029 19,585,649 0.23 6,975,000 Santander U.K. Group Holdings PLC Variable 22/09/2029 5,926,358 0.07 15,175,000 Societe Generale SA Variable 12/04/2030 12,862,638 0.15 12,000,000 Societe Generale SA Variable 30/06/2031 11,983,920 0.14 9,525,000 Standard Chartered PLC Variable 21/01/2029 8,279,479 0.10 20,000,000 Standard Chartered PLC Variable 23/09/2031 19,880,800 0.24 9,900,000 Tatra Banka AS Variable 23/04/2028 9,657,925 0.12 29,760,000 UniCredit SpA Variable 19/06/2032 25,662,106 0.31
Broadcasting - 1.34% (30/11/2025: 1.30%) 6,720,000 Asmodee Group AB 5.750 15/12/2029 6,994,982 0.08 21,000,000 Canal+ SA 4.625 03/12/2030 21,034,440 0.25 11,805,000 Discovery Global Holdings, Inc. 3.755 15/03/2027 10,066,599 0.12 11,980,000 Discovery Global Holdings, Inc. 4.054 15/03/2029 10,238,774 0.12 14,700,000 Lagardere SA 4.750 12/06/2030 15,036,924 0.18 9,300,000 Netflix, Inc. 4.875 15/06/2030 8,063,123 0.10 20,700,000 Pinewood Finco PLC 6.000 27/03/2030 23,839,440 0.29 20,150,000 Sirius XM Radio LLC 4.125 01/07/2030 16,287,899 0.20
Building Materials - 0.43% (30/11/2025: 0.88%) 38,525,000 James Hardie International Finance DAC 5.000 15/01/2028 32,843,382 0.39 1,625,000 Project Grand U.K. PLC 9.000 01/06/2029 1,644,354 0.02 2,000,000 Standard Industries, Inc. 4.375 15/07/2030 1,633,773 0.02
Cable and Satellite TV - 0.92% (30/11/2025: 0.85%) 4,616,000 CCO Holdings LLC 5.125 01/05/2027 3,955,000 0.05 39,000,000 CCO Holdings LLC 5.375 01/06/2029 32,825,822 0.39 32,960,000 Charter Communications Operating LLC 3.750 15/02/2028 27,772,999 0.33 4,000,000 Charter Communications Operating LLC 2.250 15/01/2029 3,201,879 0.04 9,180,000 Charter Communications Operating LLC 6.100 01/06/2029 8,095,805 0.10 1,291,000 Directv Financing LLC 5.875 15/08/2027 1,109,863 0.01
Capital Goods - 1.57% (30/11/2025: 1.23%) 5,100,000 Fortune Star BVI Ltd. 3.950 02/10/2026 5,100,227 0.06 20,800,000 Fortune Star BVI Ltd. 6.800 09/09/2029 17,611,168 0.21 19,125,000 Fortune Star BVI Ltd. 5.875 20/11/2030 18,578,360 0.22 5,520,000 KION Group AG 4.000 20/11/2029 5,623,445 0.07 26,150,000 KION Group AG 4.125 24/03/2031 26,429,543 0.32 18,000,000 Traton Finance Luxembourg SA 5.625 16/01/2029 21,010,430 0.25
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Capital Goods - 1.57% (30/11/2025: 1.23%) cont/d... 34,500,000 Traton Finance Luxembourg SA 3.125 12/05/2029 34,252,635 0.41 1,727,000 Weir Group PLC 6.875 14/06/2028 2,048,710 0.03
Chemicals - 1.41% (30/11/2025: 1.14%) 15,050,000 Azelis Finance NV 4.750 25/09/2029 15,327,673 0.18 6,590,000 Dow Chemical Co. 7.375 01/11/2029 6,108,628 0.07 8,425,000 INEOS Finance PLC 6.625 15/05/2028 8,517,338 0.10 7,025,000 INEOS Finance PLC 7.875 15/11/2031 6,971,259 0.08 14,675,000 INEOS Quattro Finance 2 PLC 6.750 15/04/2030 12,870,562 0.16 11,525,000 International Flavors & Fragrances, Inc. 1.832 15/10/2027 9,530,638 0.12 6,150,000 International Flavors & Fragrances, Inc. 2.300 01/11/2030 4,740,711 0.06 3,100,000 Italmatch Chemicals SpA 6.250 05/02/2031 3,136,983 0.04 5,000,000 LYB International Finance II BV 3.500 02/03/2027 4,257,885 0.05 13,000,000 Olympus Water U.S. Holding Corp. 3.875 01/10/2028 12,878,060 0.16 22,479,000 Orbia Advance Corp. SAB de CV 6.800 13/05/2030 19,383,436 0.23 9,018,000 Sasol Financing USA LLC 4.375 18/09/2026 7,712,575 0.09 7,062,000 SNF Group SACA 5.626 31/03/2031 6,128,100 0.07
Consumer Products - 0.93% (30/11/2025: 0.51%) 9,175,000 Coty, Inc. 4.500 15/05/2027 9,217,664 0.11 25,000,000 Energizer Gamma Acquisition BV 3.500 30/06/2029 24,182,000 0.29 16,450,000 Energizer Holdings, Inc. 4.375 31/03/2029 13,580,581 0.16 4,425,000 Newell Brands, Inc. 6.375 15/05/2030 3,744,792 0.04 21,525,000 Whirlpool Corp. 6.125 15/06/2030 17,365,402 0.21 10,500,000 Whirlpool EMEA Finance SARL 0.500 20/02/2028 9,779,700 0.12
Containers - 1.40% (30/11/2025: 1.36%) 21,000,000 Amcor Flexibles North America, Inc. 4.250 08/03/2029 17,829,085 0.21 10,075,000 Amcor Flexibles North America, Inc. 5.100 17/03/2030 8,745,892 0.11 13,500,000 Amcor U.K. Finance PLC 3.200 17/11/2029 13,449,375 0.16 11,450,000 Ardagh Metal Packaging Finance USA LLC 5.000 30/01/2031 11,490,533 0.14 14,143,000 Berry Global, Inc. 5.500 15/04/2028 12,325,447 0.15 14,725,000 OI European Group BV 5.250 01/06/2029 14,923,198 0.18 11,000,000 ProGroup AG 5.125 15/04/2029 11,151,360 0.13 27,225,000 Silgan Holdings, Inc. 4.250 15/02/2031 26,942,404 0.32
Diversified Financial Services - 8.03% (30/11/2025: 10.74%) 7,825,000 AerCap Ireland Capital DAC 6.100 15/01/2027 6,769,019 0.08 7,250,000 AerCap Ireland Capital DAC 4.625 15/10/2027 6,223,841 0.07 24,225,000 AerCap Ireland Capital DAC 4.125 28/02/2029 20,487,808 0.25 12,000,000 AIR Lease Corp. Sukuk Ltd. 5.850 01/04/2028 10,426,188 0.12
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Diversified Financial Services - 8.03% (30/11/2025: 10.74%) cont/d... 1,900,000 Aircastle Ltd. 5.950 15/02/2029 1,670,625 0.02 4,100,000 Aircastle Ltd. 5.250 15/03/2030 3,543,277 0.04 23,400,000 Ally Financial, Inc. Variable 15/05/2029 20,373,733 0.24 25,300,000 Aviation Capital Group LLC 6.250 15/04/2028 22,245,907 0.27 31,275,000 Avolon Holdings Funding Ltd. 4.200 15/04/2029 26,363,423 0.32 15,325,000 Avolon Holdings Funding Ltd. 4.900 10/10/2030 13,064,916 0.16 9,500,000 Azorra Finance Ltd. 7.250 15/01/2031 8,334,017 0.10 4,000,000 Burford Capital Global Finance LLC 6.250 15/04/2028 3,349,587 0.04 20,475,000 California Buyer Ltd. 6.375 15/02/2032 17,458,484 0.21 11,715,000 Capital One Financial Corp. Variable 01/02/2029 10,186,706 0.12 31,200,000 Deutsche Pfandbriefbank AG 3.250 01/09/2028 30,663,048 0.37 18,325,000 Esic Sukuk Ltd. 5.831 14/02/2029 15,925,071 0.19 10,750,000 Fidelity National Information Services, Inc. 3.450 10/03/2030 10,747,528 0.13 4,900,000 Fiserv, Inc. 2.250 01/06/2027 4,112,429 0.05 3,658,000 Fiserv, Inc. 5.375 21/08/2028 3,176,584 0.04 10,400,000 Fiserv, Inc. 4.200 01/10/2028 8,822,627 0.11 9,430,000 Fiserv, Inc. 3.500 01/07/2029 7,775,620 0.09 17,500,000 Global Payments, Inc. 4.500 15/11/2028 14,876,944 0.18 13,310,000 Goldman Sachs Group, Inc. Variable 21/10/2027 11,300,952 0.13 13,775,000 Goldman Sachs Group, Inc. Variable 20/04/2030 11,766,743 0.14 20,075,000 Goldman Sachs Group, Inc. Variable 23/04/2031 17,457,932 0.21 8,525,000 Goldman Sachs Group, Inc. Variable 21/01/2032 7,194,104 0.09 16,275,000 HLD Europe SCA 4.125 02/04/2030 16,373,626 0.20 5,020,000 Hyundai Card Co. Ltd. 5.750 24/04/2029 4,417,496 0.05 19,130,600 India Vehicle Finance 5.850 25/09/2030 16,591,447 0.20 6,500,000 Jerrold Finco PLC 7.875 15/04/2030 7,615,856 0.09 11,300,000 Jerrold Finco PLC 7.500 15/06/2031 13,109,216 0.16 7,075,000 Kane Bidco Ltd. 7.750 15/07/2031 8,241,431 0.10 7,500,000 Morgan Stanley Variable 20/07/2027 6,401,831 0.08 14,975,000 Morgan Stanley Variable 20/04/2029 12,966,875 0.15 11,000,000 Morgan Stanley Variable 18/04/2030 9,666,048 0.12 8,950,000 Morgan Stanley Variable 18/10/2030 7,643,756 0.09 16,100,000 Morgan Stanley Variable 15/01/2031 14,005,461 0.17 12,125,000 Morgan Stanley Variable 16/01/2032 10,226,208 0.12 5,079,000 MSCI, Inc. 4.000 15/11/2029 4,223,978 0.05 9,600,000 Muthoot Finance Ltd. 7.125 14/02/2028 8,383,053 0.10 1,350,000 Muthoot Finance Ltd. 6.375 23/04/2029 1,166,765 0.01 18,400,000 Muthoot Finance Ltd. 5.750 04/08/2030 15,576,986 0.19
3,500,000
National Rural Utilities Cooperative Finance Corp. 4.300 10/12/2030 2,958,576 0.03 2,500,000 OneMain Finance Corp. 6.625 15/05/2029 2,178,410 0.03 2,225,000 PennyMac Financial Services, Inc. 5.750 15/09/2031 1,799,660 0.02
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Diversified Financial Services - 8.03% (30/11/2025: 10.74%) cont/d... 13,000,000 Rocket Cos., Inc. 6.125 01/08/2030 11,316,479 0.14 11,650,000 Schroders PLC Variable 18/07/2034 13,840,374 0.17
7,700,000
Servicios Financieros Carrefour Establecimiento Financiero de Credito SA 3.500 29/09/2028 7,717,633 0.09 20,975,000 Shriram Finance Ltd. 6.150 03/04/2028 18,345,720 0.22 36,100,000 SoftBank Group Corp. 4.000 06/07/2026 30,875,949 0.37 9,000,000 SoftBank Group Corp. 6.500 10/04/2029 7,715,923 0.09 10,000,000 Sumisho Air Lease Corp. 2.200 15/01/2027 8,454,051 0.10 6,598,000 Sumisho Air Lease Corp. 2.100 01/09/2028 5,341,618 0.06 19,100,000 Tikehau Capital SCA 6.625 14/03/2030 20,803,147 0.25 28,500,000 TP ICAP Finance PLC 7.875 17/04/2030 35,168,662 0.42 34,100,000 Worldline SA 0.875 30/06/2027 32,755,778 0.39
Diversified Media - 0.18% (30/11/2025: 0.52%) 17,565,000 News Corp. 3.875 15/05/2029 14,597,823 0.18
Energy - 2.74% (30/11/2025: 3.63%) 8,755,000 Devon Energy Corp. 5.875 15/06/2028 7,503,109 0.09 23,085,000 DT Midstream, Inc. 4.125 15/06/2029 19,405,945 0.23 3,375,000 Expand Energy Corp. 5.375 15/03/2030 2,918,668 0.04 8,700,000 ONEOK, Inc. 4.400 15/10/2029 7,406,635 0.09 13,790,000 Repsol E&P Capital Markets U.S. LLC 4.805 16/09/2028 11,849,650 0.14
20,000,000
Societatea Nationala de Gaze Naturale ROMGAZ SA 4.750 07/10/2029 20,407,386 0.24 11,500,000 Sunoco LP 5.625 15/03/2031 9,871,358 0.12 22,550,000 Tallgrass Energy Partners LP 5.500 15/01/2028 19,329,697 0.23 7,700,000 Targa Resources Corp. 6.150 01/03/2029 6,866,918 0.08 7,700,000 Var Energi ASA 7.500 15/01/2028 6,883,582 0.08 3,486,000 Var Energi ASA 5.500 04/05/2029 3,677,556 0.04 22,925,000 Venture Global Calcasieu Pass LLC 3.875 15/08/2029 18,834,685 0.23 15,000,000 Venture Global LNG, Inc. 8.125 01/06/2028 13,145,220 0.16 10,490,000 Vistra Operations Co. LLC 4.300 15/10/2028 8,882,052 0.11 10,850,000 Vistra Operations Co. LLC 4.550 30/10/2028 9,260,780 0.11 42,200,000 Wintershall Dea Finance BV 1.332 25/09/2028 40,336,448 0.48 22,225,000 Wintershall Dea Finance BV 3.830 03/10/2029 22,370,129 0.27
Environmental - 0.28% (30/11/2025: 0.28%) 22,725,000 Currenta Group Holdings SARL 5.500 15/05/2030 23,085,646 0.28
Food and Drug Retail - 0.93% (30/11/2025: 0.82%) 7,375,000 Albertsons Cos., Inc. 5.500 31/03/2031 6,230,802 0.07 6,225,000 Eroski S Coop 5.750 15/05/2031 6,455,201 0.08
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Food and Drug Retail - 0.93% (30/11/2025: 0.82%) cont/d... 17,850,000 J Sainsbury PLC 5.125 29/06/2030 20,915,756 0.25 10,855,000 Market Bidco Finco PLC 6.750 31/01/2031 10,630,953 0.13 9,525,000 Market Bidco Finco PLC 8.750 31/01/2031 10,649,318 0.13 7,000,000 Maxima Grupe UAB 4.750 19/05/2031 7,041,300 0.08 15,375,000 Picard Groupe SAS 6.375 01/07/2029 15,912,817 0.19
Food, Beverage and Tobacco - 2.64% (30/11/2025: 2.34%) 3,000,000 Bacardi Ltd. 5.250 15/01/2029 2,593,655 0.03 14,300,000 Barry Callebaut Services NV 3.750 19/02/2028 14,393,379 0.17 10,000,000 BRF SA 4.875 24/01/2030 8,187,889 0.10 10,150,000 Campbell's Co. 5.200 21/03/2029 8,782,467 0.11 9,545,000 Davide Campari-Milano NV 1.250 06/10/2027 9,298,739 0.11 21,225,000 Flora Food Management BV 6.875 02/07/2029 20,407,625 0.24 23,425,000 Keurig Dr Pepper, Inc. 5.050 15/03/2029 20,288,696 0.24 6,600,000 Keurig Dr. Pepper, Inc. 3.950 15/04/2029 5,554,021 0.07 18,670,000 Maple Parent Holdings Corp. 4.750 26/03/2029 15,999,130 0.19 17,300,000 Maple Parent Holdings Corp. 3.881 26/03/2030 17,420,581 0.21 16,000,000 MARB BondCo PLC 3.950 29/01/2031 12,249,191 0.15 17,300,000 Minerva Luxembourg SA 4.375 18/03/2031 13,167,995 0.16 20,000,000 NBM U.S. Holdings, Inc. 6.625 06/08/2029 17,182,095 0.21 20,883,000 Nomad Foods Bondco PLC 2.500 24/06/2028 20,384,523 0.24 10,200,000 Performance Food Group, Inc. 6.125 15/09/2032 8,847,855 0.11 2,400,000 Post Holdings, Inc. 4.625 15/04/2030 2,002,712 0.02 5,150,000 Premier Foods Finance PLC 3.500 15/10/2026 5,929,581 0.07 5,958,000 Tereos Finance Groupe I SA 4.750 30/04/2027 5,954,068 0.07 11,775,000 Tereos Finance Groupe I SA 5.875 30/04/2030 11,465,671 0.14
Gaming - 1.45% (30/11/2025: 1.47%) 3,600,000 Allwyn Entertainment Financing U.K. PLC 7.250 30/04/2030 3,752,127 0.04 18,150,000 Cirsa Finance International SARL 6.500 15/03/2029 18,814,290 0.23 6,100,000 Flutter Treasury DAC 5.000 29/04/2029 6,207,177 0.07 19,000,000 Flutter Treasury DAC 6.375 29/04/2029 16,532,618 0.20 2,800,000 Flutter Treasury DAC 5.875 04/06/2031 2,373,456 0.03 10,000,000 Light & Wonder International, Inc. 7.250 15/11/2029 8,784,458 0.11 12,025,000 Lottomatica Group SpA 4.875 31/01/2031 12,222,451 0.15 50,400,000 Sands China Ltd. 5.400 08/08/2028 43,731,812 0.52 10,000,000 Station Casinos LLC 4.500 15/02/2028 8,452,739 0.10
Healthcare - 3.81% (30/11/2025: 3.62%)
6,525,000
Bausch & Lomb Netherlands BV & Bausch & Lomb, Inc. Variable 15/01/2031 6,608,194 0.08 10,000,000 Baxter International, Inc. 2.272 01/12/2028 8,061,608 0.10
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Healthcare - 3.81% (30/11/2025: 3.62%) cont/d... 19,950,000 Baxter International, Inc. 4.450 15/02/2029 16,931,984 0.20 11,342,000 Centene Corp. 4.250 15/12/2027 9,694,224 0.12 4,220,000 Centene Corp. 4.625 15/12/2029 3,524,133 0.04 10,400,000 Cigna Group 4.500 15/09/2030 8,882,954 0.11 13,475,000 CVS Health Corp. 3.750 01/04/2030 11,189,687 0.13 17,400,000 CVS Health Corp. 5.250 30/01/2031 15,229,141 0.18 9,700,000 Ephios Subco 3 SARL 7.875 31/01/2031 10,202,460 0.12 5,450,000 FIS Fabbrica Italiana Sintetici SpA 5.250 05/02/2031 5,470,274 0.07 18,300,000 Grifols SA 7.125 01/05/2030 19,082,691 0.23 16,125,000 Gruenenthal GmbH 4.625 15/11/2031 16,269,964 0.19 13,487,000 HCA, Inc. 5.625 01/09/2028 11,775,517 0.14 19,350,000 HCA, Inc. 4.125 15/06/2029 16,349,156 0.20 5,650,000 HCA, Inc. 3.500 01/09/2030 4,601,432 0.06 4,875,000 HCA, Inc. 4.300 15/11/2030 4,095,467 0.05 17,500,000 Humana, Inc. 5.750 01/12/2028 15,390,863 0.18 5,000,000 IQVIA, Inc. 2.250 15/01/2028 4,915,600 0.06 17,400,000 IQVIA, Inc. 5.700 15/05/2028 15,179,136 0.18 17,485,000 Medline Borrower LP 3.875 01/04/2029 14,589,922 0.17 11,534,000 Medline Borrower LP 6.250 01/04/2029 10,156,585 0.12 7,925,000 Medline Borrower LP 5.250 01/10/2029 6,783,238 0.08 6,650,000 Neopharmed Gentili SpA 7.125 08/04/2030 6,889,200 0.08 11,000,000 Nidda Healthcare Holding GmbH 7.000 21/02/2030 11,401,720 0.14 8,000,000 Nidda Healthcare Holding GmbH 5.375 23/10/2030 8,115,920 0.10 17,500,000 Organon & Co. 2.875 30/04/2028 17,340,750 0.21 16,000,000 Rede D'or Finance SARL 4.500 22/01/2030 13,105,296 0.16
12,035,000
Teva Pharmaceutical Finance Netherlands II BV 7.375 15/09/2029 13,314,634 0.16 12,000,000 UCB SA 4.250 20/03/2030 12,267,960 0.15
Homebuilders and Real Estate - 6.85% (30/11/2025: 4.35%) 12,000,000 Alpha Star Holding IX Ltd. 7.000 26/08/2028 10,236,655 0.12 15,900,000 Alpha Star Holding VIII Ltd. 8.375 12/04/2027 13,740,756 0.16 30,100,000 Altrad Investment Authority SAS 3.704 23/06/2029 30,173,745 0.36 9,225,000 American Tower Corp. 5.250 15/07/2028 8,028,518 0.10 5,500,000 American Tower Corp. 5.200 15/02/2029 4,789,749 0.06 17,500,000 ARGAN SA 3.779 30/10/2029 17,584,175 0.21 19,125,000 Aroundtown SA 3.000 16/10/2029 20,398,317 0.24 39,900,000 Aroundtown SA 3.500 13/05/2030 39,172,224 0.47 4,625,000 Assemblin Caverion Group AB 6.250 01/07/2030 4,783,221 0.06 8,025,000 Assemblin Caverion Group AB Variable 01/07/2031 8,087,113 0.10
7,600,000
Blackstone Property Partners Europe Holdings SARL 1.000 04/05/2028 7,263,016 0.09
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Homebuilders and Real Estate - 6.85% (30/11/2025: 4.35%) cont/d...
14,300,000
Blackstone Property Partners Europe Holdings SARL 2.625 20/10/2028 15,581,774 0.19
15,700,000
Blackstone Property Partners Europe Holdings SARL 3.625 29/10/2029 15,713,502 0.19 31,625,000 CTP NV 3.375 19/07/2030 31,336,896 0.38 3,600,000 Grand City Properties SA 0.125 11/01/2028 3,422,484 0.04 17,000,000 Grand City Properties SA 4.375 09/01/2030 17,418,200 0.21 16,200,000 HAT Holdings I LLC 3.375 15/06/2026 13,873,828 0.17 30,800,000 Heimstaden Bostad AB 3.875 05/11/2029 31,008,824 0.37 8,500,000 Heimstaden Bostad Treasury BV 1.000 13/04/2028 8,135,520 0.10 22,550,000 Kennedy-Wilson, Inc. 4.750 01/03/2029 19,377,062 0.23 3,975,000 Lennar Corp. 5.200 30/07/2030 3,457,782 0.04 20,975,000 Logicor Financing SARL 4.625 25/07/2028 21,497,907 0.26 8,800,000 Logicor Financing SARL 2.750 15/01/2030 9,290,443 0.11 35,500,000 MasTec, Inc. 4.500 15/08/2028 30,136,584 0.36 16,500,000 MLP Group SA 4.750 20/01/2031 16,180,230 0.19 4,990,000 NE Property BV 2.000 20/01/2030 4,705,221 0.06 11,900,000 New Immo Holding SA 5.875 17/04/2028 12,172,748 0.15 16,200,000 New Immo Holding SA 4.950 14/11/2030 16,130,502 0.19 2,000,000 Park Intermediate Holdings LLC 5.875 01/10/2028 1,714,939 0.02 17,000,000 Public Property Invest AS 3.250 21/04/2029 16,838,500 0.20 15,000,000 RHP Hotel Properties LP 4.500 15/02/2029 12,629,438 0.15 11,234,000 Toll Brothers Finance Corp. 4.875 15/03/2027 9,649,796 0.12 13,193,000 Trust 2401 4.869 15/01/2030 10,824,436 0.13 3,008,000 Trust 2401 7.700 23/01/2032 2,754,810 0.03 6,807,000 Trust Fibra Uno 4.869 15/01/2030 5,591,395 0.07 5,992,000 Trust Fibra Uno 7.700 23/01/2032 5,467,230 0.06 2,679,000 VIA Outlets BV 1.750 15/11/2028 2,573,930 0.03 4,250,000 VICI Properties LP 4.750 01/04/2028 3,642,942 0.04 44,000,000 VICI Properties LP 4.625 01/12/2029 37,105,339 0.44 12,675,000 Webuild SpA 4.875 30/04/2030 13,035,730 0.16 15,000,000 Westfield America Management Ltd. 2.625 30/03/2029 16,228,604 0.19
Hotels - 1.14% (30/11/2025: 1.00%) 4,650,000 Essendi SA 6.375 15/10/2029 4,840,185 0.06 21,500,000 Essendi SA 5.375 15/05/2030 21,765,740 0.26 19,800,000 Hilton Grand Vacations Borrower LLC 5.000 01/06/2029 16,518,292 0.20 20,950,000 Hyatt Hotels Corp. 5.250 30/06/2029 18,236,988 0.22 38,700,000 Travel & Leisure Co. 6.250 01/06/2031 33,371,628 0.40
Muzinich Funds
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Insurance - 0.70% (30/11/2025: 1.30%) 32,500,000 Athora Holding Ltd. 6.625 16/06/2028 34,038,268 0.41 23,925,000 Athora Netherlands NV Variable 31/08/2032 24,337,945 0.29
Leisure - 0.64% (30/11/2025: 0.62%) 7,250,000 CPUK Finance Ltd. 5.940 28/02/2047 8,569,058 0.10 6,725,000 eDreams ODIGEO SA 4.875 30/12/2030 6,026,071 0.07 14,375,000 NCL Corp. Ltd. 5.875 15/01/2031 11,913,996 0.14 2,000,000 Pinnacle Bidco PLC 8.250 11/10/2028 2,080,580 0.03 28,450,000 Royal Caribbean Cruises Ltd. 5.500 01/04/2028 24,660,789 0.30
Metals and Mining - 0.46% (30/11/2025: 0.57%) 8,600,000 Gold Fields Orogen Holdings BVI Ltd. 6.125 15/05/2029 7,588,016 0.09 18,000,000 Navoi Mining & Metallurgical Combinat 6.700 17/10/2028 15,895,475 0.19 13,000,000 Novelis Corp. 6.875 30/01/2030 11,454,152 0.14 4,000,000 Sibanye-Stillwater U.K. Financing PLC 6.250 15/11/2031 3,434,721 0.04
Paper - Nil (30/11/2025: 0.22%)
Publishing and Printing - 0.26% (30/11/2025: 0.28%) 11,900,000 Future PLC 6.750 10/07/2030 12,728,025 0.15 10,940,000 McGraw-Hill Education, Inc. 5.750 01/08/2028 9,325,521 0.11
Quasi & Foreign Government - 3.67% (30/11/2025: 3.87%) 7,000,000 AlbaCore EURO CLO I DAC Variable 18/04/2039 7,028,275 0.08 16,800,000 Aqueduct European CLO 10 DAC Variable 18/01/2039 16,823,318 0.20 8,000,000 Aurium CLO VII DAC Variable 15/10/2038 8,041,944 0.10 15,200,000 Bain Capital Credit CLO Ltd. Variable 21/01/2038 13,073,659 0.16 15,200,000 Bain Capital Euro CLO DAC Variable 18/01/2038 15,239,041 0.18 10,350,000 Ballyrock CLO 28 Ltd. Variable 20/01/2038 8,901,127 0.11 13,800,000 BlackRock European CLO XV DAC Variable 28/01/2038 13,807,369 0.17 15,000,000 Bridgepoint CLO IX DAC Variable 15/10/2039 15,062,890 0.18 15,800,000 Cairn CLO BV Variable 15/04/2039 15,840,707 0.19 13,125,000 Capital Four CLO VIII DAC Variable 25/10/2037 13,173,912 0.16 12,000,000 Carlyle Euro CLO DAC Variable 15/10/2038 12,046,085 0.15 15,300,000 Contego CLO XIII DAC Variable 15/10/2037 15,335,013 0.18 15,000,000 CVC Cordatus Loan Fund XXXIII DAC Variable 24/03/2038 15,041,498 0.18 13,500,000 Henley CLO XII DAC Variable 15/01/2038 13,524,975 0.16 15,000,000 Jubilee CLO DAC Variable 15/01/2039 15,038,711 0.18 8,000,000 Madison Park Euro Funding XXI DAC Variable 20/11/2039 8,022,310 0.10
8,350,000
Neuberger Berman Loan Advisers CLO 58 Ltd. Variable 18/10/2038 7,180,357 0.09 15,000,000 OCP Euro CLO DAC Variable 18/10/2037 15,014,069 0.18
Muzinich Funds
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Quasi & Foreign Government - 3.67% (30/11/2025: 3.87%) cont/d... 15,200,000 Penta CLO 18 DAC Variable 15/01/2038 15,200,643 0.18 15,200,000 Providus CLO XI DAC Variable 20/01/2038 15,219,334 0.18 8,400,000 Tikehau CLO IV DAC Variable 15/10/2039 8,427,885 0.10 10,000,000 Trinitas CLO XXXII Ltd. Variable 23/07/2038 8,593,006 0.10 15,200,000 Trinitas Euro CLO VIII DAC Variable 15/01/2038 15,260,230 0.18 15,200,000 Voya Euro CLO VIII DAC Variable 15/01/2039 15,257,777 0.18
Restaurants - 0.29% (30/11/2025: 0.29%) 8,725,000 Bertrand Franchise Finance SAS Variable 18/07/2030 8,719,067 0.11 12,875,000 Punch Finance PLC 7.875 30/12/2030 15,064,135 0.18
Services - 3.21% (30/11/2025: 3.06%) 27,150,000 Albion Financing 1 SARL 5.375 21/05/2030 27,935,721 0.33 7,550,000 Allied Universal Holdco LLC 4.625 01/06/2028 6,379,210 0.08 12,500,000 Amber Finco PLC 6.625 15/07/2029 12,983,250 0.16 11,325,000 Arena Luxembourg Finance SARL Variable 01/05/2030 11,430,322 0.14 15,000,000 Boels Topholding BV 5.750 15/05/2030 15,324,900 0.18 9,050,000 Brink's Co. 6.500 15/06/2029 7,952,703 0.09 9,950,000 Egis SA 5.125 15/05/2031 10,107,111 0.12 6,875,000 Element Fleet Management Corp. 4.800 29/05/2029 5,901,913 0.07 8,500,000 Kapla Holding SAS 5.000 30/04/2031 8,545,900 0.10 12,712,500 Loxam SAS 6.375 31/05/2029 13,097,434 0.16 9,400,000 Loxam SAS 4.250 15/02/2031 9,342,190 0.11 11,900,000 Multiversity SpA 7.125 17/05/2031 12,449,423 0.15 13,000,000 Neptune Bidco U.S., Inc. 9.290 15/04/2029 11,397,706 0.14 20,000,000 OEG Finance PLC 7.250 27/09/2029 20,833,200 0.25 7,750,000 PeopleCert Wisdom Issuer PLC 5.500 15/06/2031 7,589,498 0.09 15,150,000 Q-Park Holding I BV 5.125 01/03/2029 15,512,236 0.19 14,300,000 Rentokil Terminix Funding LLC 5.000 28/04/2030 12,320,978 0.15 12,100,000 Summer BC Holdco B SARL 5.875 15/02/2030 10,679,581 0.13 37,500,000 Uber Technologies, Inc. 4.500 15/08/2029 31,902,488 0.38 18,500,000 WESCO Distribution, Inc. 6.375 15/03/2029 16,228,593 0.19
Steel - 0.29% (30/11/2025: 0.47%) 28,210,000 ABJA Investment Co. Pte. Ltd. 5.450 24/01/2028 24,442,219 0.29
Super Retail - 1.47% (30/11/2025: 1.31%) 39,300,000 AA Bond Co. Ltd. 8.450 31/07/2050 47,399,883 0.57 15,700,000 Advance Auto Parts, Inc. 7.000 01/08/2030 13,833,528 0.17 19,685,000 Dick's Sporting Goods, Inc. 4.000 01/10/2029 16,463,231 0.20 10,000,000 Dufry One BV 4.750 18/04/2031 10,201,800 0.12
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Super Retail - 1.47% (30/11/2025: 1.31%) cont/d... 11,800,000 ITM Entreprises SAS 4.125 29/01/2030 12,005,674 0.14 19,775,000 Levi Strauss & Co. 4.000 15/08/2030 19,802,290 0.24 3,000,000 VF Corp. 0.250 25/02/2028 2,831,160 0.03
Technology - 5.08% (30/11/2025: 6.61%) 25,975,000 Almaviva-The Italian Innovation Co. SpA 5.000 30/10/2030 25,339,132 0.30 16,277,000 ams-OSRAM AG 10.500 30/03/2029 17,231,483 0.21 40,775,000 Cloud Software Group, Inc. 6.500 31/03/2029 34,694,079 0.42 1,769,000 Concentrix Corp. 6.650 02/08/2026 1,517,446 0.02 2,100,000 Engineering - Ingegneria Informatica - SpA 11.125 15/05/2028 2,169,678 0.03 6,500,000 Engineering - Ingegneria Informatica - SpA 8.625 15/02/2030 6,464,185 0.08 16,525,000 Fortress Intermediate 3, Inc. 7.500 01/06/2031 14,332,834 0.17 14,056,000 Foundry JV Holdco LLC 5.900 25/01/2030 12,473,766 0.15 5,800,000 Hewlett Packard Enterprise Co. 4.150 15/09/2028 4,930,908 0.06 37,610,000 Hewlett Packard Enterprise Co. 4.550 15/10/2029 32,171,407 0.39 4,000,000 Intel Corp. 3.150 11/05/2027 3,394,728 0.04 1,145,000 Intel Corp. 3.750 05/08/2027 975,392 0.01 3,045,000 Intel Corp. 4.875 10/02/2028 2,627,596 0.03 8,750,000 Jabil, Inc. 4.200 01/02/2029 7,405,495 0.09 11,725,000 Kioxia Holdings Corp. 6.250 24/07/2030 10,353,915 0.12 13,000,000 Kyndryl Holdings, Inc. 2.050 15/10/2026 11,038,436 0.13 22,400,000 LG Energy Solution Ltd. 5.250 02/04/2028 19,367,526 0.23 11,830,000 LG Energy Solution Ltd. 5.750 25/09/2028 10,372,018 0.12 6,625,000 Lutech 8.125 15/05/2031 6,750,477 0.08 8,925,000 Mobility Global, Inc. 5.050 15/06/2029 7,686,026 0.09 3,500,000 NXP BV 4.300 19/08/2028 2,989,074 0.04 15,000,000 Open Text Corp. 6.900 01/12/2027 13,182,754 0.16 5,689,000 Oracle Corp. 4.800 03/08/2028 4,875,422 0.06 24,325,000 Oracle Corp. 4.550 04/02/2029 20,639,363 0.25 11,300,000 Oracle Corp. 6.150 09/11/2029 10,055,880 0.12 44,700,000 Oracle Corp. 2.950 01/04/2030 35,368,684 0.42 20,675,000 Rocket Software, Inc. 9.000 28/11/2028 17,879,792 0.21 8,800,000 Roper Technologies, Inc. 4.500 15/10/2029 7,485,280 0.09 10,000,000 Seagate Data Storage Technology Pte. Ltd. 8.250 15/12/2029 8,937,438 0.11 10,625,000 TD SYNNEX Corp. 4.300 17/01/2029 9,021,430 0.11 9,000,000 TDF Infrastructure SAS 3.625 16/12/2030 8,912,610 0.11 19,300,000 Teleperformance SE 5.250 22/11/2028 20,140,515 0.24 32,700,000 Teleperformance SE 4.250 21/01/2030 32,949,501 0.39
Telecommunications - 4.52% (30/11/2025: 3.92%) 725,000 American Tower Corp. 3.950 15/03/2029 611,687 0.01
Muzinich Funds
Portfolio of Investments as at 31 May 2026 cont/d…
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Telecommunications - 4.52% (30/11/2025: 3.92%) cont/d... 3,225,000 Cipher Compute LLC 7.125 15/11/2030 2,884,389 0.03 10,200,000 Eutelsat Communications SACA 5.750 15/03/2031 10,586,478 0.13 21,858,000 Fibercop SpA 7.875 31/07/2028 23,583,252 0.28 5,525,000 Fibercop SpA 5.375 15/04/2031 5,686,883 0.07 22,525,000 Fibercop SpA Variable 30/06/2031 22,833,592 0.27 21,000,000 Iliad Holding SAS 5.375 15/04/2030 21,506,310 0.26 16,800,000 Lorca Telecom Bondco SA 5.750 30/04/2029 17,317,272 0.21 4,550,000 Meridian Arc Holdco LLC 6.250 30/04/2031 3,921,209 0.05 6,000,000 NJJ Continental SA 3.875 15/10/2030 5,965,800 0.07 25,450,000 NTT Finance Corp. 4.876 16/07/2030 21,890,301 0.26 10,850,000 PLT VII Finance SARL Variable 15/06/2031 10,944,286 0.13 17,025,000 PR RNO Property Owner 1 LLC 6.500 01/05/2031 14,617,768 0.17 23,007,000 Rogers Communications, Inc. 5.000 15/02/2029 19,880,632 0.24 7,425,000 SES SA 0.875 04/11/2027 7,171,065 0.09 14,000,000 SES SA 3.500 14/01/2029 13,859,860 0.17 29,715,000 SoftBank Group Corp. 6.375 22/04/2030 30,719,367 0.37 29,450,000 TDC Net AS 5.056 31/05/2028 30,300,221 0.36 9,650,000 TDC Net AS 5.186 02/08/2029 10,057,520 0.12
9,725,000
Telecommunications Co. Telekom Srbija AD Belgrade 7.000 28/10/2029 8,375,060 0.10
20,700,000
Telecommunications Co. Telekom Srbija AD Belgrade 7.250 18/05/2031 17,731,193 0.21 5,975,000 United Group BV 6.750 15/02/2031 6,187,650 0.07 21,300,000 United Group BV 6.500 31/10/2031 21,887,028 0.26 5,000,000 Virgin Media Finance PLC 3.750 15/07/2030 4,385,300 0.05 15,000,000 Virgin Media Finance PLC 5.000 15/07/2030 10,564,962 0.13 10,000,000 Windstream Services LLC 8.250 01/10/2031 9,047,520 0.11 14,867,000 WULF Compute LLC 7.750 15/10/2030 13,394,191 0.16 12,000,000 Ziggo BV 2.875 15/01/2030 11,385,120 0.14
Transportation Excluding Air and Rail - 2.89% (30/11/2025: 2.13%) 1,550,000 CMA CGM SA 5.500 15/07/2029 1,596,453 0.02 22,925,000 CMA CGM SA 5.000 15/01/2031 22,972,455 0.28 7,350,000 Delhi International Airport Ltd. 6.125 31/10/2026 6,322,024 0.08 10,500,000 DP World Crescent Ltd. 4.848 26/09/2028 8,924,454 0.11 44,500,000 DP World Ltd. 2.375 25/09/2026 44,381,525 0.53 30,850,000 Fedex Freight Holding Co., Inc. 4.300 15/03/2029 26,107,263 0.31 20,550,000 GXO Logistics, Inc. 1.650 15/07/2026 17,540,265 0.21 10,840,000 GXO Logistics, Inc. 6.250 06/05/2029 9,609,405 0.12 18,300,000 Heathrow Funding Ltd. 2.625 16/03/2028 20,189,323 0.24 15,000,000 HPHT Finance 25 Ltd. 5.000 21/02/2030 12,942,338 0.15 14,675,000 IDS Financing PLC 3.250 01/10/2029 14,439,613 0.17
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
TRANSFERABLE SECURITIES – 94.33% (30/11/2025: 95.33%) cont/d...
CORPORATE BONDS - 93.48% (30/11/2025: 95.15%) cont/d...
Transportation Excluding Air and Rail - 2.89% (30/11/2025: 2.13%) cont/d... 10,475,000 International Distribution Services PLC 5.250 14/09/2028 10,852,938 0.13 16,940,000 International Distribution Services PLC 7.375 14/09/2030 20,592,636 0.25 5,800,000 Mersin Uluslararasi Liman Isletmeciligi AS 8.250 15/11/2028 5,095,817 0.06 22,495,000 Penske Truck Leasing Co. LP 5.550 01/05/2028 19,590,378 0.23
Utilities - 1.63% (30/11/2025: 1.20%) 8,400,000 Anglian Water Services Financing PLC 5.875 20/06/2031 9,851,733 0.12 8,575,000 Capital Power U.S. Holdings, Inc. 5.257 01/06/2028 7,403,033 0.09 15,775,000 Eesti Energia AS 4.600 28/05/2031 15,901,989 0.19 5,300,000 Essential Utilities, Inc. 4.800 15/08/2027 4,560,704 0.05 16,416,000 Greenko Power II Ltd. 4.300 13/12/2028 13,477,452 0.16 8,372,500 Greenko Wind Projects Mauritius Ltd. 7.250 27/09/2028 7,252,062 0.09 27,376,000 National Central Cooling Co. PJSC 2.500 21/10/2027 22,804,138 0.27 10,500,000 National Central Cooling Co. PJSC 5.279 05/03/2030 9,100,920 0.11 9,100,000 UGI International LLC 5.000 01/06/2031 9,257,976 0.11 3,800,000 Vistra Operations Co. LLC 5.050 30/12/2026 3,270,977 0.04 14,615,000 Vistra Operations Co. LLC 4.375 01/05/2029 12,290,038 0.15 23,000,000 Vistra Operations Co. LLC 7.750 15/10/2031 20,672,275 0.25
Total Corporate Bonds (Cost: €7,851,604,444) 7,797,375,232 93.48
Investment Funds - 0.85% (30/11/2025: 0.18%) 311,538 Muzinich Americayield Fund 40,478,162 0.49 142,735 Muzinich Asia Credit Opportunities Fund 15,088,710 0.18 150,000 Muzinich Global Credit Market Neutral Fund 15,027,000 0.18
Total Investment Funds (Cost: €68,663,065) 70,593,872 0.85
Total Transferable Securities (Cost: €7,920,267,509) 7,867,969,104 94.33
NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
CORPORATE LOANS - 2.50% (30/11/2025: 2.63%)
Automotive and Auto Parts - 0.02% (30/11/2025: 0.02%) 1,641,051 Clarios Global LP Variable 06/05/2030 1,410,915 0.02
Cable and Satellite TV - 0.06% (30/11/2025: Nil) 5,000,000 Vmed O2 U.K. Holdco 4 Ltd. Variable 15/10/2031 4,816,675 0.06
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
CORPORATE LOANS – 2.50% (30/11/2025: 2.63%) cont/d...
Capital Goods - 0.06% (30/11/2025: 0.06%) 5,551,777 EMRLD Borrower LP Variable 04/08/2031 4,763,459 0.06
Chemicals - 0.06% (30/11/2025: 0.05%) 5,000,000 INEOS Finance PLC Variable 23/06/2031 4,764,600 0.06
Diversified Financial Services - 0.17% (30/11/2025: 0.42%) 17,177,905 Citadel Securities LP Variable 31/10/2031 14,751,997 0.17
Food, Beverage and Tobacco - 0.05% (30/11/2025: 0.06%) 4,699,700 Pegasus Bidco BV Variable 12/07/2029 4,724,984 0.05
Healthcare - 0.22% (30/11/2025: 0.25%) 5,000,000 Ceva Sante Animale Variable 08/11/2030 5,044,375 0.06 15,574,967 Phoenix Guarantor, Inc. Variable 21/02/2031 13,392,647 0.16
Hotels - 0.09% (30/11/2025: 0.10%) 9,333,750 Marriott Ownership Resorts, Inc. Variable 01/04/2031 8,017,173 0.09
Publishing and Printing - 0.09% (30/11/2025: 0.09%) 8,553,667 Cimpress PLC Variable 17/05/2028 7,357,424 0.09
Railroads - 0.18% (30/11/2025: 0.19%) 17,730,000 Genesee & Wyoming, Inc. Variable 10/04/2031 15,191,406 0.18
Restaurants - 0.17% (30/11/2025: 0.17%) 16,415,766 1011778 BC Unlimited Liability Co. Variable 20/09/2030 14,111,204 0.17
Services - 0.20% (30/11/2025: 0.20%) 5,000,000 Circet Europe SASU Variable 13/10/2028 5,047,325 0.06 5,000,000 Parts Europe SA Variable 06/02/2031 5,057,050 0.06 7,339,009 PG Investment Co. 59 SARL Variable 26/03/2031 6,323,864 0.08
Super Retail - 0.11% (30/11/2025: 0.11%) 5,000,000 Peer Holding III BV Variable 26/11/2031 5,017,975 0.06 4,582,000 Peer Holding III BV Variable 01/07/2031 3,942,182 0.05
Technology - 0.45% (30/11/2025: 0.30%) 15,384,615 Electronic Arts, Inc. Variable 24/03/2033 13,241,821 0.16 11,969,081 Gen Digital, Inc. Variable 12/09/2029 10,199,697 0.12 16,624,311 Nielsen Consumer, Inc. Variable 31/10/2030 14,210,339 0.17
Telecommunications - 0.22% (30/11/2025: 0.25%) 3,100,000 Eircom Finco SARL Variable 15/05/2032 3,120,956 0.04
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE €
% of NET ASSETS
CORPORATE LOANS – 2.50% (30/11/2025: 2.63%) cont/d...
Telecommunications - 0.22% (30/11/2025: 0.25%) cont/d... 5,000,000 MasOrange Finco PLC Variable 25/03/2031 5,010,325 0.06 5,000,000 Odido Holding BV Variable 30/03/2029 5,046,350 0.06 5,000,000 Ziggo BV Variable 31/01/2029 4,995,550 0.06
Transportation Excluding Air and Rail - 0.11% (30/11/2025: 0.11%) 9,075,555 First Student Bidco, Inc. Variable 15/08/2030 7,808,775 0.09 1,660,601 First Student Bidco, Inc. Variable 15/08/2030 1,428,812 0.02
Utilities - 0.24% (30/11/2025: 0.25%) 17,700,000 Calpine Construction Finance Co. LP Variable 31/07/2030 15,216,210 0.18 5,314,856 Constellation Renewables LLC Variable 15/12/2027 4,554,487 0.06
Total Corporate Loans (Cost: €216,592,637) 208,568,577 2.50
Investments (Cost: €8,136,860,146) 8,076,537,681 96.83
FINANCIAL DERIVATIVE INSTRUMENTS - (0.11)% (30/11/2025: (0.20)%)
Forward Foreign Currency Exchange Contracts - (0.11)% (30/11/2025: (0.20)%)
MATURITY DATE
SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD
NUMBER OF CONTRACTS
UNREALISED GAIN/(LOSS) €
% of NET ASSETS 15/06/2026 State Street Bank AUD 10,000 EUR 6,063 1 98 0.00 15/07/2026 State Street Bank AUD 159 EUR 96 1 1 0.00 15/07/2026 State Street Bank CHF 146,608,132 EUR 159,936,078 21 1,300,218 0.01 12/08/2026 State Street Bank CHF 140,035,090 EUR 153,768,352 16 524,901 0.00 15/06/2026 State Street Bank CHF 3,863,895 EUR 4,227,528 10 13,572 0.00 15/06/2026 State Street Bank EUR 179,257 CHF 163,228 1 94 0.00 12/08/2026 State Street Bank EUR 215,035,046 GBP 186,531,772 3 243,971 0.00 15/06/2026 State Street Bank EUR 136,491,335 GBP 118,164,317 19 82,028 0.00 15/07/2026 State Street Bank EUR 14,231,445 GBP 12,330,323 1 15,952 0.00 15/06/2026 State Street Bank EUR 603 HKD 5,451 2 7 0.00 15/06/2026 State Street Bank EUR 638,037 JPY 116,850,290 3 8,708 0.00 12/08/2026 State Street Bank EUR 104,511 JPY 19,124,685 1 1,275 0.00 15/07/2026 State Street Bank EUR 414,744 JPY 76,870,002 2 250 0.00 15/06/2026 State Street Bank EUR 332,261 SGD 494,128 3 137 0.00 15/06/2026 State Street Bank EUR 1,536,315,834 USD 1,786,662,288 44 6,152,726 0.05 12/08/2026 State Street Bank EUR 113,175,748 USD 132,128,384 18 286,300 0.00 15/06/2026 State Street Bank GBP 182,869,987 EUR 210,092,241 31 1,013,523 0.01 15/07/2026 State Street Bank GBP 82,394,844 EUR 94,242,477 21 749,624 0.01 12/08/2026 State Street Bank GBP 28,293,969 EUR 32,546,506 16 33,959 0.00 15/06/2026 State Street Bank HKD 2,000,106 EUR 217,607 2 1,063 0.00 15/06/2026 State Street Bank JPY 7 EUR 0 1 - (0.00)
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FINANCIAL DERIVATIVE INSTRUMENTS - (0.11)% (30/11/2025: (0.20)%) cont/d…
Forward Foreign Currency Exchange Contracts - (0.11)% (30/11/2025: (0.20)%) cont/d…
MATURITY DATE
SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD
NUMBER OF CONTRACTS
UNREALISED GAIN/(LOSS) €
% of NET ASSETS 12/08/2026 State Street Bank SGD 17,154,571 EUR 11,530,157 5 19,075 0.00 15/07/2026 State Street Bank SGD 3,448,051 EUR 2,311,273 4 8,260 0.00 15/06/2026 State Street Bank SGD 1,246,209 EUR 836,290 1 1,339 0.00 12/08/2026 State Street Bank USD 907,406,036 EUR 769,055,475 60 6,225,112 0.05 15/07/2026 State Street Bank USD 1,056,137,141 EUR 899,058,724 109 4,319,845 0.03 15/06/2026 State Street Bank USD 129,372,430 EUR 110,450,484 19 348,807 0.00 12/08/2026 State Street Bank CHF 816 EUR 900 1 (1) (0.00) 15/06/2026 State Street Bank CHF 139,212,132 EUR 155,079,484 13 (2,276,998) (0.03) 15/06/2026 State Street Bank EUR 30 AUD 50 1 (1) (0.00) 12/08/2026 State Street Bank EUR 748,894 CHF 681,786 1 (2,311) (0.00) 15/07/2026 State Street Bank EUR 8,862,219 CHF 8,085,206 1 (29,708) (0.00) 15/06/2026 State Street Bank EUR 11,190,446 CHF 10,265,760 16 (77,490) (0.00) 12/08/2026 State Street Bank EUR 98,952,424 GBP 86,200,670 11 (307,528) (0.00) 15/06/2026 State Street Bank EUR 213,113,702 GBP 185,045,307 21 (503,259) (0.00) 15/07/2026 State Street Bank EUR 195,733,016 GBP 171,075,662 5 (1,498,216) (0.02) 15/06/2026 State Street Bank EUR 1,631 HKD 14,993 2 (8) (0.00) 15/06/2026 State Street Bank EUR 329,449 SGD 490,219 2 (49) (0.00) 15/07/2026 State Street Bank EUR 1,750,605 SGD 2,606,653 1 (2,911) (0.00) 15/06/2026 State Street Bank EUR 323,183,915 USD 378,856,633 10 (1,282,802) (0.02) 15/07/2026 State Street Bank EUR 1,581,571,477 USD 1,856,297,702 32 (6,233,266) (0.06) 12/08/2026 State Street Bank EUR 1,315,207,735 USD 1,552,233,432 25 (11,008,307) (0.12) 15/07/2026 State Street Bank GBP 8,666,944 EUR 10,003,692 5 (11,668) (0.00) 12/08/2026 State Street Bank GBP 70,275,538 EUR 81,017,122 13 (94,939) (0.00) 15/06/2026 State Street Bank HKD 1,414,872 EUR 156,056 4 (1,370) (0.00) 15/07/2026 State Street Bank JPY 3,190,642,429 EUR 17,231,675 2 (27,253) (0.00) 12/08/2026 State Street Bank JPY 3,104,476,101 EUR 16,968,141 2 (209,982) (0.00) 15/06/2026 State Street Bank JPY 3,196,196,317 EUR 17,454,967 2 (240,965) (0.00) 12/08/2026 State Street Bank SGD 450,645 EUR 303,862 3 (467) (0.00) 15/07/2026 State Street Bank SGD 16,086,435 EUR 10,830,855 4 (9,382) (0.00) 15/06/2026 State Street Bank SGD 16,017,203 EUR 10,885,983 7 (120,151) (0.00) 12/08/2026 State Street Bank USD 150,830,090 EUR 129,303,795 36 (435,747) (0.00) 15/06/2026 State Street Bank USD 1,182,902,683 EUR 1,018,892,405 177 (5,811,165) (0.02)
Unrealised gain on forward foreign currency exchange contracts 21,350,845 0.16 Unrealised loss on forward foreign currency exchange contracts (30,185,944) (0.27) Net unrealised loss on forward foreign currency exchange contracts (8,835,099) (0.11)
Total Financial Derivative Instruments (8,835,099) (0.11)
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FAIR VALUE €
% of NET ASSETS
Portfolio of Investments 8,067,702,582 96.72
Cash at bank and broker (30/11/2025: 1.77%) 158,592,842 1.90
Debtors (30/11/2025: 1.77%) 234,008,337 2.81
Total 8,460,303,761 101.43
Creditors (30/11/2025: (1.30)%) (119,195,398) (1.43)
NAV 8,341,108,363 100.00
31/05/2026 30/11/2025 31/05/2025 NAV €8,341,108,363 €8,153,811,359 €7,728,663,736
NAV attributed to each Unit Class -Hedged AUD Income A1 Units AUD10,182 - -Hedged CHF Accumulation A Units CHF110,815,524 CHF116,459,992 CHF122,256,005 -Hedged CHF Accumulation A1 Units CHF24,787,128 CHF28,079,387 CHF29,082,724 -Hedged CHF Accumulation H Units CHF178,221,382 CHF180,632,985 CHF158,383,671 -Hedged CHF Accumulation R Units CHF100,685,292 CHF98,617,633 CHF116,499,251 -Hedged CHF Income A Units CHF2,957,556 CHF2,484,882 CHF2,734,998 -Hedged Euro Accumulation A Units €1,571,619,860 €1,599,262,258 €1,550,342,154 -Hedged Euro Accumulation A1 Units €106,812,934 €143,395,682 €173,734,435 -Hedged Euro Accumulation A2 Units €67,963,991 - -Hedged Euro Accumulation G Units €5,824,215 €6,155,443 €5,848,633 -Hedged Euro Accumulation H Units €2,059,531,091 €2,048,251,998 €1,906,998,517 -Hedged Euro Accumulation P Units €71,928,861 €72,812,605 €78,001,109 -Hedged Euro Accumulation R Units €1,506,669,546 €1,562,962,649 €1,447,056,220 -Hedged Euro Accumulation R1 Units €22,475,395 €28,984,486 €24,257,484 -Hedged Euro Accumulation R2 Units €11,164,954 - -Hedged Euro Discretionary A Units €21,768,369 €25,558,331 €25,253,553 -Hedged Euro Income A Units €428,574,572 €399,012,398 €398,982,847 -Hedged Euro Income A1 Units €24,095,645 €26,739,296 €24,248,841 -Hedged Euro Income A2 Monthly Units €3,116,646 - -Hedged Euro Income H Units €84,422,739 €79,510,064 €72,772,781 -Hedged Euro Income P Units €3,057,936 €3,131,527 €3,579,368 -Hedged Euro Income R Units €102,868,657 €92,573,629 €92,752,500 -Hedged Euro Income R1 Units €3,346,470 €3,385,954 €2,830,570 -Hedged Euro Income R2 Monthly Units €10,028 - -Hedged GBP Accumulation A Units GBP7,378,688 GBP7,009,377 GBP6,106,798 -Hedged GBP Accumulation G Units GBP4,530,740 GBP5,142,575 GBP4,903,058 -Hedged GBP Accumulation W Units GBP122,453,626 GBP120,392,726 GBP116,653,359 -Hedged GBP Accumulation X Units GBP154,654 GBP151,788 GBP146,816 -Hedged GBP Income A Units GBP29,230,042 GBP30,258,867 GBP41,666,393
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31/05/2026 30/11/2025 31/05/2025 NAV attributed to each Unit Class cont/d… -Hedged GBP Income A1 Units GBP6,077,237 GBP5,984,518 GBP6,635,855 -Hedged GBP Income A2 Monthly Units GBP10,087 - -Hedged GBP Income G Units GBP3,021,513 GBP6,033,501 GBP6,252,145 -Hedged GBP Income H Units GBP2,107,936 GBP2,945,892 GBP3,157,653 -Hedged HKD Monthly IRD Income A2 Units HKD10,142 - -Hedged HKD Monthly IRD Income R Units HKD3,405,584 HKD10,156 -Hedged HKD Monthly IRD Income R2 Units HKD10,137 - -Hedged JPY Income R Monthly Units JPY9,842 - -Hedged JPY Income Y Units JPY9,396,597,241 JPY9,585,435,537 JPY9,614,871,868 -Hedged SGD Income R Units SGD12,723,599 SGD6,562,156 SGD4,465,789 -Hedged SGD Monthly IRD Income A1 Units SGD1,534,913 - -Hedged SGD Monthly IRD Income R Units SGD37,390,518 SGD29,659,264 SGD10,135 -Hedged US$ Accumulation A Units US$199,174,252 US$186,512,410 US$182,819,162 -Hedged US$ Accumulation A1 Units US$68,737,568 US$120,715,175 US$122,313,032 -Hedged US$ Accumulation A2 Units US$84,236,134 - -Hedged US$ Accumulation H Units US$194,684,639 US$150,706,402 US$128,090,665 -Hedged US$ Accumulation P Units US$1,533,660 US$1,411,312 US$1,458,988 -Hedged US$ Accumulation P1 Units US$156,063,994 US$142,682,252 US$119,824,957 -Hedged US$ Accumulation R Units US$540,756,635 US$532,950,674 US$452,031,645 -Hedged US$ Accumulation R1 Units US$138,481,468 US$203,745,163 US$218,037,955 -Hedged US$ Accumulation R2 Units US$126,495,582 - -Hedged US$ Income A Units US$25,054,011 US$35,759,258 US$36,664,250 -Hedged US$ Income A1 Units US$7,067,865 US$49,458,060 US$8,867,378 -Hedged US$ Income H Units US$8,099,561 US$10,445,483 US$10,385,781 -Hedged US$ Income P1 Units US$808,175 US$164,902 US$62,548 -Hedged US$ Income R Units US$45,146,738 US$45,208,831 US$42,160,063 -Hedged US$ Income R1 Units US$28,572,042 US$28,251,728 US$10,198,167 -Hedged US$ Monthly IRD Income A1 Units US$4,431,185 - -Hedged US$ Monthly IRD Income A2 Units US$37,722,704 - -Hedged US$ Monthly IRD Income R Units US$37,430,186 US$29,181,946 US$6,567,061 -Hedged US$ Monthly IRD Income R2 Units US$46,179,822 - -
Number of Units in issue -Hedged AUD Income A1 Units 100 - -Hedged CHF Accumulation A Units 998,428 1,045,328 1,107,592 -Hedged CHF Accumulation A1 Units 240,792 271,850 284,372 -Hedged CHF Accumulation H Units 1,727,956 1,744,572 1,544,152 -Hedged CHF Accumulation R Units 847,662 825,805 983,282 -Hedged CHF Income A Units 34,563 28,363 30,883 -Hedged Euro Accumulation A Units 8,511,806 8,729,121 8,633,156 -Hedged Euro Accumulation A1 Units 949,786 1,285,714 1,590,101 -Hedged Euro Accumulation A2 Units 677,472 - -Hedged Euro Accumulation G Units 50,738 54,071 52,440 -Hedged Euro Accumulation H Units 18,121,699 18,163,093 17,253,221 -Hedged Euro Accumulation P Units 658,207 669,172 728,778 -Hedged Euro Accumulation R Units 9,500,407 9,917,905 9,353,951 -Hedged Euro Accumulation R1 Units 203,803 264,626 225,714
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31/05/2026 30/11/2025 31/05/2025 Number of Units in issue cont/d… -Hedged Euro Accumulation R2 Units 111,360 - -Hedged Euro Discretionary A Units 253,977 287,140 289,439 -Hedged Euro Income A Units 5,320,603 4,895,257 4,894,294 -Hedged Euro Income A1 Units 264,004 289,543 262,547 -Hedged Euro Income A2 Monthly Units 31,383 - -Hedged Euro Income H Units 962,631 895,989 819,975 -Hedged Euro Income P Units 33,329 33,734 38,550 -Hedged Euro Income R Units 1,257,102 1,118,039 1,120,064 -Hedged Euro Income R1 Units 36,730 36,728 30,697 -Hedged Euro Income R2 Monthly Units 101 - -Hedged GBP Accumulation A Units 58,348 56,350 50,641 -Hedged GBP Accumulation G Units 35,538 41,029 40,371 -Hedged GBP Accumulation W Units 1,062,320 1,062,320 1,062,320 -Hedged GBP Accumulation X Units 1,246 1,246 1,246 -Hedged GBP Income A Units 315,898 325,960 453,734 -Hedged GBP Income A1 Units 61,281 60,158 67,417 -Hedged GBP Income A2 Monthly Units 101 - -Hedged GBP Income G Units 31,044 61,787 64,722 -Hedged GBP Income H Units 21,433 29,856 32,353 -Hedged HKD Monthly IRD Income A2 Units 101 - -Hedged HKD Monthly IRD Income R Units 34,379 101 -Hedged HKD Monthly IRD Income R2 Units 101 - -Hedged JPY Income R Monthly Units 10,043 - -Hedged JPY Income Y Units 1,138,060 1,138,060 1,133,300 -Hedged SGD Income R Units 134,286 68,157 46,316 -Hedged SGD Monthly IRD Income A1 Units 15,462 - -Hedged SGD Monthly IRD Income R Units 374,242 292,931 100 -Hedged US$ Accumulation A Units 857,401 816,497 826,376 -Hedged US$ Accumulation A1 Units 546,447 976,423 1,022,086 -Hedged US$ Accumulation A2 Units 835,096 - -Hedged US$ Accumulation H Units 1,446,609 1,138,868 999,459 -Hedged US$ Accumulation P Units 12,236 11,411 12,138 -Hedged US$ Accumulation P1 Units 1,241,658 1,150,385 994,068 -Hedged US$ Accumulation R Units 3,412,575 3,415,037 2,986,467 -Hedged US$ Accumulation R1 Units 1,122,671 1,678,158 1,852,489 -Hedged US$ Accumulation R2 Units 1,254,792 - -Hedged US$ Income A Units 243,172 346,169 358,750 -Hedged US$ Income A1 Units 69,286 483,461 87,605 -Hedged US$ Income H Units 78,166 100,534 101,029 -Hedged US$ Income P1 Units 7,651 1,557 597 -Hedged US$ Income R Units 434,814 434,241 409,321 -Hedged US$ Income R1 Units 280,448 276,571 100,912 -Hedged US$ Monthly IRD Income A1 Units 44,539 - -Hedged US$ Monthly IRD Income A2 Units 379,237 - -Hedged US$ Monthly IRD Income R Units 408,805 314,698 70,781 -Hedged US$ Monthly IRD Income R2 Units 464,539 - -
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31/05/2026 30/11/2025 31/05/2025 NAV per Unit -Hedged AUD Income A1 Units AUD101.82 - -Hedged CHF Accumulation A Units CHF110.99 CHF111.41 CHF110.38 -Hedged CHF Accumulation A1 Units CHF102.94 CHF103.29 CHF102.27 -Hedged CHF Accumulation H Units CHF103.14 CHF103.54 CHF102.57 -Hedged CHF Accumulation R Units CHF118.78 CHF119.42 CHF118.48 -Hedged CHF Income A Units CHF85.57 CHF87.61 CHF88.56 -Hedged Euro Accumulation A Units €184.64 €183.21 €179.58 -Hedged Euro Accumulation A1 Units €112.46 €111.53 €109.26 -Hedged Euro Accumulation A2 Units €100.32 - -Hedged Euro Accumulation G Units €114.79 €113.84 €111.53 -Hedged Euro Accumulation H Units €113.65 €112.77 €110.53 -Hedged Euro Accumulation P Units €109.28 €108.81 €107.03 -Hedged Euro Accumulation R Units €158.59 €157.59 €154.70 -Hedged Euro Accumulation R1 Units €110.28 €109.53 €107.47 -Hedged Euro Accumulation R2 Units €100.26 - -Hedged Euro Discretionary A Units €85.71 €89.01 €87.25 -Hedged Euro Income A Units €80.55 €81.51 €81.52 -Hedged Euro Income A1 Units €91.27 €92.35 €92.36 -Hedged Euro Income A2 Monthly Units €99.31 - -Hedged Euro Income H Units €87.70 €88.74 €88.75 -Hedged Euro Income P Units €91.75 €92.83 €92.85 -Hedged Euro Income R Units €81.83 €82.80 €82.81 -Hedged Euro Income R1 Units €91.11 €92.19 €92.21 -Hedged Euro Income R2 Monthly Units €99.29 - -Hedged GBP Accumulation A Units GBP126.46 GBP124.39 GBP120.59 -Hedged GBP Accumulation G Units GBP127.49 GBP125.34 GBP121.45 -Hedged GBP Accumulation W Units GBP115.27 GBP113.33 GBP109.81 -Hedged GBP Accumulation X Units GBP124.12 GBP121.82 GBP117.83 -Hedged GBP Income A Units GBP92.53 GBP92.83 GBP91.83 -Hedged GBP Income A1 Units GBP99.17 GBP99.48 GBP98.43 -Hedged GBP Income A2 Monthly Units GBP99.87 - -Hedged GBP Income G Units GBP97.33 GBP97.65 GBP96.60 -Hedged GBP Income H Units GBP98.35 GBP98.67 GBP97.60 -Hedged HKD Monthly IRD Income A2 Units HKD100.42 - -Hedged HKD Monthly IRD Income R Units HKD99.06 HKD100.55 -Hedged HKD Monthly IRD Income R2 Units HKD100.37 - -Hedged JPY Income R Monthly Units JPY0.98 - -Hedged JPY Income Y Units JPY8,256.68 JPY8,422.61 JPY8,483.96 -Hedged SGD Income R Units SGD94.75 SGD96.28 SGD96.42 -Hedged SGD Monthly IRD Income A1 Units SGD99.27 - -Hedged SGD Monthly IRD Income R Units SGD99.91 SGD101.25 SGD101.35 -Hedged US$ Accumulation A Units US$232.30 US$228.43 US$221.23 -Hedged US$ Accumulation A1 Units US$125.79 US$123.63 US$119.67 -Hedged US$ Accumulation A2 Units US$100.87 - -Hedged US$ Accumulation H Units US$134.58 US$132.33 US$128.16 -Hedged US$ Accumulation P Units US$125.34 US$123.68 US$120.20 -Hedged US$ Accumulation P1 Units US$125.69 US$124.03 US$120.54
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31/05/2026 30/11/2025 31/05/2025 NAV per Unit cont/d… -Hedged US$ Accumulation R Units US$158.46 US$156.06 US$151.36 -Hedged US$ Accumulation R1 Units US$123.35 US$121.41 US$117.70 -Hedged US$ Accumulation R2 Units US$100.81 - -Hedged US$ Income A Units US$103.03 US$103.30 US$102.20 -Hedged US$ Income A1 Units US$102.01 US$102.30 US$101.22 -Hedged US$ Income H Units US$103.62 US$103.90 US$102.80 -Hedged US$ Income P1 Units US$105.63 US$105.91 US$104.77 -Hedged US$ Income R Units US$103.83 US$104.11 US$103.00 -Hedged US$ Income R1 Units US$101.88 US$102.15 US$101.06 -Hedged US$ Monthly IRD Income A1 Units US$99.49 - -Hedged US$ Monthly IRD Income A2 Units US$99.47 - -Hedged US$ Monthly IRD Income R Units US$91.56 US$92.73 US$92.78 -Hedged US$ Monthly IRD Income R2 Units US$99.41 - -
For Units launched and terminated during the six month period please refer to Note 12 of these financial statements.
Analysis of Total Assets
% of TOTAL ASSETS Transferable securities admitted to an exchange 74.84 Transferable securities dealt in on another regulated market 17.00 Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 2.46 Investment funds 0.83 OTC financial derivative instruments 0.25 Other current assets 4.62 Total assets 100.00
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES - 93.96% (30/11/2025: 98.65%)
CORPORATE BONDS - 93.96% (30/11/2025: 98.65%)
Aerospace and Defence - Nil (30/11/2025: 0.77%)
Airlines - 2.01% (30/11/2025: 4.75%) 14,275,000 Air Canada 3.875 15/08/2026 14,274,640 1.11 3,000,000 American Airlines, Inc. 5.750 20/04/2029 2,998,650 0.23 8,150,000 OneSky Flight LLC 8.875 15/12/2029 8,602,203 0.67
Automotive and Auto Parts - 4.30% (30/11/2025: 3.40%) 3,000,000 Adient Global Holdings Ltd. 7.000 15/04/2028 3,052,650 0.24 2,039,000 American Axle & Manufacturing, Inc. 6.875 01/07/2028 2,048,226 0.16 7,000,000 Ford Motor Credit Co. LLC 5.800 05/03/2027 7,056,020 0.55 5,400,000 Goodyear Tire & Rubber Co. 5.000 15/07/2029 5,160,328 0.40 425,000 Goodyear Tire & Rubber Co. 6.625 15/07/2030 415,836 0.03 4,500,000 Nissan Motor Acceptance Co. LLC 2.450 15/09/2028 4,194,220 0.33 5,700,000 Nissan Motor Acceptance Co. LLC 5.625 29/09/2028 5,693,259 0.44 5,675,000 Nissan Motor Co. Ltd. 4.345 17/09/2027 5,601,846 0.43 5,425,000 Phinia, Inc. 6.750 15/04/2029 5,583,030 0.43 8,300,000 Tenneco, Inc. 8.000 17/11/2028 8,321,854 0.65 3,000,000 Thor Industries, Inc. 4.000 15/10/2029 2,838,686 0.22 890,000 Winnebago Industries, Inc. 6.250 15/07/2028 893,894 0.07 4,000,000 ZF Finance GmbH 2.250 03/05/2028 4,508,253 0.35
Broadcasting - 2.36% (30/11/2025: 3.86%) 4,675,000 Discovery Global Holdings, Inc. 4.054 15/03/2029 4,662,565 0.36 3,150,000 Gray Media, Inc. 10.500 15/07/2029 3,336,278 0.26 2,800,000 Nexstar Media, Inc. 4.750 01/11/2028 2,757,622 0.21 1,450,000 Scripps Escrow II, Inc. 3.875 15/01/2029 1,347,463 0.10 10,416,000 Sirius XM Radio LLC 5.000 01/08/2027 10,405,534 0.81 8,350,000 Univision Communications, Inc. 4.500 01/05/2029 7,943,540 0.62
Building Materials - 3.04% (30/11/2025: 2.36%) 8,500,000 Griffon Corp. 5.750 01/03/2028 8,510,563 0.66 4,750,000 MIWD Holdco II LLC 5.500 01/02/2030 4,441,049 0.34 11,000,000 New Enterprise Stone & Lime Co., Inc. 5.250 15/07/2028 10,949,921 0.85 4,000,000 Smyrna Ready Mix Concrete LLC 6.000 01/11/2028 4,012,696 0.31 9,475,000 Standard Industries, Inc. 4.375 15/07/2030 9,032,192 0.70 2,500,000 Standard Industries, Inc. 3.375 15/01/2031 2,277,398 0.18
Cable and Satellite TV - 3.81% (30/11/2025: 3.38%) 3,385,000 CCO Holdings LLC 5.125 01/05/2027 3,384,476 0.26 14,000,000 CCO Holdings LLC 5.375 01/06/2029 13,750,901 1.07 1,325,000 CCO Holdings LLC 4.750 01/03/2030 1,253,030 0.10
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 93.96% (30/11/2025: 98.65%) cont/d...
CORPORATE BONDS - 93.96% (30/11/2025: 98.65%) cont/d...
Cable and Satellite TV - 3.81% (30/11/2025: 3.38%) cont/d... 1,140,000 Directv Financing LLC 5.875 15/08/2027 1,143,669 0.09 6,150,000 Directv Financing LLC 8.875 01/02/2030 6,313,474 0.49 14,125,000 DISH DBS Corp. 5.750 01/12/2028 13,873,003 1.08 7,200,000 DISH Network Corp. 11.750 15/11/2027 7,422,804 0.57 2,100,000 Midcontinent Communications 8.000 15/08/2032 1,984,588 0.15
Capital Goods - 0.65% (30/11/2025: 1.21%) 7,050,000 Calderys Financing LLC 11.250 01/06/2028 7,309,271 0.57 1,000,000 Chart Industries, Inc. 9.500 01/01/2031 1,051,718 0.08
Chemicals - 3.04% (30/11/2025: 2.70%) 3,250,000 Compass Minerals International, Inc. 8.000 01/07/2030 3,439,423 0.27 9,750,000 Minerals Technologies, Inc. 5.000 01/07/2028 9,710,269 0.75 2,500,000 NOVA Chemicals Corp. 4.250 15/05/2029 2,442,675 0.19 4,300,000 Olympus Water U.S. Holding Corp. 4.250 01/10/2028 4,190,998 0.33 11,475,000 SCIH Salt Holdings, Inc. 4.875 01/05/2028 11,353,165 0.88 2,850,000 SCIH Salt Holdings, Inc. 6.625 01/05/2029 2,822,636 0.22 5,375,000 WR Grace Holdings LLC 5.625 15/08/2029 5,152,162 0.40
Consumer Products - 2.89% (30/11/2025: 1.92%) 5,000,000 Central Garden & Pet Co. 4.125 30/04/2031 4,710,918 0.37 7,275,000 Edgewell Personal Care Co. 5.500 01/06/2028 7,252,826 0.56 11,500,000 Energizer Holdings, Inc. 4.750 15/06/2028 11,373,119 0.88 6,900,000 Energizer Holdings, Inc. 4.375 31/03/2029 6,647,428 0.52 2,000,000 Masterbrand, Inc. 7.000 15/07/2032 1,997,952 0.16 4,000,000 Newell Brands, Inc. 8.500 01/06/2028 4,178,888 0.32 1,100,000 Whirlpool Corp. 4.750 26/02/2029 1,040,206 0.08
Containers - 2.10% (30/11/2025: 1.90%) 5,000,000 Ardagh Metal Packaging Finance USA LLC 2.000 01/09/2028 5,652,354 0.44 1,000,000 Ardagh Metal Packaging Finance USA LLC 3.250 01/09/2028 961,212 0.08 4,525,000 Ardagh Metal Packaging Finance USA LLC 4.000 01/09/2029 4,295,856 0.33 3,125,000 Clydesdale Acquisition Holdings, Inc. 8.750 15/04/2030 3,005,210 0.23 3,000,000 Graphic Packaging International LLC 3.750 01/02/2030 2,815,383 0.22 3,625,000 Mauser Packaging Solutions Holding Co. 7.875 15/04/2030 3,664,320 0.28 1,750,000 OI European Group BV 4.750 15/02/2030 1,666,329 0.13 2,725,000 Owens-Brockway Glass Container, Inc. 7.250 15/05/2031 2,682,819 0.21 2,650,000 Toucan Finco Ltd. 9.500 15/05/2030 2,359,888 0.18
Diversified Financial Services - 6.53% (30/11/2025: 7.15%) 6,550,000 APH Somerset Investor 2 LLC 7.875 01/11/2029 6,579,868 0.51
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 93.96% (30/11/2025: 98.65%) cont/d...
CORPORATE BONDS - 93.96% (30/11/2025: 98.65%) cont/d...
Diversified Financial Services - 6.53% (30/11/2025: 7.15%) cont/d... 5,800,000 Burford Capital Global Finance LLC 6.250 15/04/2028 5,667,759 0.44 1,600,000 CrossCountry Intermediate Holdco LLC 6.500 01/10/2030 1,577,023 0.12 2,450,000 Dcli Bidco LLC 7.750 15/11/2029 2,522,005 0.20 3,475,000 Freedom Mortgage Corp. 6.625 15/01/2027 3,486,711 0.27 6,975,000 FTAI Aviation Investors LLC 5.500 01/05/2028 6,970,668 0.54 14,075,000 Global Aircraft Leasing Co. Ltd. 8.750 01/09/2027 14,403,173 1.12 10,500,000 OneMain Finance Corp. 3.500 15/01/2027 10,416,465 0.81 3,250,000 OneMain Finance Corp. 4.000 15/09/2030 3,001,551 0.23 3,925,000 PennyMac Financial Services, Inc. 4.250 15/02/2029 3,750,862 0.29 4,525,000 Phoenix Aviation Capital Ltd. 9.250 15/07/2030 4,667,909 0.36 5,075,000 PRA Group, Inc. 8.375 01/02/2028 5,161,316 0.40 4,800,000 PRA Group, Inc. 5.000 01/10/2029 4,554,309 0.36 3,725,000 Provident Funding Associates LP 9.750 15/09/2029 3,896,037 0.30 7,500,000 United Wholesale Mortgage LLC 5.750 15/06/2027 7,474,951 0.58
Diversified Media - 1.24% (30/11/2025: 1.67%) 3,325,000 Arches Buyer, Inc. 4.250 01/06/2028 3,233,171 0.25 4,800,000 Clear Channel Outdoor Holdings, Inc. 7.875 01/04/2030 5,005,200 0.39 7,750,000 Match Group Holdings II LLC 5.000 15/12/2027 7,725,036 0.60
Energy - 3.30% (30/11/2025: 6.75%) 4,333,000 Delek Logistics Partners LP 8.625 15/03/2029 4,512,972 0.35 3,500,000 Gulfport Energy Operating Corp. 6.750 01/09/2029 3,595,459 0.28 5,000,000 Hess Midstream Operations LP 5.875 01/03/2028 5,060,165 0.39 5,234,000 Tallgrass Energy Partners LP 5.500 15/01/2028 5,235,574 0.41 7,325,000 Tallgrass Energy Partners LP 7.375 15/02/2029 7,585,990 0.59 11,100,000 Venture Global Calcasieu Pass LLC 4.125 15/08/2031 10,423,379 0.81 1,925,000 Venture Global LNG, Inc. 8.125 01/06/2028 1,968,609 0.15 4,000,000 Venture Global LNG, Inc. 8.375 01/06/2031 4,164,476 0.32
Entertainment and Film - 0.47% (30/11/2025: 0.37%) 6,025,000 Cinemark USA, Inc. 5.250 15/07/2028 5,996,224 0.47
Food and Drug Retail - 0.29% (30/11/2025: 1.05%) 3,300,000 Market Bidco Finco PLC 6.750 31/01/2031 3,771,451 0.29
Food, Beverage and Tobacco - 1.64% (30/11/2025: 1.14%) 4,500,000 Fiesta Purchaser, Inc. 7.875 01/03/2031 4,529,475 0.35 8,375,000 KeHE Distributors LLC 9.000 15/02/2029 8,757,294 0.68 3,000,000 Lamb Weston Holdings, Inc. 4.875 15/05/2028 2,980,984 0.23
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 93.96% (30/11/2025: 98.65%) cont/d...
CORPORATE BONDS - 93.96% (30/11/2025: 98.65%) cont/d...
Food, Beverage and Tobacco - 1.64% (30/11/2025: 1.14%) cont/d... 3,000,000 Lamb Weston Holdings, Inc. 4.125 31/01/2030 2,867,557 0.23 2,000,000 Post Holdings, Inc. 4.625 15/04/2030 1,947,553 0.15
Gaming - 5.26% (30/11/2025: 5.32%) 3,750,000 Boyd Gaming Corp. 4.750 01/12/2027 3,740,411 0.29 9,000,000 Churchill Downs, Inc. 5.500 01/04/2027 9,002,902 0.70 4,000,000 Churchill Downs, Inc. 4.750 15/01/2028 3,962,912 0.31 4,575,000 Great Canadian Gaming Corp. 8.750 15/11/2029 4,515,818 0.35 4,225,000 Jacobs Entertainment, Inc. 6.750 15/02/2029 4,156,048 0.32 3,825,000 Light & Wonder International, Inc. 7.250 15/11/2029 3,921,015 0.30 14,500,000 Penn Entertainment, Inc. 5.625 15/01/2027 14,500,590 1.12 5,775,000 Penn Entertainment, Inc. 4.125 01/07/2029 5,532,829 0.43 3,000,000 Penn Entertainment, Inc. 6.750 01/04/2031 2,990,251 0.23 2,500,000 Rivers Enterprise Borrower LLC 6.250 15/10/2030 2,521,806 0.20 7,650,000 Station Casinos LLC 4.625 01/12/2031 7,246,915 0.56 5,750,000 Wynn Las Vegas LLC 5.250 15/05/2027 5,757,573 0.45
Healthcare - 7.84% (30/11/2025: 7.60%) 3,750,000 AdaptHealth LLC 6.125 01/08/2028 3,748,596 0.29 10,500,000 AdaptHealth LLC 4.625 01/08/2029 10,140,677 0.79 5,100,000 Avantor Funding, Inc. 4.625 15/07/2028 5,049,681 0.39 2,000,000 Avantor Funding, Inc. 3.875 01/11/2029 1,900,456 0.15 9,196,000 Bausch & Lomb Corp. 8.375 01/10/2028 9,506,365 0.74 1,000,000 DaVita, Inc. 4.625 01/06/2030 972,213 0.08 5,500,000 DaVita, Inc. 3.750 15/02/2031 5,116,758 0.40 3,025,000 Embecta Corp. 5.000 15/02/2030 2,342,203 0.18 2,143,000 Heartland Dental LLC 10.500 30/04/2028 2,199,254 0.17 4,425,000 LifePoint Health, Inc. 5.375 15/01/2029 4,288,062 0.33 3,200,000 LifePoint Health, Inc. 9.875 15/08/2030 3,387,101 0.26 3,675,000 Medline Borrower LP 5.250 01/10/2029 3,670,686 0.29 7,475,000 MPT Operating Partnership LP 0.993 15/10/2026 8,534,097 0.66 5,100,000 Option Care Health, Inc. 4.375 31/10/2029 4,909,091 0.38 8,100,000 Perrigo Finance Unlimited Co. 5.150 15/06/2030 7,770,387 0.60 6,700,000 Prime Healthcare Services, Inc. 9.375 01/09/2029 7,012,164 0.54 6,150,000 Star Parent, Inc. 9.000 01/10/2030 6,464,037 0.50 7,500,000 Tenet Healthcare Corp. 5.125 01/11/2027 7,510,260 0.58 6,825,000 U.S. Acute Care Solutions LLC 9.750 15/05/2029 6,546,943 0.51
Homebuilders and Real Estate - 11.10% (30/11/2025: 10.31%) 12,150,000 Apollo Commercial Real Estate Finance, Inc. 4.625 15/06/2029 12,146,179 0.94 9,000,000 Blackstone Mortgage Trust, Inc. 3.750 15/01/2027 8,896,985 0.69
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 93.96% (30/11/2025: 98.65%) cont/d...
CORPORATE BONDS - 93.96% (30/11/2025: 98.65%) cont/d...
Homebuilders and Real Estate - 11.10% (30/11/2025: 10.31%) cont/d... 4,675,000 Blackstone Mortgage Trust, Inc. 6.250 01/06/2031 4,601,513 0.36 3,500,000 Century Communities, Inc. 3.875 15/08/2029 3,307,812 0.26 8,462,000 Cushman & Wakefield U.S. Borrower LLC 6.750 15/05/2028 8,474,769 0.66 4,175,000 Howard Hughes Corp. 4.125 01/02/2029 4,034,017 0.31 7,500,000 Iron Mountain, Inc. 4.875 15/09/2027 7,476,526 0.58 2,000,000 Iron Mountain, Inc. 5.250 15/07/2030 1,979,412 0.15 11,000,000 Kennedy-Wilson, Inc. 4.750 01/03/2029 11,030,271 0.86 1,100,000 Kennedy-Wilson, Inc. 4.750 01/02/2030 1,113,284 0.09 2,750,000 Kennedy-Wilson, Inc. 5.000 01/03/2031 2,774,145 0.21 2,500,000 Kennedy-Wilson, Inc. 7.000 01/06/2031 2,560,529 0.20 11,796,000 Outfront Media Capital LLC 5.000 15/08/2027 11,797,097 0.92 15,125,000 Park Intermediate Holdings LLC 5.875 01/10/2028 15,134,438 1.17 17,000,000 RLJ Lodging Trust LP 3.750 01/07/2026 16,993,771 1.32 4,750,000 SBA Communications Corp. 3.125 01/02/2029 4,559,693 0.35 5,275,000 Service Properties Trust 3.950 15/01/2028 5,126,986 0.40 11,675,000 Service Properties Trust 0.000 30/09/2028 10,855,454 0.84 3,150,000 Shea Homes LP 4.750 01/04/2029 3,077,447 0.24 1,225,000 Starwood Property Trust, Inc. 3.625 15/07/2026 1,226,895 0.09 1,000,000 Starwood Property Trust, Inc. 4.375 15/01/2027 1,000,256 0.08 4,900,000 Starwood Property Trust, Inc. 5.250 15/10/2028 4,889,604 0.38
Hotels - 1.11% (30/11/2025: 0.67%) 2,975,000 Carnival Corp. 5.125 01/05/2029 2,973,663 0.23 1,500,000 Hilton Domestic Operating Co., Inc. 3.750 01/05/2029 1,452,069 0.11 7,000,000 Hilton Grand Vacations Borrower LLC 5.000 01/06/2029 6,814,753 0.53 3,100,000 Wyndham Hotels & Resorts, Inc. 4.375 15/08/2028 3,058,277 0.24
Insurance - 1.21% (30/11/2025: 0.78%) 3,500,000 Acrisure LLC 4.250 15/02/2029 3,320,948 0.26 1,500,000 Alliant Holdings Intermediate LLC 4.250 15/10/2027 1,483,805 0.11 10,725,000 Alliant Holdings Intermediate LLC 6.750 15/04/2028 10,829,944 0.84
Leisure - 1.63% (30/11/2025: 1.49%) 3,450,000 NCL Corp. Ltd. 6.250 01/03/2030 3,412,590 0.26 3,000,000 NCL Corp. Ltd. 5.875 15/01/2031 2,901,503 0.23 6,225,000 SeaWorld Parks & Entertainment, Inc. 5.250 15/08/2029 6,062,412 0.47 2,500,000 Six Flags Entertainment Corp. 6.500 01/10/2028 2,520,513 0.20 6,300,000 Six Flags Entertainment Corp. 5.250 15/07/2029 6,108,115 0.47
Metals and Mining - 3.10% (30/11/2025: 3.91%) 9,700,000 Constellium SE 5.625 15/06/2028 9,713,357 0.75
Muzinich Funds
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 93.96% (30/11/2025: 98.65%) cont/d...
CORPORATE BONDS - 93.96% (30/11/2025: 98.65%) cont/d...
Metals and Mining - 3.10% (30/11/2025: 3.91%) cont/d... 7,725,000 ERO Copper Corp. 6.500 15/02/2030 7,728,515 0.60 3,000,000 Fortescue Treasury Pty. Ltd. 4.500 15/09/2027 2,987,388 0.23 5,325,000 Kaiser Aluminum Corp. 4.500 01/06/2031 5,108,123 0.40 4,091,000 Mineral Resources Ltd. 9.250 01/10/2028 4,247,000 0.33 7,500,000 Novelis Corp. 4.750 30/01/2030 7,243,366 0.56 500,000 Novelis Corp. 3.875 15/08/2031 455,047 0.04 2,625,000 SunCoke Energy, Inc. 4.875 30/06/2029 2,512,164 0.19
Publishing and Printing - 1.25% (30/11/2025: 1.07%) 16,250,000 McGraw-Hill Education, Inc. 5.750 01/08/2028 16,164,463 1.25
Restaurants - 0.16% (30/11/2025: Nil) 2,100,000 1011778 BC ULC 3.500 15/02/2029 2,020,373 0.16
Services - 5.73% (30/11/2025: 6.09%) 15,000,000 Allied Universal Holdco LLC 4.625 01/06/2028 14,789,835 1.15 4,485,000 Avis Budget Car Rental LLC 5.750 15/07/2027 4,489,507 0.35 2,000,000 Avis Budget Car Rental LLC 4.750 01/04/2028 1,972,242 0.15 3,000,000 Brink's Co. 6.500 15/06/2029 3,076,377 0.24 950,000 Clarivate Science Holdings Corp. 3.875 01/07/2028 919,427 0.07 2,225,000 Clarivate Science Holdings Corp. 4.875 01/07/2029 2,039,236 0.16 15,550,000 Neptune Bidco U.S., Inc. 9.290 15/04/2029 15,909,503 1.23 8,525,000 Prime Security Services Borrower LLC 3.375 31/08/2027 8,363,136 0.65 4,700,000 TriNet Group, Inc. 3.500 01/03/2029 4,397,433 0.34 5,000,000 WESCO Distribution, Inc. 7.250 15/06/2028 5,011,930 0.39 1,775,000 WESCO Distribution, Inc. 6.375 15/03/2029 1,817,019 0.14 6,000,000 Williams Scotsman, Inc. 4.625 15/08/2028 5,945,811 0.46 5,000,000 Williams Scotsman, Inc. 6.625 15/06/2029 5,128,985 0.40
Steel - 0.48% (30/11/2025: 0.21%) 2,850,000 Cleveland-Cliffs, Inc. 4.625 01/03/2029 2,772,673 0.21 3,700,000 Cleveland-Cliffs, Inc. 4.875 01/03/2031 3,443,291 0.27
Super Retail - 2.27% (30/11/2025: 2.54%) 4,950,000 Advance Auto Parts, Inc. 1.750 01/10/2027 4,742,809 0.37 2,000,000 Advance Auto Parts, Inc. 7.000 01/08/2030 2,056,437 0.16 2,400,000 Ken Garff Automotive LLC 4.875 15/09/2028 2,378,545 0.18 6,750,000 Magnera Corp. 4.750 15/11/2029 6,324,458 0.49 3,325,000 Upbound Group, Inc. 6.375 15/02/2029 3,294,036 0.26 3,475,000 VF Corp. 0.250 25/02/2028 3,826,926 0.30
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 93.96% (30/11/2025: 98.65%) cont/d...
CORPORATE BONDS - 93.96% (30/11/2025: 98.65%) cont/d...
Super Retail - 2.27% (30/11/2025: 2.54%) cont/d... 3,600,000 Victoria's Secret & Co. 4.625 15/07/2029 3,477,338 0.27 3,000,000 Victra Holdings LLC 8.750 15/09/2029 3,116,043 0.24
Technology - 5.70% (30/11/2025: 5.89%) 2,775,000 Almaviva-The Italian Innovation Co. SpA 5.000 30/10/2030 3,159,012 0.25 7,075,000 Cloud Software Group, Inc. 6.500 31/03/2029 7,024,897 0.55 3,450,000 Entegris, Inc. 4.375 15/04/2028 3,403,499 0.26 1,425,000 Fortress Intermediate 3, Inc. 7.500 01/06/2031 1,442,307 0.11 6,775,000 Go Daddy Operating Co. LLC 5.250 01/12/2027 6,780,894 0.53 2,100,000 ION Platform Finance U.S., Inc. 5.000 01/05/2028 1,966,280 0.15 2,875,000 Kioxia Holdings Corp. 6.250 24/07/2030 2,962,659 0.23 4,230,000 NCR Voyix Corp. 5.000 01/10/2028 4,159,902 0.32 6,650,000 Open Text Corp. 3.875 15/02/2028 6,454,336 0.50 4,000,000 Open Text Corp. 3.875 01/12/2029 3,673,775 0.29 7,950,000 Rocket Software, Inc. 9.000 28/11/2028 8,022,989 0.62 3,350,000 Rocket Software, Inc. 6.500 15/02/2029 3,136,051 0.24 4,000,000 Seagate Data Storage Technology Pte. Ltd. 4.091 01/06/2029 3,923,556 0.30 8,475,000 SS&C Technologies, Inc. 5.500 30/09/2027 8,479,517 0.66 3,375,000 UKG, Inc. 6.875 01/02/2031 3,319,386 0.26 4,950,000 Viavi Solutions, Inc. 3.750 01/10/2029 4,699,830 0.36 1,100,000 ZoomInfo Technologies LLC 3.875 01/02/2029 863,146 0.07
Telecommunications - 7.67% (30/11/2025: 7.06%) 5,250,000 APLD ComputeCo 2 LLC 6.750 15/03/2031 5,294,484 0.41 8,850,000 APLD ComputeCo LLC 9.250 15/12/2030 9,558,204 0.74 9,425,000 Connect Finco SARL 9.000 15/09/2029 9,963,799 0.77 25,612,000 EchoStar Corp. 10.750 30/11/2029 27,850,105 2.16 5,000,000 Fibercop SpA 2.375 12/10/2027 5,755,046 0.45 3,350,000 Flash Compute LLC 7.250 31/12/2030 3,457,813 0.27 12,700,000 GCI LLC 4.750 15/10/2028 12,265,075 0.95 5,575,000 Iliad Holding SAS 7.000 15/10/2028 5,619,433 0.44 9,350,000 Viasat, Inc. 5.625 15/04/2027 9,343,609 0.72 6,500,000 Virgin Media Secured Finance PLC 5.500 15/05/2029 6,251,820 0.49 3,424,557 Zayo Group Holdings, Inc. 9.250 09/03/2030 3,432,108 0.27
Transportation Excluding Air and Rail - 0.19% (30/11/2025: Nil) 2,400,000 RXO, Inc. 6.375 15/05/2031 2,418,458 0.19
Utilities - 1.59% (30/11/2025: 1.33%) 6,242,000 Atlantica Sustainable Infrastructure Ltd. 4.125 15/06/2028 6,139,733 0.48 5,000,000 Clearway Energy Operating LLC 3.750 15/02/2031 4,661,540 0.36
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
TRANSFERABLE SECURITIES – 93.96% (30/11/2025: 98.65%) cont/d...
CORPORATE BONDS - 93.96% (30/11/2025: 98.65%) cont/d...
Utilities - 1.59% (30/11/2025: 1.33%) cont/d... 7,050,000 Suburban Propane Partners LP 5.000 01/06/2031 6,763,547 0.52 2,925,000 XPLR Infrastructure Operating Partners LP 4.500 15/09/2027 2,907,036 0.23
Total Corporate Bonds (Cost: US$1,196,850,781) 1,210,854,977 93.96
Total Transferable Securities (Cost: US$1,196,850,781) 1,210,854,977 93.96
NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
CORPORATE LOANS - 4.43% (30/11/2025: 2.66%)
Aerospace and Defence - 1.08% (30/11/2025: 0.22%) 2,917,687 Phoenix Aviation Capital LLC Variable 28/10/2030 2,890,334 0.22 11,000,000 TransDigm, Inc. Variable 13/02/2033 11,038,720 0.86
Automotive and Auto Parts - 0.39% (30/11/2025: 0.38%) 4,975,000 Clarios Global LP Variable 28/01/2032 4,988,059 0.39
Broadcasting - 0.71% (30/11/2025: 0.26%) 4,750,000 Discovery Global Holdings, Inc. Variable 30/06/2033 4,764,108 0.37 1,393,222 EW Scripps Co. Variable 30/06/2028 1,396,705 0.11 2,946,429 Nexstar Broadcasting, Inc. Variable 18/03/2033 2,951,496 0.23
Containers - 0.33% (30/11/2025: Nil) 4,350,000 Proampac PG Borrower LLC Variable 07/03/2033 4,270,265 0.33
Diversified Financial Services - Nil (30/11/2025: 0.26%)
Gaming - 0.41% (30/11/2025: 0.22%) 3,000,000 Great Canadian Gaming Corp. Variable 01/11/2029 2,932,500 0.23 2,300,000 Pioneer Opco LLC Variable 16/05/2033 2,318,687 0.18
Healthcare - 0.24% (30/11/2025: Nil) 3,341,519 Cotiviti Corp. Variable 01/05/2031 3,142,431 0.24
Homebuilders and Real Estate - 0.48% (30/11/2025: 0.46%) 6,159,562 Windstream Services LLC Variable 06/10/2032 6,178,842 0.48
Metals and Mining - 0.33% (30/11/2025: 0.32%) 4,242,938 Covia Holdings Corp. Variable 26/02/2032 4,240,307 0.33
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NOMINAL SECURITY COUPON % MATURITY
FAIR VALUE US$
% of NET ASSETS
CORPORATE LOANS – 4.43% (30/11/2025: 2.66%) cont/d...
Publishing and Printing - 0.12% (30/11/2025: Nil) 1,500,000 Cimpress PLC Variable 19/05/2033 1,505,625 0.12
Services - Nil (30/11/2025: 0.08%)
Super Retail - 0.15% (30/11/2025: 0.18%) 1,950,000 White Cap Buyer LLC Variable 10/02/2033 1,935,502 0.15
Telecommunications - 0.19% (30/11/2025: Nil) 2,493,639 Connect Finco SARL Variable 27/09/2029 2,506,394 0.19
Utilities - Nil (30/11/2025: 0.28%)
Total Corporate Loans (Cost: US$56,954,983) 57,059,975 4.43
Investments (Cost: US$1,253,805,764) 1,267,914,952 98.39
FINANCIAL DERIVATIVE INSTRUMENTS - (0.15)% (30/11/2025: (0.47)%)
Forward Foreign Currency Exchange Contracts - (0.15)% (30/11/2025: (0.47)%)
MATURITY
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"text": "Statement of Financial Position"
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"text": "Statement of Comprehensive Income"
},
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"text": "Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units 313"
},
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"text": "Statement of Cash Flows"
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"text": "Notes to the Financial Statements"
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"text": "Directory"
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"text": "Schedule of Material Portfolio Changes"
},
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"text": "Appendix I - Total Expense Ratio (\"TER\")"
},
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"text": "404"
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"text": "Appendix II - Securities Financing Transaction Regulations 413"
},
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"text": "Appendix III \u2013 Additional Information regarding Hong Kong registered Funds 419"
},
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"text": "Muzinich Funds"
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"text": "Contents"
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"text": "1"
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"text": "The following information is derived from and should be read in conjunction with the full text and the"
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"text": "Definitions section of the Prospectus."
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"text": "Muzinich Funds (the \u201cFund\u201d) was constituted on 8 May 1998 as an open-ended umbrella unit trust."
},
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"text": "The Fund is authorised and regulated by the Central Bank of Ireland (the \u201cCentral Bank\u201d) under the European"
},
{
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},
"id": "78522deb-3100-4275-b523-83ad9768d7ea",
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"text": "Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as"
},
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"id": "6f9ceb72-9b4b-4193-a798-62a14ac41f60",
"page_number": 3,
"text": "amended) and the Central Bank (Supervision and Enforcement) Act, 2013 (Section 48(1)) (Undertakings for"
},
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},
"id": "e60d54a6-3c89-4eee-ab09-f57d1f3f00ac",
"page_number": 3,
"text": "Collective Investment in Transferable Securities) Regulations, 2019 (the \u201cUCITS Regulations\u201d)."
},
{
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},
"id": "60f7836b-f732-4878-99fc-7ca36b7a878c",
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"text": "At 31 May 2026, the Fund was comprised of 22 active Sub-Funds (the \"Sub-Funds\"). The names and launch dates"
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"text": "are as follows:"
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"text": "Sub-Fund"
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},
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"text": "Launch Date"
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},
"id": "186b8bd3-3208-4dc6-8de5-dc8476b26227",
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"text": "Muzinich Americayield Fund"
},
{
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"width": 81,
"x": 833,
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},
"id": "ae1c9fcd-3e7f-4dd4-b509-6d70de24b053",
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"text": "13 May 1998"
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},
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"text": "Muzinich Europeyield Fund"
},
{
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"x": 827,
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},
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"text": "15 June 2000"
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},
"id": "05978580-756d-400c-b0f4-da5020aa56e8",
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"text": "Muzinich Global High Yield Fund"
},
{
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"x": 830,
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},
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"text": "25 July 2003"
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},
"id": "82fbfee1-b768-4fe1-b460-c436c339fef0",
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"text": "Muzinich Enhancedyield Short-Term Fund 26 November 2003"
},
{
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"width": 835,
"x": 80,
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},
"id": "43785765-e45e-475d-9121-ea80ce422792",
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"text": "Muzinich ShortDurationHighYield Fund 4 October 2010"
},
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"x": 80,
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},
"id": "3481b366-887b-416a-b043-1a3fa965f4e8",
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"text": "Muzinich Market Duration Enhancedyield Fund 14 May 2011"
},
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"x": 80,
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},
"id": "2ad5e307-d177-431b-9b35-c7e3b91b5d3b",
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"text": "Muzinich LongShortCreditYield Fund"
},
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"text": "19 June 2012"
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"id": "14b6734f-de5f-4593-830e-560bc7d3168a",
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"text": "Muzinich EmergingMarketsShortDuration Fund 22 July 2013"
},
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"x": 80,
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},
"id": "55ae84d8-9b42-48a7-be00-48dd1edfc8b4",
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"text": "Muzinich Global Tactical Credit Fund 13 November 2013"
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"x": 80,
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"id": "78cc1da4-bed4-446c-adc8-bce91d061e01",
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"text": "Muzinich Asia Credit Opportunities Fund 11 November 2015"
},
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"x": 80,
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},
"id": "c0c82498-3f7b-4973-9320-fe0f003f346f",
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"text": "Muzinich Emerging Market Corporate Debt Fund 2 May 2017"
},
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"x": 80,
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},
"id": "03b9a510-6c97-4eea-b64d-79fd96f1b9fa",
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"text": "Muzinich European Credit Alpha Fund 31 October 2017"
},
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"x": 80,
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},
"id": "324d83ae-1412-4c13-aeba-5fef87130979",
"page_number": 3,
"text": "Muzinich Fixed Maturity 2028 Fund 29 November 2017"
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"x": 80,
"y": 529
},
"id": "8c28c6d8-470e-438c-991c-73d915902bc0",
"page_number": 3,
"text": "Muzinich High Yield Bond 2028 Fund 24 September 2018"
},
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"x": 80,
"y": 545
},
"id": "c5ffce80-97b3-4e95-889a-68a542c29ab3",
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"text": "Muzinich Global Short Duration Investment Grade Fund 9 July 2019"
},
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"x": 80,
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},
"id": "8cc56b11-6a32-4bb5-94bb-81d590867bcd",
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"text": "Muzinich Dynamic Credit Income Fund"
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"text": "28 April 2022"
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"id": "69614829-217f-4ea6-a420-c39ecac31285",
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"text": "Muzinich Global Fixed Maturity 2027 Fund 20 April 2023"
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"x": 80,
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"id": "a91bd3bb-3a56-49b6-8b59-e9e0cc16016a",
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"text": "Muzinich Global Market Duration Investment Grade Fund 26 January 2024"
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"x": 80,
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"id": "19d0af87-b8ff-41ba-93ac-d578d01cce6e",
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"text": "Muzinich Global Fixed Maturity 2028 Fund 11 April 2024"
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"x": 80,
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"id": "dbf7e98b-249d-488d-b5d1-bbdb7cb49a1a",
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"text": "Muzinich Global Fixed Maturity 2027 II Fund 31 May 2024"
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"id": "170f5e83-a79e-4bc3-89c8-ba12576e4bfa",
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"text": "Muzinich Global Fixed Maturity 2029 Fund 21 January 2025"
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"text": "Muzinich Global Credit Market Neutral Fund 12 February 2026"
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"text": "There are no cross liabilities between the Sub-Funds."
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"text": "Minimum Subscriptions"
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"text": "Sub-Fund Unit Class Minimum Subscription"
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"text": "Muzinich Americayield Fund"
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"x": 412,
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"id": "019e7b6e-97e8-4d80-b442-b6aed6608a34",
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"text": "Hedged CHF Accumulation H Units CHF5,000,000"
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"x": 412,
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"id": "547f5270-bf98-4219-a4e6-4b98e4c3a52e",
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"text": "Hedged CHF Accumulation R Units CHF1,000"
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"x": 412,
"y": 821
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"id": "70e24d16-b762-46ee-beca-1bbf3cb1e610",
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"text": "Hedged CHF Accumulation S Units CHF100,000,000"
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"x": 412,
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"id": "4adcda8f-ff3c-43df-8a3f-0724a313acb2",
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"text": "Hedged CHF Income H Units CHF5,000,000"
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"x": 412,
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"id": "ab338c35-e699-4f38-bca8-a9bc5cc53f7e",
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"text": "Hedged Euro Accumulation A Units \u20ac1,000,000"
},
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"x": 412,
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},
"id": "54faa986-f6c2-4e94-aa81-ef7d0fc69c0f",
"page_number": 3,
"text": "Hedged Euro Accumulation H Units \u20ac5,000,000"
},
{
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"x": 412,
"y": 885
},
"id": "77f3e32f-16de-4ce7-9fdb-eea5d4343b47",
"page_number": 3,
"text": "Hedged Euro Accumulation P Units \u20ac1,000"
},
{
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"width": 503,
"x": 412,
"y": 901
},
"id": "5e78bc4b-facf-4010-acb8-71224f5aabb7",
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"text": "Hedged Euro Accumulation R Units \u20ac1,000"
},
{
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"x": 412,
"y": 917
},
"id": "392f0584-15b5-40f4-a97f-00464fd81d64",
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"text": "Hedged Euro Income A Units \u20ac1,000,000"
},
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"x": 412,
"y": 933
},
"id": "fdeadc89-443f-4533-9a85-e84cef9a49bf",
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"text": "Hedged Euro Income H Units \u20ac5,000,000"
},
{
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"page_number": 3,
"text": "Muzinich Funds"
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"text": "General Information"
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"text": "2"
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"text": "Minimum Subscriptions cont/d\u2026"
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"text": "The minimum initial subscription is set out below:"
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"text": "Sub-Fund Unit Class Minimum Subscription"
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"text": "Muzinich Americayield Fund cont/d\u2026"
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"text": "Hedged GBP Income S Units GBP100,000,000"
},
{
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"y": 220
},
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"text": "Hedged US$ Accumulation A Units US$1,000,000"
},
{
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"x": 412,
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},
"id": "17c8e3cf-9c5f-4646-88e5-5fdd3cbb562a",
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"text": "Hedged US$ Accumulation H Units US$5,000,000"
},
{
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"width": 503,
"x": 412,
"y": 252
},
"id": "596fa895-0709-4114-81a0-09ccc761ca0c",
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"text": "Hedged US$ Accumulation R Units US$1,000"
},
{
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"width": 503,
"x": 412,
"y": 268
},
"id": "dd3e76dd-e2a1-4bbb-8bcf-f7434596dce5",
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"text": "Hedged US$ Accumulation S Units US$100,000,000"
},
{
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"width": 503,
"x": 412,
"y": 284
},
"id": "2d21166d-99fd-4375-97b9-8608fba2205d",
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"text": "Hedged US$ Income A Units US$1,000,000"
},
{
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"width": 503,
"x": 412,
"y": 300
},
"id": "b2077171-9ed4-423e-90d0-2d1d698fccba",
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"text": "Hedged US$ Income H Units US$5,000,000"
},
{
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"x": 412,
"y": 316
},
"id": "b7f8dce3-b957-45bd-a713-d0a8c9d4f34c",
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"text": "Hedged US$ Income R Units US$1,000"
},
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"width": 503,
"x": 412,
"y": 332
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"text": "Hedged US$ Monthly IRD Income R Units US$1,000"
},
{
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"width": 192,
"x": 80,
"y": 365
},
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"text": "Muzinich Europeyield Fund"
},
{
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"x": 412,
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},
"id": "e5d0804d-a08c-4461-8e09-9aca3a2faa48",
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"text": "Hedged CHF Accumulation H Units CHF5,000,000"
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{
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"width": 503,
"x": 412,
"y": 381
},
"id": "6ae97851-c952-4632-9970-959dfbf03783",
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"text": "Hedged Euro Accumulation A Units \u20ac1,000,000"
},
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"x": 412,
"y": 397
},
"id": "0b4e345f-22fe-4653-82a9-5eb4a6ce4fb0",
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"text": "Hedged Euro Accumulation H Units \u20ac5,000,000"
},
{
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"width": 503,
"x": 412,
"y": 413
},
"id": "fa7a0523-7a7b-46cd-9347-68422961f1aa",
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"text": "Hedged Euro Accumulation P Units \u20ac1,000"
},
{
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"width": 503,
"x": 412,
"y": 429
},
"id": "32ef53d7-4418-4673-a9bf-6d22ac31520c",
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"text": "Hedged Euro Accumulation R Units \u20ac1,000"
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{
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"x": 412,
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"text": "Hedged Euro Accumulation S Units \u20ac100,000,000"
},
{
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"width": 503,
"x": 412,
"y": 461
},
"id": "8418829f-024d-407f-886e-33af40c4d756",
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"text": "Hedged Euro Income A Units \u20ac1,000,000"
},
{
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"box": {
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"width": 503,
"x": 412,
"y": 477
},
"id": "f954313f-6e98-4713-957c-2540a380e084",
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"text": "Hedged Euro Income P Units \u20ac1,000"
},
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"width": 503,
"x": 412,
"y": 493
},
"id": "d118802f-c325-464a-b024-3f8fe66e22cc",
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"text": "Hedged Euro Income S Units \u20ac100,000,000"
},
{
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"width": 503,
"x": 412,
"y": 509
},
"id": "4ab4460b-1f3c-427d-8a87-74f44bd5becd",
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"text": "Hedged GBP Accumulation A Units GBP1,000,000"
},
{
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"box": {
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"width": 503,
"x": 412,
"y": 525
},
"id": "3f77ffe2-7a18-4c24-9f8e-54cef66a8150",
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"text": "Hedged GBP Income A Units GBP1,000,000"
},
{
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"box": {
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"width": 503,
"x": 412,
"y": 541
},
"id": "96ff41a2-b66c-49d3-8c5d-1995b2085504",
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"text": "Hedged GBP Income S Units GBP100,000,000"
},
{
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"box": {
"height": 10,
"width": 503,
"x": 412,
"y": 557
},
"id": "8da95718-0677-42e3-aa69-984dcfd34f91",
"page_number": 4,
"text": "Hedged SEK Accumulation R Units SEK5,000"
},
{
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"box": {
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"width": 503,
"x": 412,
"y": 572
},
"id": "f8225750-cbfd-4a6a-9619-020db113e6f5",
"page_number": 4,
"text": "Hedged US$ Accumulation A Units US$1,000,000"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 503,
"x": 412,
"y": 588
},
"id": "846d1c71-3448-4b11-b8a1-15ea97f81f15",
"page_number": 4,
"text": "Hedged US$ Accumulation H Units US$5,000,000"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 503,
"x": 412,
"y": 604
},
"id": "aed5c93d-1307-4517-9517-24c13c336ba9",
"page_number": 4,
"text": "Hedged US$ Accumulation R Units US$1,000"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 503,
"x": 412,
"y": 620
},
"id": "0a074963-096b-46d9-92cb-914e97323eb6",
"page_number": 4,
"text": "Hedged US$ Accumulation S Units US$100,000,000"
},
{
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"box": {
"height": 11,
"width": 503,
"x": 412,
"y": 636
},
"id": "89dc43f1-4b40-4be4-b5c4-dbfbc60096b0",
"page_number": 4,
"text": "Hedged US$ Income S Units US$100,000,000"
},
{
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"box": {
"height": 10,
"width": 228,
"x": 80,
"y": 669
},
"id": "142914ba-60b6-4497-ba7c-fc6bb66f98d9",
"page_number": 4,
"text": "Muzinich Global High Yield Fund"
},
{
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"width": 503,
"x": 412,
"y": 669
},
"id": "5227cc27-a031-4609-99c0-1113ce1dc2af",
"page_number": 4,
"text": "Hedged Euro Accumulation A Units \u20ac1,000,000"
},
{
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"x": 412,
"y": 685
},
"id": "77e55816-c723-4c72-abca-7c905c6360c9",
"page_number": 4,
"text": "Hedged Euro Accumulation H Units \u20ac5,000,000"
},
{
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"box": {
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"width": 503,
"x": 412,
"y": 701
},
"id": "44ee2e6a-f9fd-4f9f-8f00-f78fe18fb5e9",
"page_number": 4,
"text": "Hedged Euro Accumulation P Units \u20ac1,000"
},
{
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"width": 503,
"x": 412,
"y": 717
},
"id": "2f8c8d1c-6c18-4817-aca4-0194a8a5255c",
"page_number": 4,
"text": "Hedged Euro Accumulation R Units \u20ac1,000"
},
{
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"box": {
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"width": 503,
"x": 412,
"y": 733
},
"id": "edcf317f-2ebb-47a3-bbcf-49a07404333f",
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"text": "Hedged Euro Discretionary S Units \u20ac100,000,000"
},
{
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"width": 503,
"x": 412,
"y": 749
},
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"text": "Hedged Euro Income H Units \u20ac5,000,000"
},
{
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"x": 412,
"y": 765
},
"id": "4056307d-4418-4a50-9d7f-430f6c64a532",
"page_number": 4,
"text": "Hedged NOK Accumulation G Units NOK500,000,000"
},
{
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"width": 503,
"x": 412,
"y": 781
},
"id": "48c9f207-98d7-4b89-9c05-5f390da15bda",
"page_number": 4,
"text": "Hedged NOK Accumulation M Units NOK500,000"
},
{
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"box": {
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"width": 503,
"x": 412,
"y": 797
},
"id": "40202ebf-fdb8-450e-bc84-a1524247b5fb",
"page_number": 4,
"text": "Hedged NOK Accumulation S Units NOK500,000,000"
},
{
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"box": {
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"width": 503,
"x": 412,
"y": 812
},
"id": "488999e4-e171-43e3-bffe-b2db6df49346",
"page_number": 4,
"text": "Hedged US$ Accumulation R Units US$1,000"
},
{
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"box": {
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"width": 296,
"x": 80,
"y": 845
},
"id": "69062d0c-0597-4915-98fd-811a2823c330",
"page_number": 4,
"text": "Muzinich Enhancedyield Short-Term Fund"
},
{
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"width": 503,
"x": 412,
"y": 845
},
"id": "ac364478-f6ef-40f0-9fc9-a224bbf541a1",
"page_number": 4,
"text": "Hedged AUD Income A1 Units AUD100,000,000"
},
{
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"width": 503,
"x": 412,
"y": 861
},
"id": "7fa96a07-3dff-48eb-a123-966d744d70a7",
"page_number": 4,
"text": "Hedged CHF Accumulation A Units CHF1,000,000"
},
{
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"box": {
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"width": 503,
"x": 412,
"y": 877
},
"id": "bedf81db-1dea-4503-a267-3659e272b8c7",
"page_number": 4,
"text": "Hedged CHF Accumulation A1 Units CHF100,000,000"
},
{
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"box": {
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"width": 503,
"x": 412,
"y": 893
},
"id": "4e697220-baab-4e30-b731-8b517736dec4",
"page_number": 4,
"text": "Hedged CHF Accumulation H Units CHF5,000,000"
},
{
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"box": {
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"width": 503,
"x": 412,
"y": 909
},
"id": "e9bb94ec-3e36-4c7b-afc4-a49e69ed7ed4",
"page_number": 4,
"text": "Hedged CHF Accumulation R Units CHF1,000"
},
{
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"width": 503,
"x": 412,
"y": 925
},
"id": "4f7d0181-be22-4b4d-acae-86919f8d4d64",
"page_number": 4,
"text": "Hedged CHF Income A Units CHF1,000,000"
},
{
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"box": {
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"width": 219,
"x": 695,
"y": 48
},
"id": "b351ffbb-6b81-4384-96cc-9a3142988142",
"page_number": 4,
"text": "Muzinich Funds"
},
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"id": "69249a28-42e1-4d9e-8b7b-981f3d425298",
"page_number": 4,
"text": "General Information cont/d\u2026"
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"x": 494,
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"page_number": 4,
"text": "3"
},
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