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Reference returns refer to returns in the base currency of each Fund relative to a currency-similar","page_number":29,"box":{"x":80,"y":457,"width":835,"height":11}},{"id":"08c60c70-421f-4ca1-8bd7-01cab5301a6e","block_type":"box","text":"market indicator.","page_number":29,"box":{"x":81,"y":472,"width":128,"height":9}},{"id":"b553c3a1-afc4-47cd-bfd0-0afad08a7d1c","block_type":"box","text":"Muzinich Americayield Fund","page_number":29,"box":{"x":80,"y":500,"width":244,"height":13}},{"id":"a404071d-6d2a-43b2-a761-21ebd0868b2f","block_type":"box","text":"In this environment, the Fund generated positive returns and outperformed its indicative index, the ICE BofA","page_number":29,"box":{"x":81,"y":524,"width":834,"height":11}},{"id":"f166776b-4de0-404a-9351-0ee736ce95b1","block_type":"box","text":"B/BB US Non-Financial Cash Pay High Yield Constrained Index (JC4N). The Fund’s BB and single-B holdings both","page_number":29,"box":{"x":81,"y":539,"width":833,"height":11}},{"id":"9f91263d-2919-43c7-a8a1-83f078f6a2f7","block_type":"box","text":"produced strong total returns for the reporting period, with notable outperformance from the Fund’s strong","page_number":29,"box":{"x":81,"y":554,"width":834,"height":11}},{"id":"9d42a882-8a74-492c-acd9-e63c9b5821fc","block_type":"box","text":"credit selection and overweight of single-B rated paper. We remain comfortable with our overweight in","page_number":29,"box":{"x":80,"y":569,"width":834,"height":11}},{"id":"c3d7ad82-e950-4bc4-b271-4ad94307ef8b","block_type":"box","text":"single-Bs as there is more alpha opportunity but less duration in that ratings cohort. On a sector basis, strong","page_number":29,"box":{"x":80,"y":584,"width":835,"height":11}},{"id":"4cfc6e90-e1e7-489f-a217-301d62b48439","block_type":"box","text":"credit selection of homebuilders/real estate and services bonds benefited returns, while a relative","page_number":29,"box":{"x":80,"y":598,"width":835,"height":11}},{"id":"4630ea89-acda-4be4-bd75-ef3a05bb00ef","block_type":"box","text":"underweight in energy bonds acted as a drag. In terms of duration, strong credit selection of the 3-5 years","page_number":29,"box":{"x":80,"y":613,"width":835,"height":11}},{"id":"c2320a2c-3dd6-4556-b719-863c28d24719","block_type":"box","text":"duration bucket bolstered relative returns during the reporting period, with contributions from every duration","page_number":29,"box":{"x":80,"y":628,"width":834,"height":11}},{"id":"cf6bd20e-68ba-416b-bead-f2ed4457d304","block_type":"box","text":"bucket to total returns.","page_number":29,"box":{"x":81,"y":643,"width":177,"height":9}},{"id":"8b5f83ab-6c9c-4f50-a8ff-2b9b2f0bd84f","block_type":"box","text":"Muzinich Europeyield Fund","page_number":29,"box":{"x":80,"y":671,"width":235,"height":12}},{"id":"938a72d1-bd66-4e19-b584-af8cfe579592","block_type":"box","text":"In this environment, the Fund generated positive returns and comfortably outperformed the indicative ICE","page_number":29,"box":{"x":81,"y":695,"width":834,"height":11}},{"id":"12802d3f-a85e-4835-9bed-db521c8de9b5","block_type":"box","text":"BofA BB-B European Currency Non-Financial High Yield Constrained Index (HP4N). During the reporting period,","page_number":29,"box":{"x":81,"y":710,"width":832,"height":11}},{"id":"f243cc70-b8a3-46d6-af01-785513f19f0c","block_type":"box","text":"the Fund continued to benefit from exposure to defensive sectors where we believe any economic slowdown","page_number":29,"box":{"x":80,"y":725,"width":834,"height":11}},{"id":"6d85ec6b-1a73-44ce-bc94-0cb69e8a94ee","block_type":"box","text":"could have limited indirect impact; we remain focused on credits offering good carry and attractive","page_number":29,"box":{"x":80,"y":739,"width":835,"height":12}},{"id":"2c35550e-cbaa-4de0-ae07-614aed449cab","block_type":"box","text":"fundamentals. Notable contributions to absolute performance came from larger allocations to automotive &","page_number":29,"box":{"x":80,"y":754,"width":834,"height":11}},{"id":"a744a491-f15b-4b2b-97af-efd043ba17e0","block_type":"box","text":"auto parts, homebuilders/real estate, and telecommunications. On a relative sector basis, strong credit","page_number":29,"box":{"x":80,"y":769,"width":835,"height":11}},{"id":"b3b6607d-050b-4829-bec7-ebe17644b6c2","block_type":"box","text":"selection and an underweight in telecommunications and airlines bolstered returns, as did strong credit","page_number":29,"box":{"x":80,"y":784,"width":835,"height":11}},{"id":"f22bca2e-c315-4dad-9267-3796e96b110f","block_type":"box","text":"selection and an overweight of homebuilders/real estate and technology bonds. Conversely, a relative","page_number":29,"box":{"x":80,"y":799,"width":835,"height":11}},{"id":"de370e14-a204-485d-8f53-1fb961717f1c","block_type":"box","text":"underweight in chemicals bonds acted as a drag. On a ratings basis, we are focused on capturing the","page_number":29,"box":{"x":80,"y":813,"width":835,"height":12}},{"id":"c61a49e3-e98d-4f22-96af-96e227af6c68","block_type":"box","text":"higher-yielding part of investment grade market including rising stars (former BB+ bonds that have been","page_number":29,"box":{"x":81,"y":828,"width":833,"height":12}},{"id":"77da4a21-ea68-42cd-8e71-3206dd3a152a","block_type":"box","text":"recently upgraded but haven’t reached our price target) and attractive senior bonds from European real estate","page_number":29,"box":{"x":81,"y":843,"width":834,"height":11}},{"id":"b389797f-6cc1-40ac-965a-075907afa25c","block_type":"box","text":"issuers after the sector sell-off in 2022; we believe those bonds are still attractive from a yield perspective.","page_number":29,"box":{"x":80,"y":858,"width":833,"height":11}},{"id":"81b9b489-15c5-419a-a01b-0efca036e121","block_type":"box","text":"While most of the portfolio is invested in fixed-rate bonds, a minority allocation to senior secured syndicated","page_number":29,"box":{"x":80,"y":873,"width":834,"height":11}},{"id":"79f40d08-8a64-4c7a-bd36-2028af6fdb2d","block_type":"box","text":"loans (focusing on liquid loans with secondary market liquidity) and floating-rate notes allows us to have a","page_number":29,"box":{"x":81,"y":888,"width":834,"height":11}},{"id":"6a5d233d-87e3-462b-b63b-9082bed4e09f","block_type":"box","text":"broader number of issuers to choose from in European leveraged finance.","page_number":29,"box":{"x":81,"y":902,"width":560,"height":12}},{"id":"ad569344-a87f-4b4b-86fb-2e5fc4a384a3","block_type":"box","text":"Muzinich Funds","page_number":29,"box":{"x":695,"y":48,"width":219,"height":16}},{"id":"5140c7cf-8c49-4522-a818-55e7d0299ab6","block_type":"box","text":"Investment Manager’s Report for the six month period ended 31 May 2026","page_number":29,"box":{"x":82,"y":105,"width":784,"height":15}},{"id":"66b96f7b-a238-4b77-a8e5-ccc89f8e945a","block_type":"box","text":"28","page_number":29,"box":{"x":490,"y":969,"width":14,"height":7}},{"id":"a6d3849e-e909-4756-9a7a-4e924a377c12","block_type":"box","text":"Muzinich Global High Yield Fund","page_number":30,"box":{"x":80,"y":156,"width":279,"height":13}},{"id":"3eee4517-74cd-4fd3-a985-c16d5e335edf","block_type":"box","text":"In this environment, the Fund generated positive returns and outperformed its indicative reference index, the","page_number":30,"box":{"x":81,"y":180,"width":834,"height":12}},{"id":"596aa0b9-9c7b-4ac7-ad51-e44b0b8b0bf2","block_type":"box","text":"ICE BofA Global High Yield Constrained Index (HW0C). The Fund continued to benefit from its higher yielding","page_number":30,"box":{"x":81,"y":195,"width":834,"height":11}},{"id":"af33cb8d-5818-4c2e-84dc-1188d59ca342","block_type":"box","text":"holdings on the back of strong credit selection and an overweight of single-B rated credit. On a regional basis,","page_number":30,"box":{"x":81,"y":210,"width":832,"height":11}},{"id":"c8deeb38-6fec-4650-8497-e21a5715bd60","block_type":"box","text":"the Fund’s larger allocations to the US and Western Europe were the greatest contributors to absolute","page_number":30,"box":{"x":80,"y":225,"width":835,"height":11}},{"id":"b993223c-475a-482e-8f02-84ed131143ff","block_type":"box","text":"performance, with notable contributions from EM credit, including strong credit selection in the Middle East","page_number":30,"box":{"x":81,"y":240,"width":834,"height":11}},{"id":"13800981-f8b3-4cdd-b770-cacebf5cd5d7","block_type":"box","text":"and Africa (MEA) region and an overweight in Asia (ex. Japan). From an industry perspective, strong credit","page_number":30,"box":{"x":80,"y":255,"width":835,"height":11}},{"id":"18c9e53f-03e0-49a3-8bf0-f722850e8974","block_type":"box","text":"selection of homebuilders/real estate, services, and technology bonds benefited performance, while the","page_number":30,"box":{"x":80,"y":269,"width":835,"height":12}},{"id":"7382f6dd-aa06-4d44-a6bd-e15c0ff6ba4f","block_type":"box","text":"Fund’s mandated lack of exposure to the energy sector acted as drag on relative performance. At a duration","page_number":30,"box":{"x":81,"y":284,"width":833,"height":11}},{"id":"f603d9af-475d-4857-a715-d21f21234f84","block_type":"box","text":"level, strong credit selection across the 0-5 years duration range contributed to relative outperformance.","page_number":30,"box":{"x":81,"y":299,"width":807,"height":11}},{"id":"3a1b2977-03c6-4d52-bcd9-e7c69518bb7a","block_type":"box","text":"Muzinich Enhancedyield Short-Term Fund","page_number":30,"box":{"x":80,"y":327,"width":362,"height":12}},{"id":"c83dab58-2926-485e-b8c9-ecf590f18970","block_type":"box","text":"During the reporting period, the Fund generated positive returns and outperformed its indicative ICE BofA","page_number":30,"box":{"x":81,"y":351,"width":834,"height":11}},{"id":"da7cf9a7-5397-43b7-99a9-b9c95090720d","block_type":"box","text":"German Federal Government (1 to 3 years) Index (G1D0). From a ratings perspective, strong security selection","page_number":30,"box":{"x":80,"y":366,"width":834,"height":11}},{"id":"954d561e-e440-4513-8e84-132469f94213","block_type":"box","text":"and an overweight of BB rated credit bolstered relative returns and contributed positively to absolute","page_number":30,"box":{"x":80,"y":381,"width":835,"height":11}},{"id":"008f50bd-62ed-4add-bce4-c99e273941cc","block_type":"box","text":"performance. The Fund’s BBB overweight contributed positively overall, with higher carry supporting returns","page_number":30,"box":{"x":81,"y":396,"width":834,"height":11}},{"id":"c0f9bbb4-a32e-46ae-bd42-163afdfd5b84","block_type":"box","text":"through a brief period of spread widening in March before the subsequent rally. The Fund’s longer-dated","page_number":30,"box":{"x":80,"y":410,"width":834,"height":12}},{"id":"58feb7cb-c066-49b6-ba69-e2d908c1c247","block_type":"box","text":"allocation to the 3-5 year bucket followed a similar pattern of recovery; our decision to extend Fund duration","page_number":30,"box":{"x":80,"y":425,"width":834,"height":11}},{"id":"1a90c719-ee45-4163-82f0-4df03a6ff7e6","block_type":"box","text":"in a period of higher yields ultimately helped performance through the remainder of the reporting period. Both","page_number":30,"box":{"x":80,"y":440,"width":834,"height":11}},{"id":"3e75ef06-79fc-4e2c-9018-65a6efe96b3d","block_type":"box","text":"investment grade and high yield holdings delivered positive returns supported by a healthy level of yield in the","page_number":30,"box":{"x":80,"y":455,"width":835,"height":11}},{"id":"7859a4e3-016a-49bd-8911-eb9c147f4c06","block_type":"box","text":"portfolio, whichwas enhanced through an increased allocation to high yield. On a sector basis, notable","page_number":30,"box":{"x":81,"y":470,"width":834,"height":11}},{"id":"c996c53d-4b92-44fc-918c-367607fb7945","block_type":"box","text":"contributions came from higher beta sectors that benefited from spread compression, including the Fund’s","page_number":30,"box":{"x":80,"y":485,"width":835,"height":11}},{"id":"d8be5b96-a844-4b10-ac96-054d991d9fe8","block_type":"box","text":"primary allocations to automotives, diversified financial services, and telecommunications. From a currency","page_number":30,"box":{"x":81,"y":499,"width":834,"height":11}},{"id":"205c35c9-7e63-4616-a75d-5c86812f2bd1","block_type":"box","text":"perspective, USD, EUR, and GBP bonds all contributed positively to total return, with notably strong","page_number":30,"box":{"x":81,"y":514,"width":834,"height":11}},{"id":"91b6e53e-2080-4ec7-b202-4b16b9dbeefe","block_type":"box","text":"performance from EUR bonds driven by tighter spreads.","page_number":30,"box":{"x":81,"y":529,"width":423,"height":11}},{"id":"edae167e-d9eb-4ddf-87c6-1b0181b1bab4","block_type":"box","text":"Muzinich ShortDurationHighYield Fund","page_number":30,"box":{"x":80,"y":557,"width":335,"height":12}},{"id":"d04f10ca-ed19-4d5b-8aaf-2b3dfc40a5e2","block_type":"box","text":"Over the reporting period, the Fund (or “SDHY”) generated attractive positive returns and outperformed the","page_number":30,"box":{"x":80,"y":581,"width":835,"height":11}},{"id":"74488418-1640-4af8-b5f1-4664ff444b06","block_type":"box","text":"shorter duration segment of the BB-B US high yield market. We maintained a conservative position at the start","page_number":30,"box":{"x":80,"y":596,"width":835,"height":11}},{"id":"63171d85-eb49-408a-84f4-726c046ce22e","block_type":"box","text":"of the reporting period given tight spreads, managing extension risk by owning more below-par bonds than","page_number":30,"box":{"x":80,"y":611,"width":834,"height":11}},{"id":"ab7c0a30-5904-4c58-9ba4-67b2008bc11a","block_type":"box","text":"comparable short duration and regular duration indices. As spreads and yields rose during the reporting period,","page_number":30,"box":{"x":80,"y":626,"width":833,"height":11}},{"id":"bb4fd325-d32e-4fb4-843b-cef3a9eeeed6","block_type":"box","text":"we saw only a modest natural extension of the portfolio and actively began to add exposure to more medium","page_number":30,"box":{"x":80,"y":640,"width":834,"height":12}},{"id":"a0939f69-3030-4f82-a10b-1b9036fb628b","block_type":"box","text":"duration bonds (i.e., bonds with a duration greater than 2 years priced below par) as spreads and yields","page_number":30,"box":{"x":80,"y":655,"width":835,"height":11}},{"id":"7b62587b-249d-485f-8e7f-fe31915b1049","block_type":"box","text":"became more attractive. The Fund benefited from strong credit selection in real estate, telecommunications,","page_number":30,"box":{"x":81,"y":670,"width":832,"height":11}},{"id":"0efbaee1-230e-4f20-8f14-9ed086f23549","block_type":"box","text":"and diversified financial services sectors. At the close of the reporting period, the five largest sector exposures","page_number":30,"box":{"x":80,"y":685,"width":835,"height":11}},{"id":"1ff5372a-0029-4e76-82b5-7a259d958812","block_type":"box","text":"are homebuilders/real estate, healthcare, telecommunications, diversified financial services, and services.","page_number":30,"box":{"x":80,"y":700,"width":822,"height":11}},{"id":"9a2ddd69-3e26-45ca-afe8-93d105eb580c","block_type":"box","text":"Muzinich Market Duration Enhancedyield Fund","page_number":30,"box":{"x":80,"y":728,"width":405,"height":12}},{"id":"37318ac3-5435-4ff9-b7fa-426b735eadd9","block_type":"box","text":"The Fund generated positive returns and outperformed its indicative market, the Bloomberg Barclays Global","page_number":30,"box":{"x":80,"y":752,"width":835,"height":11}},{"id":"249372ca-f723-4d85-95ae-157beb6cabb6","block_type":"box","text":"Aggregate Corporate Total Return Index hedged EUR (LGCPTREH).All currencies contributed positively to Fund","page_number":30,"box":{"x":79,"y":767,"width":835,"height":11}},{"id":"d07f9c4b-a081-4278-a809-49adee668853","block_type":"box","text":"performance; EUR and GBP credit benefited from both spread tightening and falling European and UK","page_number":30,"box":{"x":81,"y":781,"width":834,"height":12}},{"id":"473027cc-30e5-4af4-a294-6716dcf2ec22","block_type":"box","text":"government bond yields. USD credit also contributed positively to absolute performance, with spread","page_number":30,"box":{"x":80,"y":796,"width":834,"height":11}},{"id":"011862a0-3908-4c8c-a915-c47789cd278f","block_type":"box","text":"compression and carry as the primary drivers of return. The Fund's significant overweight to EUR, which","page_number":30,"box":{"x":80,"y":811,"width":834,"height":11}},{"id":"9806d126-c5b9-4287-95a0-16b770d34c1f","block_type":"box","text":"generated a notably higher local return than USD, contributed meaningfully to relative outperformance. On a","page_number":30,"box":{"x":80,"y":826,"width":835,"height":11}},{"id":"8351ab93-6698-46d2-9853-4c3f8e504185","block_type":"box","text":"sector basis, strong credit selection in automotives, diversified financial services, and banking most","page_number":30,"box":{"x":80,"y":841,"width":835,"height":11}},{"id":"a1f0df75-5039-422c-997e-f129bcbabeb1","block_type":"box","text":"meaningfully bolstered returns, while exposure to select energy bonds weighed on relative returns. High yield","page_number":30,"box":{"x":81,"y":856,"width":833,"height":11}},{"id":"4e04f223-4630-4cf4-af22-9145f014b456","block_type":"box","text":"allocations continued to play an important role in generating strong Fund performance; we increased exposure","page_number":30,"box":{"x":80,"y":870,"width":835,"height":12}},{"id":"dfa5b0c9-5da2-4e3a-bf0f-5db3b0b7fafb","block_type":"box","text":"while retaining a BB-rated quality bias, primarily in European issuers. Across ratings, BB rated credit was the","page_number":30,"box":{"x":80,"y":885,"width":835,"height":11}},{"id":"f654b35c-9933-4539-819a-d25a1e596913","block_type":"box","text":"standout performer for the reporting period, with our minority allocation to single-Bs also contributing","page_number":30,"box":{"x":80,"y":900,"width":835,"height":11}},{"id":"7d071463-d706-432d-94f5-497bf558a36b","block_type":"box","text":"strongly. Within investment grade, BBBs outperformed single-As. By duration, strong contributions to absolute","page_number":30,"box":{"x":80,"y":915,"width":835,"height":11}},{"id":"8559b3e6-faa2-40c8-96b7-719da9fee1a2","block_type":"box","text":"and relative performance came from across the core 0-5 years duration range.At the close of the reporting","page_number":30,"box":{"x":80,"y":930,"width":835,"height":11}},{"id":"0f5ff84b-4cf4-4d0a-abc2-5c55e26e7504","block_type":"box","text":"Muzinich Funds","page_number":30,"box":{"x":695,"y":48,"width":219,"height":16}},{"id":"ec07df0f-6782-4dd2-b083-f754c3ae177b","block_type":"box","text":"Investment Manager’s Report for the six month period ended 31 May 2026","page_number":30,"box":{"x":82,"y":105,"width":832,"height":15}},{"id":"3f584fba-22d1-4741-ac70-5f7ba3d4e879","block_type":"box","text":"cont/d…","page_number":30,"box":{"x":80,"y":124,"width":88,"height":12}},{"id":"1810815d-70cb-4bb6-b1a1-77a11b069837","block_type":"box","text":"29","page_number":30,"box":{"x":490,"y":969,"width":14,"height":7}},{"id":"20189752-118b-43a3-9645-20638fb68efa","block_type":"box","text":"Muzinich Market Duration Enhancedyield Fund cont/d…","page_number":31,"box":{"x":80,"y":156,"width":483,"height":13}},{"id":"287a1ce8-5b08-444a-9657-4d9272c6853a","block_type":"box","text":"period, we reduced some of the Fund’s EUR exposure following strong performance. The Fund ended the","page_number":31,"box":{"x":81,"y":180,"width":834,"height":11}},{"id":"b55fb387-fb9e-424e-852b-78ab2a4f7a39","block_type":"box","text":"reporting period with approximately 3% cash that we expect to deploy into the USD market. We also began to","page_number":31,"box":{"x":81,"y":195,"width":834,"height":11}},{"id":"d5be0ca8-a0af-4892-b2b1-9aa40dad6895","block_type":"box","text":"adjust positioning in anticipation of higher rates in the US.","page_number":31,"box":{"x":80,"y":209,"width":448,"height":12}},{"id":"c36f736a-f792-438d-8848-ea1beed30fa8","block_type":"box","text":"Muzinich LongShortCreditYield Fund","page_number":31,"box":{"x":80,"y":238,"width":316,"height":12}},{"id":"ec6190d1-84b3-4f77-bf9d-629712147c7a","block_type":"box","text":"In this volatile, but ultimately attractive US high yield market, the Fund gained at the beginning and end of the","page_number":31,"box":{"x":81,"y":262,"width":834,"height":11}},{"id":"ea27b6a4-65c3-4cd4-8c45-c0f7cefe385f","block_type":"box","text":"period, but lost ground modestly in February. Overall, the Fund’s performance was edged out by that of the","page_number":31,"box":{"x":81,"y":276,"width":834,"height":12}},{"id":"2afe4ee5-c9af-4f7d-8bb2-42cfaa706564","block_type":"box","text":"broader US high yield market represented by the ICE BofA Merrill Lynch US Cash Pay High Yield index (J0A0). As","page_number":31,"box":{"x":81,"y":291,"width":834,"height":11}},{"id":"09d328a9-dfb9-4b90-b9e6-1bd2cdf30e21","block_type":"box","text":"in prior periods, the Fund was much less volatile than the market. Fund gains were comprised largely of","page_number":31,"box":{"x":80,"y":306,"width":835,"height":11}},{"id":"38094d13-2d3b-4000-80c6-7d77a48fd91b","block_type":"box","text":"market-beating returns in the Fund’s Core Long positions, but these averaged less than 80% of the Fund’s net","page_number":31,"box":{"x":81,"y":321,"width":834,"height":11}},{"id":"a177ce44-559b-4486-bb61-d259305827d6","block_type":"box","text":"asset value over the period, reducing their overall contribution. Within the Long book, the portfolio used both","page_number":31,"box":{"x":80,"y":336,"width":834,"height":11}},{"id":"79fa9840-210c-4b85-b434-40a80f8bb705","block_type":"box","text":"core long holdings and options which helped enable our delivery of above-market average returns without","page_number":31,"box":{"x":80,"y":351,"width":835,"height":11}},{"id":"b7249ced-2576-4934-aa1d-b9a7e6604269","block_type":"box","text":"taking undue credit risk. As a result, larger conviction books—including telecommunications, homebuilders,","page_number":31,"box":{"x":80,"y":365,"width":833,"height":12}},{"id":"bc7960fc-88e2-422f-bb4a-5f1eaae0f6c7","block_type":"box","text":"and healthcare—were generally the largest contributors. Small allocations to diversified financial services,","page_number":31,"box":{"x":80,"y":380,"width":833,"height":11}},{"id":"8de24a24-b9c2-448b-96ac-c151e3e3cac9","block_type":"box","text":"sovereigns (US Treasurys), and hotels declined most, but no sector cost the fund more than eight basis points","page_number":31,"box":{"x":80,"y":395,"width":835,"height":11}},{"id":"c152adfb-4804-40b7-9d49-bb630ae76790","block_type":"box","text":"in the period. The Fund gained from its Arbitrage book, but the Short and Portfolio Hedges book positions","page_number":31,"box":{"x":80,"y":410,"width":835,"height":11}},{"id":"821cf31e-36ba-4aed-9201-d41ffce3ec97","block_type":"box","text":"detracted as the market continued to price up risk. These two buckets were, however, instrumental in","page_number":31,"box":{"x":80,"y":425,"width":834,"height":11}},{"id":"c3a0349e-0e85-4c05-885f-9d0c2d3ac0c0","block_type":"box","text":"protecting the portfolio in March when the Fund was relatively flat gross of fees while the market declined by","page_number":31,"box":{"x":81,"y":439,"width":834,"height":12}},{"id":"0da756bb-0337-4f1d-a25e-d6b2341536bc","block_type":"box","text":"more than a percent. We will continue to deploy capital actively in these buckets from here as we believe that","page_number":31,"box":{"x":81,"y":454,"width":834,"height":11}},{"id":"82a1fc55-8a3c-43b6-8fa3-cc4cc59d1bc5","block_type":"box","text":"hedging costs are relatively attractive given how tightly high yield is once again priced. We finished the period","page_number":31,"box":{"x":81,"y":469,"width":833,"height":11}},{"id":"8af6ca7b-a0f5-45e1-99a7-4a0aa24978de","block_type":"box","text":"with a credit beta to the market of approximately 30%, after drifting wider following March’s market sell-off.","page_number":31,"box":{"x":80,"y":484,"width":833,"height":11}},{"id":"443267c7-d612-4500-a220-1939b3c1dce3","block_type":"box","text":"Muzinich EmergingMarketsShortDuration Fund","page_number":31,"box":{"x":80,"y":512,"width":402,"height":12}},{"id":"feccfcee-9f4e-46f6-b617-54420799ae0d","block_type":"box","text":"In this environment, the Fund generated positive returns and outperformed its reference index, the ICE BofA","page_number":31,"box":{"x":81,"y":536,"width":834,"height":11}},{"id":"672bc230-117c-48b7-a36c-81c3fe9a4699","block_type":"box","text":"Emerging Market Short Duration Index (Q690). The Fund delivered strong returns at the start and close of the","page_number":31,"box":{"x":81,"y":551,"width":834,"height":11}},{"id":"a3e3af4f-a1ec-4e4f-ac68-8873ac7669c7","block_type":"box","text":"reporting period, more than offsetting a brief period of underperformance in March following military","page_number":31,"box":{"x":81,"y":566,"width":834,"height":11}},{"id":"9a650515-7dfa-4522-9d46-c114e8346da9","block_type":"box","text":"operations in Iran. All regions generated positive total returns for the reporting period. Allocations to the","page_number":31,"box":{"x":80,"y":581,"width":835,"height":11}},{"id":"c198d14c-a891-47d9-b195-dd041205e998","block_type":"box","text":"Middle East/Africa (MEA) region led relative outperformance and generated solid absolute returns benefiting","page_number":31,"box":{"x":80,"y":595,"width":835,"height":12}},{"id":"e7e2dd39-c194-4f3f-b309-4c63c8ae4bd6","block_type":"box","text":"from security selection in companies we believe are best positioned to benefit from the ceasefire and the","page_number":31,"box":{"x":80,"y":610,"width":835,"height":11}},{"id":"26f914f7-d619-4fda-aecb-8888f6d50706","block_type":"box","text":"prospect of a longer-term peace agreement. Strong credit selection in Asia (ex. Japan) also bolstered returns.","page_number":31,"box":{"x":81,"y":625,"width":832,"height":11}},{"id":"3736f358-e67b-4789-a37d-4d45e8c948bb","block_type":"box","text":"At the sovereign level within Asia, Singaporean credits outperformed towards the end of the reporting period,","page_number":31,"box":{"x":79,"y":640,"width":834,"height":11}},{"id":"e3e83bc6-3511-4226-b287-4662180f93c4","block_type":"box","text":"benefiting from exposure to the global data center build-out. In Latin America, Brazil was the standout in the","page_number":31,"box":{"x":81,"y":655,"width":834,"height":11}},{"id":"158cbf09-0a91-4844-b480-6cc9e413990b","block_type":"box","text":"final weeks of the reporting period, driven by high yield exposure. All sectors generated positive absolute","page_number":31,"box":{"x":80,"y":669,"width":835,"height":12}},{"id":"bed03fa4-fcd1-45b9-b138-3ff3bf9625c0","block_type":"box","text":"performance, with energy and diversified financial services as the largest contributors. On a relative basis,","page_number":31,"box":{"x":81,"y":684,"width":832,"height":11}},{"id":"ef0b5428-9df8-41f0-a02c-1f647c812ad0","block_type":"box","text":"superior credit selection and an underweight in utilities bolstered returns while a modest headwind from an","page_number":31,"box":{"x":80,"y":699,"width":834,"height":11}},{"id":"c1eb902c-034b-43de-a9fa-4c7830b60b33","block_type":"box","text":"underweight in energy vs. the reference index weighed on returns. From a ratings perspective, BB rated","page_number":31,"box":{"x":80,"y":714,"width":834,"height":11}},{"id":"db292211-2f04-42c4-bcc9-739f532ef921","block_type":"box","text":"credits were the best performing ratings segment on an absolute basis.","page_number":31,"box":{"x":80,"y":729,"width":543,"height":11}},{"id":"8ee0066e-f0ff-4e67-8335-8dfec94d9c3a","block_type":"box","text":"Muzinich Global Tactical Credit Fund","page_number":31,"box":{"x":80,"y":757,"width":318,"height":10}},{"id":"305d235c-6ecf-4d6e-b2fd-3ac5774e0808","block_type":"box","text":"In this environment, the Fund generated positive returns but underperformed the global credit markets as","page_number":31,"box":{"x":81,"y":781,"width":834,"height":11}},{"id":"7696b1c7-23c6-4326-a788-b6a19d3e3f11","block_type":"box","text":"represented by the ICE BofA Global Corporate and High Yield Index (GI00). During thereporting period, all","page_number":31,"box":{"x":81,"y":796,"width":833,"height":11}},{"id":"be9222db-1e7b-4f9f-850a-67ff5180093a","block_type":"box","text":"credit buckets contributed positively to total return. Towards the end of the reporting period, EU investment","page_number":31,"box":{"x":80,"y":811,"width":835,"height":11}},{"id":"a5524ce3-dc3a-43c4-84b4-30d20916d80d","block_type":"box","text":"grade was a particularly notable contributor, benefiting from falling European government yields, while UK","page_number":31,"box":{"x":80,"y":825,"width":835,"height":11}},{"id":"4d6108f4-ded7-4c60-b44a-ee4537398a2f","block_type":"box","text":"sterling-denominated investment grade was the largest contributor to relative performance driven by security","page_number":31,"box":{"x":80,"y":840,"width":835,"height":11}},{"id":"7b253c78-5036-4f08-8f69-9243c19ae0ac","block_type":"box","text":"selection.","page_number":31,"box":{"x":80,"y":855,"width":73,"height":9}},{"id":"f70f1cdd-88df-4031-aba1-2d71d2dad16a","block_type":"box","text":"The US, which represents a little over 40% of the Fund at the close of the reporting period, saw its long-end","page_number":31,"box":{"x":80,"y":877,"width":834,"height":11}},{"id":"0114c377-d5fc-4798-9769-fdbc94fb71dd","block_type":"box","text":"exposure perform particularly well within the credit sleeve. In Western Europe—which was the largest positive","page_number":31,"box":{"x":80,"y":892,"width":835,"height":11}},{"id":"f12696de-484c-4083-aac4-81340048ac16","block_type":"box","text":"contributor to total return—both German and UK exposure contributed positively. Within the EM allocation, the","page_number":31,"box":{"x":80,"y":907,"width":835,"height":11}},{"id":"430db846-86a1-4a5a-82c9-cdcd9be969ce","block_type":"box","text":"Fund's holdings in Asia were the strongest absolute performers, while strong security selection in the United","page_number":31,"box":{"x":81,"y":921,"width":833,"height":12}},{"id":"c3179129-85ae-4b5a-bd09-ef27290e851e","block_type":"box","text":"Arab Emirates helped support relative performance.","page_number":31,"box":{"x":79,"y":936,"width":399,"height":11}},{"id":"89e3c81a-d54b-493a-a3cc-dc80c82e828c","block_type":"box","text":"Muzinich Funds","page_number":31,"box":{"x":695,"y":48,"width":219,"height":16}},{"id":"91cdf586-efcf-443c-9fd0-ff671a12c5d2","block_type":"box","text":"Investment Manager’s Report for the six month period ended 31 May 2026","page_number":31,"box":{"x":82,"y":105,"width":832,"height":15}},{"id":"d3565e23-ea2c-4ad8-adf2-02d6c7f2b032","block_type":"box","text":"cont/d…","page_number":31,"box":{"x":80,"y":124,"width":88,"height":12}},{"id":"92e65d48-24a0-41ef-b22c-888b5d2a879c","block_type":"box","text":"30","page_number":31,"box":{"x":491,"y":969,"width":13,"height":7}},{"id":"3fefc3b9-6f69-4b65-9aa9-49aba9bbf851","block_type":"box","text":"Muzinich Global Tactical Credit Fund cont/d…","page_number":32,"box":{"x":80,"y":156,"width":396,"height":10}},{"id":"4742604c-e729-4c9a-b335-a40266e3eec1","block_type":"box","text":"At the sector level, banking, energy, diversified financial services, and technology were the largest","page_number":32,"box":{"x":79,"y":180,"width":836,"height":11}},{"id":"45fe7932-fbcb-47ae-8dce-20c171f765a7","block_type":"box","text":"contributors to absolute returns. On a relative sector basis, strong credit selection of banking and automotive","page_number":32,"box":{"x":80,"y":195,"width":835,"height":11}},{"id":"97d7b5d4-3648-4289-ac62-dbd99c617bb5","block_type":"box","text":"bonds benefited performance, while exposure to select healthcare bonds acted as a drag vs. the reference","page_number":32,"box":{"x":81,"y":209,"width":834,"height":12}},{"id":"469e801e-2839-4951-b421-87f163a22674","block_type":"box","text":"index. At the ratings level, the Fund benefited from its overweight in BBB rated credits relative to single-A","page_number":32,"box":{"x":80,"y":224,"width":835,"height":11}},{"id":"1c75260b-d860-4f7a-b22a-8cf6f1f63e7d","block_type":"box","text":"rated paper, with the BBB bucket proving the largest contributor to absolute returns. The Fund finished the","page_number":32,"box":{"x":81,"y":239,"width":834,"height":11}},{"id":"2b067cd2-ed32-49ff-b4ef-a919111cbfbb","block_type":"box","text":"reporting period at approximately 4.3 years duration (below the reference index), achieved by underweighting","page_number":32,"box":{"x":81,"y":254,"width":834,"height":11}},{"id":"3c8cf46d-010c-4728-9c19-9598fc9b52a1","block_type":"box","text":"both the front end and long end of the curve. The underweight at the front-end was notably additive on a","page_number":32,"box":{"x":81,"y":269,"width":834,"height":11}},{"id":"04eb1177-c136-4c43-bfd2-6dab89983a41","block_type":"box","text":"relative basis, as investors priced out expectations of US rate cuts.","page_number":32,"box":{"x":81,"y":284,"width":510,"height":11}},{"id":"fc1d12f3-6ede-459a-b271-b6afb1cc45f6","block_type":"box","text":"Muzinich Asia Credit Opportunities Fund","page_number":32,"box":{"x":80,"y":312,"width":351,"height":12}},{"id":"9adf5e8f-3c72-423e-af12-2369932e9547","block_type":"box","text":"In this environment, the Fund generated positive returns and comfortably outperformed its reference index,","page_number":32,"box":{"x":81,"y":336,"width":832,"height":11}},{"id":"53a70461-8c66-4449-a571-539ee02f7117","block_type":"box","text":"the ICE BofA Asian Dollar Index (ADOL). China, India, and Hong Kong were the main contributors to total return,","page_number":32,"box":{"x":80,"y":351,"width":833,"height":11}},{"id":"c430a2e0-0314-415e-9b0c-7f065ead5879","block_type":"box","text":"while the Fund’s off-index positions in Japan were accretive. From a duration perspective, strong credit","page_number":32,"box":{"x":80,"y":365,"width":835,"height":12}},{"id":"8c289dea-1b90-4faf-aa59-965d21a7fe6f","block_type":"box","text":"selection and an underweight of the 10+ years duration bucket bolstered relative performance. No duration","page_number":32,"box":{"x":80,"y":380,"width":834,"height":11}},{"id":"1a4ab4bc-b3e3-4910-a2a9-1ff6164cc5e7","block_type":"box","text":"bucket detracted on an absolute basis. By rating, the most significant contributions came from strong security","page_number":32,"box":{"x":81,"y":395,"width":834,"height":11}},{"id":"fe4a8c82-7e35-436a-b88c-b8d7a30d170c","block_type":"box","text":"selection in the BBB-rated cohort, the primary driver of both total returns and relative outperformance. High","page_number":32,"box":{"x":80,"y":410,"width":834,"height":11}},{"id":"cecbf15c-631d-4666-b8fb-2a8e5561d241","block_type":"box","text":"yield significantly outperformed investment grade, fully justifying the fund’s overweight stance. By industry,","page_number":32,"box":{"x":80,"y":425,"width":833,"height":11}},{"id":"ba7a7604-2d1e-4f59-9030-15b737742903","block_type":"box","text":"diversified financial services, homebuilders/real estate, and banking were the strongest contributors to","page_number":32,"box":{"x":80,"y":439,"width":835,"height":12}},{"id":"5fd4d7e1-088f-4d94-a45f-15ff0daeccc7","block_type":"box","text":"absolute performance.","page_number":32,"box":{"x":80,"y":454,"width":171,"height":11}},{"id":"08a135d4-3911-41a8-b093-4c60f726a7d3","block_type":"box","text":"At the close of the reporting period, we saw strong performance from Singapore following a portfolio","page_number":32,"box":{"x":79,"y":476,"width":836,"height":11}},{"id":"697b785e-fd74-4067-be78-3dad682a396e","block_type":"box","text":"company’s site visit at some of its operations in China. With new issue market activity limited at the end of the","page_number":32,"box":{"x":80,"y":491,"width":835,"height":11}},{"id":"ec3b64e7-33ca-4dbf-acc3-73053876dfc3","block_type":"box","text":"period, the Fund participated selectively and on a “switch basis.” Portfolio changes at the end of the reporting","page_number":32,"box":{"x":81,"y":506,"width":834,"height":11}},{"id":"675549b6-7e14-486c-be41-9f18e8def6c6","block_type":"box","text":"period included lowering the Fund’s duration by reinvesting into short-dated high yield and further reducing","page_number":32,"box":{"x":81,"y":521,"width":834,"height":11}},{"id":"63bde0c3-5f4a-4fb3-a4cb-21a945123d4c","block_type":"box","text":"exposure to Indonesia—already a key underweight—in favor of adding exposure to Hong Kong.","page_number":32,"box":{"x":80,"y":535,"width":713,"height":12}},{"id":"23ea5b49-ba92-4e53-a2e6-1cd88a780bce","block_type":"box","text":"Muzinich Emerging Market Corporate Debt Fund","page_number":32,"box":{"x":80,"y":564,"width":417,"height":12}},{"id":"9cb9bf3a-e168-494a-a75f-81e554173975","block_type":"box","text":"Over the reporting period, the Fund generated positive returns and performed in line with its reference index,","page_number":32,"box":{"x":80,"y":588,"width":833,"height":11}},{"id":"a3628373-7ad3-48bb-816f-40db282e9e58","block_type":"box","text":"the ICE BofA Emerging Market Corporate Liquid Index (EMCL). All regions generated positive total return. On a","page_number":32,"box":{"x":80,"y":602,"width":835,"height":12}},{"id":"d50cd24d-bf72-43d2-b731-a2059ab54e51","block_type":"box","text":"regional basis, Asia was the strongest contributor to absolute performance and a strong contributor to relative","page_number":32,"box":{"x":81,"y":617,"width":834,"height":11}},{"id":"5b7809a5-2a4b-490a-a51b-29c880baf145","block_type":"box","text":"returns, benefiting from both strong security selection and strategic allocation. Latin America also generated","page_number":32,"box":{"x":81,"y":632,"width":833,"height":11}},{"id":"ce6a00f3-c7d7-4461-aeca-ef691055f97c","block_type":"box","text":"significant contributions to absolute performance. On a relative basis, MEA led outperformance driven by","page_number":32,"box":{"x":80,"y":647,"width":835,"height":11}},{"id":"231d9ef8-20c2-4a17-adbe-d1b375cf2ec5","block_type":"box","text":"underweight positioning and superior credit selection. Towards the end of the reporting period, Chinese","page_number":32,"box":{"x":80,"y":662,"width":835,"height":11}},{"id":"f01c5d0b-eb23-4095-aee7-0ff4de756385","block_type":"box","text":"credits outperformed at the sovereign level, led by investment grade technology holdings and high yield","page_number":32,"box":{"x":80,"y":677,"width":834,"height":11}},{"id":"a4fec902-df48-40ad-8491-3e2a80a0dc75","block_type":"box","text":"property positions. At the same time, Brazil was the standout performer in Latin America due to high yield","page_number":32,"box":{"x":81,"y":691,"width":833,"height":12}},{"id":"c620e0ed-6069-4509-b5a8-a580c086aaca","block_type":"box","text":"exposure. From an industry perspective, utilities, banking, and metals/mining led positive contributions to","page_number":32,"box":{"x":80,"y":706,"width":835,"height":11}},{"id":"6b7cc1d9-4e18-4a97-9196-9d33feb51ec8","block_type":"box","text":"absolute returns. On a relative sector basis, strong credit selection in utilities and capital goods bonds, as well","page_number":32,"box":{"x":80,"y":721,"width":835,"height":11}},{"id":"b76e055a-25e6-4ece-92f7-23dfd5773beb","block_type":"box","text":"as an underweight of quasi/foreign government bonds bolstered performance, while an underweight in","page_number":32,"box":{"x":80,"y":736,"width":834,"height":11}},{"id":"6bc86e8e-5c78-4798-b973-368f69c4de78","block_type":"box","text":"chemicals bonds acted as a drag. The Fund benefited from an underweight of single-A rated credit over the","page_number":32,"box":{"x":80,"y":751,"width":835,"height":11}},{"id":"a7255d85-694d-4a20-b1e0-39dda66d73b1","block_type":"box","text":"reporting period, while the BB rated cohort—where the Fund maintains an overweight—was the largest","page_number":32,"box":{"x":81,"y":765,"width":834,"height":12}},{"id":"5c52b977-a6fd-4dde-b204-221f17fbc73b","block_type":"box","text":"contributor on an absolute basis. Over the reporting period, the Fund benefited from contributions across all","page_number":32,"box":{"x":80,"y":780,"width":835,"height":11}},{"id":"5a87ca01-114a-4530-9a24-2c23907c1070","block_type":"box","text":"ratings segments. The Fund closed the reporting period with a slight underweight in duration, achieved","page_number":32,"box":{"x":81,"y":795,"width":833,"height":11}},{"id":"c1d2996e-3ce7-41d0-8f78-dc6821b53420","block_type":"box","text":"through an overweight in the belly of the curve relative to the front end and the long end. The underweight at","page_number":32,"box":{"x":80,"y":810,"width":835,"height":11}},{"id":"a06a554e-66eb-4831-8aa6-6e638f54c02a","block_type":"box","text":"the front end was additive on a relative basis, as investors priced out expectations of US rate cuts.","page_number":32,"box":{"x":80,"y":825,"width":757,"height":11}},{"id":"51c68d1e-4c26-4583-a21d-546322a7048c","block_type":"box","text":"Muzinich European Credit Alpha Fund","page_number":32,"box":{"x":80,"y":853,"width":328,"height":12}},{"id":"61c3a956-e4a9-4f6b-a2f0-99529d95f71d","block_type":"box","text":"The Fund generated strong positive returns for the reporting period. Hedges we added at the more","page_number":32,"box":{"x":80,"y":877,"width":835,"height":11}},{"id":"bf356ce6-b265-4bd0-8acd-9ed49e692d66","block_type":"box","text":"constructive start of the period effectively helped protect the portfolio against the volatility caused by events","page_number":32,"box":{"x":80,"y":892,"width":835,"height":11}},{"id":"ebbaac43-07d3-4179-abd3-5b6ea97bf724","block_type":"box","text":"in the Middle East that drove market sentiment in early March, causing spreads to widen and rates to move","page_number":32,"box":{"x":80,"y":907,"width":835,"height":11}},{"id":"572f0948-4dff-4d3e-8f34-60833c592a2a","block_type":"box","text":"higher on the back of elevated oil prices. Following the selloff in March, the Long Book drove returns given","page_number":32,"box":{"x":81,"y":921,"width":833,"height":12}},{"id":"e22a48a4-5109-4259-98db-76126ef38484","block_type":"box","text":"rallying spreads, contributing to strong Fund performance. With the dispersion caused by the selloff in March","page_number":32,"box":{"x":81,"y":936,"width":833,"height":11}},{"id":"38a79c7f-0bd5-4ef4-a2e6-fd694c7ec0a2","block_type":"box","text":"Muzinich Funds","page_number":32,"box":{"x":695,"y":48,"width":219,"height":16}},{"id":"f64b1cee-64d5-44f4-96d9-61251ab7b0b8","block_type":"box","text":"Investment Manager’s Report for the six month period ended 31 May 2026","page_number":32,"box":{"x":82,"y":105,"width":832,"height":15}},{"id":"b3233d25-a311-4d58-8f15-eb61ef6da4a2","block_type":"box","text":"cont/d…","page_number":32,"box":{"x":80,"y":124,"width":88,"height":12}},{"id":"28a3fcfd-1555-475d-b533-b8b2f530c2a8","block_type":"box","text":"31","page_number":32,"box":{"x":491,"y":969,"width":11,"height":7}},{"id":"8c7cdab7-cc37-42fb-94ed-9fa6876a3013","block_type":"box","text":"Muzinich European Credit Alpha Fund cont/d…","page_number":33,"box":{"x":80,"y":156,"width":405,"height":13}},{"id":"46773979-74e5-41dc-9ce9-084bdd2977d3","block_type":"box","text":"and the subsequent rally in April and May, we sought to trim bonds that quickly moved back to February tights","page_number":33,"box":{"x":80,"y":180,"width":835,"height":11}},{"id":"f9235776-db02-4c70-8cdb-05db3f00a655","block_type":"box","text":"while adding those that lagged and had room to tighten. We participated in primary issues selectively, given","page_number":33,"box":{"x":80,"y":195,"width":834,"height":11}},{"id":"4f2ba89f-a9e8-4bfe-8669-3f3d12334948","block_type":"box","text":"the limited level of new issue premium reflecting continued strong technical conditions.","page_number":33,"box":{"x":80,"y":209,"width":676,"height":12}},{"id":"07ffaab9-67c5-4a2f-a688-4a0efab0b57e","block_type":"box","text":"The reporting period ended with the Overlay weighing modestly on the Fund in the context of tightening","page_number":33,"box":{"x":80,"y":231,"width":835,"height":12}},{"id":"c71785c7-6525-4892-a461-852d72bb5689","block_type":"box","text":"spreads and rising equities; gains on rates futures partially offset losses on option-based hedges. The Arbitrage","page_number":33,"box":{"x":80,"y":246,"width":835,"height":11}},{"id":"86a23f64-aa17-4022-8478-72ff60e5b28d","block_type":"box","text":"Book was mostly flat for the reporting period.","page_number":33,"box":{"x":81,"y":261,"width":349,"height":11}},{"id":"8daf4816-552b-48e5-a61f-5484048b075d","block_type":"box","text":"High yield spreads and equities almost entirely retraced March’s selloff by the end of the reporting period. The","page_number":33,"box":{"x":81,"y":283,"width":834,"height":11}},{"id":"e7d1a265-aa71-4273-904b-c821833f0cdb","block_type":"box","text":"Fund performed relatively well in the rally having taken profit on many hedges during March. However, with","page_number":33,"box":{"x":81,"y":298,"width":833,"height":11}},{"id":"f4b57d3d-430a-4cd2-b748-ce67ad161e8b","block_type":"box","text":"spreads nearly back to tight levels and equities back to their highs, we are now returning to a more defensive","page_number":33,"box":{"x":80,"y":313,"width":835,"height":11}},{"id":"e4b0813f-e223-43d1-9964-4a0aceb2eeec","block_type":"box","text":"stance. We have reinstated hedges during the last few weeks of the reporting period.","page_number":33,"box":{"x":80,"y":327,"width":654,"height":12}},{"id":"9c7f6cdf-d5ab-4b2a-b3e3-d1b7a306a50f","block_type":"box","text":"Muzinich Fixed Maturity 2028 Fund","page_number":33,"box":{"x":80,"y":355,"width":308,"height":13}},{"id":"a466c059-a485-428f-afff-b650da894be2","block_type":"box","text":"The Fund delivered strong positive returns for the reporting period. At the sector level, key positive","page_number":33,"box":{"x":80,"y":380,"width":835,"height":11}},{"id":"5f481133-94f8-4bc4-9a2f-b27cf5fd30c5","block_type":"box","text":"contributions came from automotives, chemicals, energy, and banking, while exposure to select technology","page_number":33,"box":{"x":80,"y":394,"width":835,"height":12}},{"id":"47012b1c-47b7-44b1-80fc-7ba22b8642b5","block_type":"box","text":"bonds acted as a drag. The Fund’s high yield bias continues to support performance. Both investment grade","page_number":33,"box":{"x":81,"y":409,"width":834,"height":11}},{"id":"ab2f3b2b-8b26-423f-bc08-ca901b32627d","block_type":"box","text":"and high yield holdings contributed positively on the back of strong security selection, showcasing the benefits","page_number":33,"box":{"x":80,"y":424,"width":835,"height":11}},{"id":"af3b2f3f-530b-4e98-98eb-157a0049c6f6","block_type":"box","text":"of the Fund's well-balanced and diversified strategy.","page_number":33,"box":{"x":80,"y":439,"width":398,"height":11}},{"id":"24c1be0d-bf04-4d51-b7f4-20c7b886b380","block_type":"box","text":"Muzinich High Yield Bond 2028 Fund","page_number":33,"box":{"x":80,"y":467,"width":317,"height":12}},{"id":"bffc80be-85fc-4d35-a793-7cfa3bbf7a32","block_type":"box","text":"The Fund generated strong, positive returns for the reporting period. By sector, our selection of automotive","page_number":33,"box":{"x":80,"y":491,"width":835,"height":11}},{"id":"cf9b3bef-e924-458b-b19d-65a5b68d814b","block_type":"box","text":"bonds provided the greatest contribution to performance, followed by chemicals, homebuilders/real estate,","page_number":33,"box":{"x":81,"y":506,"width":832,"height":11}},{"id":"a1c57a86-3fd1-4cff-9ace-9cf395ec4cda","block_type":"box","text":"and banking. The Fund’s modest exposure to technology bonds weighed on returns. By duration, the Fund's","page_number":33,"box":{"x":80,"y":521,"width":835,"height":11}},{"id":"9ffe7b7e-fa9d-4634-b6be-ac2d22e30248","block_type":"box","text":"fixed maturity mandate maintained a significant allocation to the 0-3 year duration-to-worst segment, limiting","page_number":33,"box":{"x":80,"y":535,"width":835,"height":12}},{"id":"d51f1ff7-5899-4943-9917-ff419e70d40c","block_type":"box","text":"sensitivity to rate moves during the reporting period. By rating, the BB and single-B rated cohorts most","page_number":33,"box":{"x":80,"y":550,"width":835,"height":11}},{"id":"b4ed88af-6eff-4845-a29a-f81e2c2c5609","block_type":"box","text":"meaningfully contributed to absolute returns. We maintain our conviction that high yield strategies,","page_number":33,"box":{"x":81,"y":565,"width":832,"height":11}},{"id":"47ae392d-d649-43eb-be7b-ff481b0f8b02","block_type":"box","text":"particularly those with shorter duration, are well positioned for this environment as ample liquidity, low","page_number":33,"box":{"x":81,"y":580,"width":834,"height":11}},{"id":"f81b27b9-3da3-4ffb-b019-7126be1b46b5","block_type":"box","text":"defaults, and historically strong credit quality bode well despite the potential for volatility.","page_number":33,"box":{"x":80,"y":595,"width":701,"height":11}},{"id":"0e0a3e29-632a-4c19-8548-e03a6d24feb1","block_type":"box","text":"Muzinich Global Short Duration Investment Grade Fund","page_number":33,"box":{"x":80,"y":623,"width":480,"height":10}},{"id":"f42e85a7-06c5-438f-a3e0-96e525642d84","block_type":"box","text":"The Global Short Duration Investment Grade Fund generated positive returns and comfortably outperformed","page_number":33,"box":{"x":80,"y":647,"width":834,"height":11}},{"id":"faf8dcfe-3408-42c3-ba03-67e9776aa0a7","block_type":"box","text":"its indicative ICE BofA 1-3 Year Global Corporate Index (G1BC). Performance was supported by our bias to the","page_number":33,"box":{"x":80,"y":662,"width":835,"height":11}},{"id":"f8b07cdd-e122-43c3-8560-b039fb4b910d","block_type":"box","text":"EUR market; both EUR and GBP credit were the strongest absolute performers, benefiting from spread","page_number":33,"box":{"x":81,"y":677,"width":833,"height":11}},{"id":"b74a2e6d-0627-4cde-8354-89fd0aeab3b2","block_type":"box","text":"tightening, while falling government bond yields in Europe and the UK reflected easing ECB rate hike","page_number":33,"box":{"x":80,"y":691,"width":835,"height":12}},{"id":"28245c8f-a891-4bd5-a1b9-ca959885b3e9","block_type":"box","text":"expectations. USD credit also contributed positively, although rising US Treasury yields across the curve meant","page_number":33,"box":{"x":80,"y":706,"width":835,"height":11}},{"id":"ee2c5fa1-bf57-4716-919e-991e7e7d8d9a","block_type":"box","text":"that spread compression and carry were the primary return drivers rather than duration. We actively managed","page_number":33,"box":{"x":80,"y":721,"width":834,"height":11}},{"id":"1b31a0cf-1f79-47e5-ae54-cfed6eb272cc","block_type":"box","text":"currency allocation, increasing EUR exposure early in the period before shifting towards a higher combined","page_number":33,"box":{"x":80,"y":736,"width":834,"height":11}},{"id":"03c32190-62c6-4ccb-9883-961916e0f561","block_type":"box","text":"EUR and GBP weighting in March as weakness in European rates created an opportunity to lock in more","page_number":33,"box":{"x":81,"y":751,"width":834,"height":11}},{"id":"185fc1d3-ebc7-4f78-8437-a1991d0442e3","block_type":"box","text":"attractive yields, ultimately contributing meaningfully to outperformance.","page_number":33,"box":{"x":80,"y":765,"width":570,"height":12}},{"id":"0c0d6d90-2790-4bcb-9c00-86059961beac","block_type":"box","text":"By duration, the core 1-3 years duration bucket generated the strongest absolute returns. At the same time,","page_number":33,"box":{"x":81,"y":787,"width":832,"height":12}},{"id":"68467a5d-9121-40dd-81e7-9b0aad542c34","block_type":"box","text":"our off-benchmark exposure to the 0-1 and 3-5 years duration segments added incremental return across the","page_number":33,"box":{"x":80,"y":802,"width":835,"height":11}},{"id":"0511ad87-60a4-4a6a-9cbe-e1e03a031421","block_type":"box","text":"curve, demonstrating the effectiveness of the strategy. From a ratings perspective, the BBB cohort","page_number":33,"box":{"x":80,"y":817,"width":835,"height":11}},{"id":"e309dfa2-0562-46a1-ac27-53686f5e416e","block_type":"box","text":"outperformed single-As within investment grade as the lower end of the ratings spectrum benefited most from","page_number":33,"box":{"x":80,"y":832,"width":834,"height":11}},{"id":"83630465-404c-43f7-bf8f-b647401d449c","block_type":"box","text":"spread compression. The Fund’s significant overweight in BBB and BBB- rated credit contributed positively to","page_number":33,"box":{"x":80,"y":847,"width":835,"height":11}},{"id":"2bcfc63d-5b59-4a58-8ac9-2a8add23f74b","block_type":"box","text":"relative returns through both allocation and selection. The Fund additionally benefited from its off-benchmark","page_number":33,"box":{"x":81,"y":861,"width":834,"height":12}},{"id":"edccd9b7-e3b5-4391-8889-d17d11696b3d","block_type":"box","text":"exposure to BB rated bonds. By sector, banking, diversified financial services, automotive, and","page_number":33,"box":{"x":80,"y":876,"width":834,"height":11}},{"id":"dcbb9345-9991-4e42-848b-306b80a7c42e","block_type":"box","text":"homebuilders/real estate were the largest absolute contributors given their dominant portfolio weights,","page_number":33,"box":{"x":81,"y":891,"width":832,"height":11}},{"id":"e8a037cd-ba83-4571-818f-39074643a5c3","block_type":"box","text":"driven by spread compression and improved risk sentiment.","page_number":33,"box":{"x":80,"y":906,"width":453,"height":11}},{"id":"d7990e89-ecf3-491c-9676-20d8f2935881","block_type":"box","text":"Muzinich Funds","page_number":33,"box":{"x":695,"y":48,"width":219,"height":16}},{"id":"e1f44dfc-9e27-4381-81ee-ca1e4f137b0a","block_type":"box","text":"Investment Manager’s Report for the six month period ended 31 May 2026","page_number":33,"box":{"x":82,"y":105,"width":832,"height":15}},{"id":"2e4788db-ba14-4e61-88d7-88ea58f68c8c","block_type":"box","text":"cont/d…","page_number":33,"box":{"x":80,"y":124,"width":88,"height":12}},{"id":"b06f2a47-16cd-440e-90cf-ab22b734c6e5","block_type":"box","text":"32","page_number":33,"box":{"x":491,"y":969,"width":13,"height":7}},{"id":"aec822f0-8160-4d96-bc21-e19bd43338f1","block_type":"box","text":"Muzinich Dynamic Credit Income Fund","page_number":34,"box":{"x":80,"y":156,"width":334,"height":13}},{"id":"e25040bc-af26-4256-bc94-11047009ba7e","block_type":"box","text":"Over the reporting period, the Fund delivered positive returns but underperformed its indicative market as","page_number":34,"box":{"x":80,"y":180,"width":835,"height":12}},{"id":"55123d5d-1dec-4be2-b913-791eaa16ffd2","block_type":"box","text":"represented by its bespoke reference index (70% of HW40—ICE BofA BB-B Global High Yield Index, 30% of","page_number":34,"box":{"x":81,"y":195,"width":834,"height":11}},{"id":"ffecd73d-a056-4f3f-a27d-d627d7226bdd","block_type":"box","text":"GBC4—ICE BofA BBB Global Corporate Index). All sub-asset classes posted positive total returns, with strong","page_number":34,"box":{"x":80,"y":210,"width":835,"height":11}},{"id":"8bd69a78-3203-414a-bdec-e7dde2a937f8","block_type":"box","text":"contributions from European corporates and US high yield. At the end of the reporting period, strong security","page_number":34,"box":{"x":80,"y":225,"width":835,"height":11}},{"id":"035bef78-fef4-4027-8b53-7002badf6026","block_type":"box","text":"selection of UK sterling-denominated investment grade and EM investment grade notably benefited returns. An","page_number":34,"box":{"x":80,"y":240,"width":834,"height":11}},{"id":"d4aad200-0cf5-4660-b5c1-7c66a370631a","block_type":"box","text":"allocation to US investment grade bonds at the long end also contributed positively.","page_number":34,"box":{"x":80,"y":255,"width":641,"height":11}},{"id":"ffab4a1d-555b-44dd-b481-5dda05a2151e","block_type":"box","text":"The US, which represents just over 50% of the Fund at the close of the reporting period, saw its long-end","page_number":34,"box":{"x":80,"y":276,"width":834,"height":12}},{"id":"5c7e6f94-bd84-4519-ac69-7c598e4ee903","block_type":"box","text":"exposure perform particularly well within the credit sleeve. Western European contributions were led by the","page_number":34,"box":{"x":80,"y":291,"width":835,"height":11}},{"id":"3bbe03a4-d9ab-44a4-8bad-e65db67373a5","block_type":"box","text":"Fund's UK exposure. Within the EM allocation, the Fund's exposure to Asia was the strongest performer. On a","page_number":34,"box":{"x":81,"y":306,"width":834,"height":11}},{"id":"4d980c41-6efe-4ff1-9969-7bdd0e2bd046","block_type":"box","text":"relative sector basis, strong credit selection in utilities, homebuilders/real estate, and banking bolstered","page_number":34,"box":{"x":81,"y":321,"width":833,"height":11}},{"id":"d6f93063-effc-4d25-9b44-58cd233cd4d7","block_type":"box","text":"performance, while a relative underweight in energy bonds and exposure to select healthcare bonds acted as","page_number":34,"box":{"x":81,"y":336,"width":834,"height":11}},{"id":"a4c24f98-e742-498d-9a1e-3fe5237fff36","block_type":"box","text":"a drag. From a ratings perspective, the Fund’s BB rated cohort was the largest contributor to total return. The","page_number":34,"box":{"x":80,"y":351,"width":835,"height":11}},{"id":"26937e79-264a-47fc-9fe2-1b4737cc1bd8","block_type":"box","text":"Fund finished the reporting period with duration in line with the indicative market, achieved through an","page_number":34,"box":{"x":81,"y":365,"width":833,"height":12}},{"id":"740abf79-e119-4346-9417-83fd17b6dfad","block_type":"box","text":"overweight at the belly of the curve relative to the wings. The Fund’s underweight at the front end was","page_number":34,"box":{"x":80,"y":380,"width":835,"height":11}},{"id":"1002692b-3e3f-49b4-b47c-9fa5ee8a8248","block_type":"box","text":"additive on a relative basis, as investors priced out expectations of US rate cuts.","page_number":34,"box":{"x":80,"y":395,"width":616,"height":11}},{"id":"d3c89776-7101-4353-89fe-9f0b82109a80","block_type":"box","text":"Muzinich Global Fixed Maturity 2027 Fund","page_number":34,"box":{"x":80,"y":423,"width":369,"height":12}},{"id":"6716c92e-d787-45cb-9e0a-837b541dbbc7","block_type":"box","text":"The Fund produced healthy returns over the reporting period. Positive returns were generated most","page_number":34,"box":{"x":80,"y":447,"width":835,"height":11}},{"id":"8b28b922-a2db-42d1-9316-2f943e5f1979","block_type":"box","text":"significantly by the portfolio’s BBB rated cohort, with notable contributions from the Fund’s BB-focused high","page_number":34,"box":{"x":80,"y":462,"width":834,"height":11}},{"id":"cebc0e0e-c490-4363-b74c-612244f3cedc","block_type":"box","text":"yield allocation. On a sector basis, positive contributions came from nearly every sector, led by diversified","page_number":34,"box":{"x":80,"y":477,"width":834,"height":11}},{"id":"7bf85fb9-276a-43b6-a896-1460b0c622ff","block_type":"box","text":"financial services, homebuilders, automotives, and banking. All duration buckets contributed to total returns","page_number":34,"box":{"x":80,"y":492,"width":835,"height":11}},{"id":"f778478c-eff7-4987-8e3e-8b047d1431c6","block_type":"box","text":"for the period, led by the core 1-3 years duration segment. The portfolio ended the reporting period with","page_number":34,"box":{"x":80,"y":506,"width":834,"height":12}},{"id":"ffe98816-fddc-4823-8bd2-8dd256c99c06","block_type":"box","text":"approximately 61% allocated to Western Europe and 26% in the US. All regions delivered healthy results, with","page_number":34,"box":{"x":80,"y":521,"width":834,"height":11}},{"id":"435fa488-3083-4de8-9fa9-356232454147","block_type":"box","text":"notable contributions from allocations to the European periphery, Eastern Europe, and Asia Pacific.","page_number":34,"box":{"x":81,"y":536,"width":757,"height":11}},{"id":"59ec9eac-3e12-4138-9b5a-5628c1c282e1","block_type":"box","text":"Muzinich Global Market Duration Investment Grade Fund","page_number":34,"box":{"x":80,"y":564,"width":493,"height":10}},{"id":"967c4203-7cbc-4cec-a4fd-8e2e2bcce2ae","block_type":"box","text":"The Fund generated positive returns and outperformed its indicative Bloomberg Global Aggregate Corporate","page_number":34,"box":{"x":80,"y":588,"width":835,"height":11}},{"id":"2bf53d95-7b8e-437c-acb2-d9417bde1b22","block_type":"box","text":"Index. By rating, the Fund’s overweight and strong selection of the BBB rated cohort was the strongest","page_number":34,"box":{"x":81,"y":603,"width":834,"height":11}},{"id":"b86e25cc-d594-4b49-9970-a8ca0c6fd84c","block_type":"box","text":"contributor to relative and absolute returns. Our continued preference for BBB over single-A rated credit was","page_number":34,"box":{"x":80,"y":618,"width":835,"height":11}},{"id":"5e310975-8951-4edc-bf6b-1a3fed0d00d9","block_type":"box","text":"additive to performance, as was the Fund’s small allocation to high yield bonds (which are not included in the","page_number":34,"box":{"x":80,"y":633,"width":835,"height":11}},{"id":"74317582-ed95-4883-b9f3-efebc50b528b","block_type":"box","text":"reference index).","page_number":34,"box":{"x":81,"y":648,"width":130,"height":11}},{"id":"5b9dd64f-ce90-45b0-820b-21fe787fb0cd","block_type":"box","text":"On a relative sector basis, an underweight position and strong credit selection in homebuilders/real estate,","page_number":34,"box":{"x":80,"y":669,"width":833,"height":12}},{"id":"9737268d-34e6-4a33-9389-240e634881fa","block_type":"box","text":"automotives, and diversified financial services bonds bolstered returns, while exposure to select energy bonds","page_number":34,"box":{"x":80,"y":684,"width":835,"height":11}},{"id":"ffdd2145-77fe-46a1-99c9-5923129dc90a","block_type":"box","text":"acted as a drag. From a currency perspective, EUR and GBP credit were the strongest contributors to total","page_number":34,"box":{"x":80,"y":699,"width":835,"height":11}},{"id":"4f2c52ee-3fb9-4902-b257-77092a53e4a8","block_type":"box","text":"return, benefiting from both spread tightening and a meaningful fall in European and UK government bond","page_number":34,"box":{"x":81,"y":714,"width":833,"height":11}},{"id":"50c3a2ae-a9f9-4ebf-acc6-bf58684ac48a","block_type":"box","text":"yields as rate hike expectations eased. USD credit alsocontributed positively to absolute returns. By duration,","page_number":34,"box":{"x":80,"y":729,"width":833,"height":11}},{"id":"2f84d13d-4976-4747-9dad-79322cab07a4","block_type":"box","text":"the 3-5 years duration bucket generated the strongest absolute and relative performance; the Fund's","page_number":34,"box":{"x":80,"y":744,"width":835,"height":11}},{"id":"254b3c94-e8c5-4645-8b29-2cc378acdac1","block_type":"box","text":"overweight allocation to the belly of the curve contributed meaningfully to outperformance.","page_number":34,"box":{"x":80,"y":758,"width":709,"height":12}},{"id":"8dd2dc19-10e3-4e3f-8367-47e84396ba31","block_type":"box","text":"Muzinich Global Fixed Maturity 2028 Fund","page_number":34,"box":{"x":80,"y":786,"width":369,"height":13}},{"id":"a98d723a-ea01-4c1a-a0aa-bd82e40fcdaa","block_type":"box","text":"The Fund generated a solid return over the reporting period, benefiting from a well-diversified portfolio","page_number":34,"box":{"x":80,"y":811,"width":835,"height":11}},{"id":"cd01d92d-3275-4004-ae48-f1e21635f196","block_type":"box","text":"comprised of mostly investment grade corporates with some “better quality” high yield exposure. Positive","page_number":34,"box":{"x":80,"y":825,"width":835,"height":11}},{"id":"7cf70df5-be32-4515-9980-23148b4e4898","block_type":"box","text":"returns were generated most significantly by our allocations to BBB- rated bonds and the BB rated cohort. On","page_number":34,"box":{"x":81,"y":840,"width":833,"height":11}},{"id":"5676719a-48ec-4e72-a830-cece04f7ab01","block_type":"box","text":"a sector basis, energy, homebuilders/real estate, and automotives were the largest contributors to absolute","page_number":34,"box":{"x":80,"y":855,"width":835,"height":11}},{"id":"7a2d72ae-de10-4317-9421-af373a0b9451","block_type":"box","text":"returns. All duration buckets contributed to total returns for the period. At the close of the reporting period,","page_number":34,"box":{"x":81,"y":870,"width":832,"height":11}},{"id":"3424b501-3f3a-4dfd-b2e3-6f49394ce687","block_type":"box","text":"the portfolio was invested approximately 56% in Western Europe and 30% in the US. All regions delivered","page_number":34,"box":{"x":80,"y":885,"width":834,"height":11}},{"id":"3011fa83-3f0b-47cd-8c1c-d5d8094cd926","block_type":"box","text":"positive results, with notable contributions from allocations to the European periphery, Eastern Europe and","page_number":34,"box":{"x":81,"y":899,"width":833,"height":12}},{"id":"2869125a-7e39-400a-bd72-c6dac47ed216","block_type":"box","text":"Asia Pacific.","page_number":34,"box":{"x":79,"y":914,"width":91,"height":9}},{"id":"8582e895-dc11-490a-96dd-ddd0a7112433","block_type":"box","text":"Muzinich Funds","page_number":34,"box":{"x":695,"y":48,"width":219,"height":16}},{"id":"079aa9c1-2285-4ccc-8f3c-a3e1ed5dd9a6","block_type":"box","text":"Investment Manager’s Report for the six month period ended 31 May 2026","page_number":34,"box":{"x":82,"y":105,"width":832,"height":15}},{"id":"d61217a5-1c77-427b-9f7c-2abd6b658e4d","block_type":"box","text":"cont/d…","page_number":34,"box":{"x":80,"y":124,"width":88,"height":12}},{"id":"83e4e618-1613-4967-bb8e-23c20cf7817f","block_type":"box","text":"33","page_number":34,"box":{"x":491,"y":969,"width":12,"height":7}},{"id":"271df634-182c-491b-a8aa-df7fdf8c6a00","block_type":"box","text":"Muzinich Global Fixed Maturity 2027 II Fund","page_number":35,"box":{"x":80,"y":156,"width":385,"height":13}},{"id":"c4e78ef1-9268-4f63-9778-6400e595f78c","block_type":"box","text":"The Fund produced a healthy return over the reporting period. Positive returns were generated most","page_number":35,"box":{"x":80,"y":180,"width":835,"height":12}},{"id":"10e925c8-f4c7-4a33-8e3e-dc7d2023c786","block_type":"box","text":"significantly by the portfolio’s BBB rated cohort, with contributions from the Fund's BB-focused high yield","page_number":35,"box":{"x":80,"y":195,"width":834,"height":11}},{"id":"8987788f-4f18-4b01-b0fc-ce50b36efa45","block_type":"box","text":"allocation. On a sector basis, the largest contributions came from the Fund’s holdings in automotives, banking,","page_number":35,"box":{"x":80,"y":210,"width":833,"height":11}},{"id":"f8f58435-8d47-479d-8a98-3318dd0cecc6","block_type":"box","text":"diversified financial services, and homebuilders/real estate. All duration buckets contributed to absolute","page_number":35,"box":{"x":80,"y":225,"width":835,"height":11}},{"id":"8d34ab2b-8f30-44c2-805a-64729de52ffb","block_type":"box","text":"returns for the period, led by the core 1-3 years duration segment. At the close of the reporting period, the","page_number":35,"box":{"x":81,"y":240,"width":834,"height":11}},{"id":"b2b67745-2758-4443-8542-789822ad31d9","block_type":"box","text":"portfolio was invested approximately 71% in Western Europe and 24% in the US. All regions delivered healthy,","page_number":35,"box":{"x":81,"y":255,"width":832,"height":11}},{"id":"ab6c22f0-78f6-4fdf-906b-f1b336de4d19","block_type":"box","text":"positive results, with meaningful contributions from minority allocations to the European periphery and","page_number":35,"box":{"x":81,"y":269,"width":833,"height":12}},{"id":"402aac99-79db-484e-b3bc-9cc56fde466f","block_type":"box","text":"Eastern Europe.","page_number":35,"box":{"x":81,"y":284,"width":118,"height":11}},{"id":"57d6dda4-5aa2-4c24-a1ad-f5c153687f3d","block_type":"box","text":"Muzinich Global Fixed Maturity 2029 Fund","page_number":35,"box":{"x":80,"y":312,"width":369,"height":13}},{"id":"1c00d0de-a9b4-4919-8c0a-65d630da15e2","block_type":"box","text":"The Fund generated a strong return over the reporting period. Positive performance came from across this well","page_number":35,"box":{"x":80,"y":336,"width":835,"height":11}},{"id":"d43153a4-77e3-4ca1-98e4-65a6e9fed61a","block_type":"box","text":"diversified portfolio comprised of mostly investment grade corporates with some “better quality” high yield","page_number":35,"box":{"x":80,"y":351,"width":834,"height":11}},{"id":"4b21f643-a35d-41ca-a1d1-07ee3deca115","block_type":"box","text":"exposure. The BB and BBB rated cohorts were the largest contributors to returns. On a sector basis,","page_number":35,"box":{"x":80,"y":366,"width":833,"height":11}},{"id":"d47feab1-1505-413b-8362-4630476b4c3a","block_type":"box","text":"automotives, homebuilders/real estate, and energy were the largest contributors to returns. At the close of","page_number":35,"box":{"x":80,"y":381,"width":835,"height":11}},{"id":"07d03c89-ad02-4a84-9114-91c08dccb238","block_type":"box","text":"the reporting period, the portfolio was invested approximately 52% in Western Europe and 40% in the","page_number":35,"box":{"x":80,"y":396,"width":835,"height":11}},{"id":"87cbac67-4e57-49ca-b6fd-394d1c8ef32e","block_type":"box","text":"US/Canada. All regions delivered positive results, with meaningful contributions from our modest allocations","page_number":35,"box":{"x":81,"y":410,"width":834,"height":12}},{"id":"ff64bbd3-27d0-4fc3-a6b8-b5805d64e11d","block_type":"box","text":"to Asia Pacific, Latin America, and Eastern Europe.","page_number":35,"box":{"x":80,"y":425,"width":387,"height":11}},{"id":"3687d648-0685-419f-8b9e-c8d89e5931ce","block_type":"box","text":"Muzinich Global Credit Market Neutral Fund","page_number":35,"box":{"x":80,"y":453,"width":382,"height":10}},{"id":"7a30822a-f9f4-4ea7-bc7d-b6b743145d60","block_type":"box","text":"The Fund launched on February 12, 2026, and navigated March's volatility by capitalizing on elevated","page_number":35,"box":{"x":80,"y":477,"width":834,"height":12}},{"id":"501d6022-5e2a-4fdd-9dff-3c3ed215b4be","block_type":"box","text":"dispersion, entering several pair trades and taking profits as spread differentials normalized and targets were","page_number":35,"box":{"x":80,"y":492,"width":835,"height":11}},{"id":"7b6ed92b-f088-4ae2-b0e8-178d73837fd9","block_type":"box","text":"reached. Opening headwinds from the ramp-up phase—including bid-offer costs and higher rates—were offset","page_number":35,"box":{"x":81,"y":507,"width":834,"height":11}},{"id":"2b11a303-8521-42c3-a09a-8dfc47a4474c","block_type":"box","text":"by strong alpha generation from these trades, which continue to progress monthly.","page_number":35,"box":{"x":81,"y":522,"width":631,"height":11}},{"id":"cebe085a-92be-4e76-b812-df1ca0576cb8","block_type":"box","text":"Outlook","page_number":35,"box":{"x":80,"y":550,"width":68,"height":10}},{"id":"c2244821-ca19-48a2-a849-73416db6b4b9","block_type":"box","text":"Investor confidence seems to have largely returned, with risk appetite recovering as US-Iran negotiations","page_number":35,"box":{"x":81,"y":574,"width":834,"height":11}},{"id":"45127363-ed21-4b32-a3df-b948fee0d9b7","block_type":"box","text":"ended the reporting period seemingly close to a deal. The resolution of the Middle East conflict remains the","page_number":35,"box":{"x":80,"y":589,"width":835,"height":11}},{"id":"cf7feb4f-ff4c-48d5-9b5d-ddd8ec79223a","block_type":"box","text":"dominant swing factor for energy prices, inflation, and, ultimately, central bank policy in the months ahead. In","page_number":35,"box":{"x":80,"y":604,"width":834,"height":11}},{"id":"f8545099-3f6e-4569-b703-4130b3f3ebd1","block_type":"box","text":"this context, the question of whether elevated energy prices prove transitory or structural is becoming","page_number":35,"box":{"x":80,"y":618,"width":835,"height":12}},{"id":"68d10813-0c01-4df0-bb08-38d1dde42109","block_type":"box","text":"increasingly difficult to avoid. Central banks appear to be adjusting accordingly, and government bond curves","page_number":35,"box":{"x":80,"y":633,"width":835,"height":11}},{"id":"676fc49f-72c4-44de-8346-a73cbbfb3940","block_type":"box","text":"have bear-flattened across the US, UK, and Germany, reflecting both higher neutral rate expectations and","page_number":35,"box":{"x":81,"y":648,"width":833,"height":11}},{"id":"9f70f334-fba1-48f3-ade6-7f1094e53099","block_type":"box","text":"rising fiscal pressures. Against this backdrop, we see regional divergence persisting—European data softening","page_number":35,"box":{"x":81,"y":663,"width":834,"height":11}},{"id":"74762e05-69b2-4c10-ab46-060c999dcb98","block_type":"box","text":"while US fundamentals remain resilient—with credit spreads appearing to price in limited downside despite the","page_number":35,"box":{"x":80,"y":678,"width":835,"height":11}},{"id":"569fc5dc-ec78-409f-a400-6a622409cb8f","block_type":"box","text":"uncertain macro environment. Consequently, we continue to favor short-duration credit where yields remain","page_number":35,"box":{"x":80,"y":693,"width":834,"height":11}},{"id":"d801ef2e-c0fb-45ba-849d-ceb5166ddfed","block_type":"box","text":"attractive in our view, while selectively adding higher-quality high yield where we believe fundamentals","page_number":35,"box":{"x":80,"y":707,"width":835,"height":12}},{"id":"94c8fcdf-b3cb-4081-a9f9-8fa8d310362a","block_type":"box","text":"justify the spread. We believe demand for income should continue to underpin credit markets, though","page_number":35,"box":{"x":80,"y":722,"width":834,"height":11}},{"id":"81fbab86-43a2-4862-b873-734e547ea17c","block_type":"box","text":"geopolitics and the evolving energy supply picture are likely to remain the dominant market drivers in the","page_number":35,"box":{"x":80,"y":737,"width":835,"height":11}},{"id":"0a1a81a4-bd65-4724-9dbf-f382de037cc8","block_type":"box","text":"months ahead.","page_number":35,"box":{"x":81,"y":752,"width":109,"height":9}},{"id":"bef7e34c-6c7a-4198-81ef-be382294c15d","block_type":"box","text":"Muzinich Funds","page_number":35,"box":{"x":695,"y":48,"width":219,"height":16}},{"id":"4ba6a27e-75ca-4d0f-a80a-066b00240b43","block_type":"box","text":"Investment Manager’s Report for the six month period ended 31 May 2026","page_number":35,"box":{"x":82,"y":105,"width":832,"height":15}},{"id":"0b468db5-5f44-4a05-a1be-7efb6f758d08","block_type":"box","text":"cont/d…","page_number":35,"box":{"x":80,"y":124,"width":88,"height":12}},{"id":"c0a4341e-6777-4153-80d9-72addc969efb","block_type":"box","text":"34","page_number":35,"box":{"x":491,"y":969,"width":13,"height":7}},{"id":"29b372fb-57b2-4312-841e-045b89ddb270","block_type":"box","text":"Soft Commission Arrangements","page_number":36,"box":{"x":80,"y":156,"width":269,"height":13}},{"id":"0655c815-0e83-40bf-a721-8fc83448f01a","block_type":"box","text":"There were no soft commission arrangements in place during the financial period or during the prior financial","page_number":36,"box":{"x":80,"y":177,"width":835,"height":12}},{"id":"b0a4a0ac-8d3a-4c96-a31f-0d475048c088","block_type":"box","text":"period and there are no plans to introduce such programs.","page_number":36,"box":{"x":81,"y":192,"width":444,"height":11}},{"id":"8e4e6a0f-5d86-42b7-9067-18fa187af598","block_type":"box","text":"All market data from Bloomberg or as noted.","page_number":36,"box":{"x":79,"y":214,"width":347,"height":11}},{"id":"11013d56-dc2b-44d7-87dd-132993e3a95f","block_type":"box","text":"Muzinich & Co. Limited","page_number":36,"box":{"x":80,"y":300,"width":184,"height":9}},{"id":"1a869704-155f-4f18-b4a2-4e2df16c1b20","block_type":"box","text":"Investment Manager","page_number":36,"box":{"x":81,"y":315,"width":159,"height":11}},{"id":"1ee11ad4-5147-4b65-bd38-7fb8c7f0153a","block_type":"box","text":"16 July 2026","page_number":36,"box":{"x":82,"y":330,"width":100,"height":11}},{"id":"e5668516-dc33-494b-a7e6-0856e0229f90","block_type":"box","text":"Muzinich Funds","page_number":36,"box":{"x":695,"y":48,"width":219,"height":16}},{"id":"66cb09e1-b18e-4c26-9dfc-ba820fdf8a93","block_type":"box","text":"Investment Manager’s Report for the six month period ended 31 May 2026","page_number":36,"box":{"x":82,"y":105,"width":832,"height":15}},{"id":"0872bdf2-94c6-4d95-8645-80eda74b7608","block_type":"box","text":"cont/d…","page_number":36,"box":{"x":80,"y":124,"width":88,"height":12}},{"id":"a6f90ee2-a1ba-4ead-b3be-336fab8d558f","block_type":"box","text":"35","page_number":36,"box":{"x":491,"y":969,"width":13,"height":7}},{"id":"f52e22d8-b62b-48ee-81ea-2a1916c2435f","block_type":"box","text":"Muzinich Americayield Fund","page_number":37,"box":{"x":80,"y":133,"width":244,"height":13}},{"id":"0674c41c-bf7c-42cb-8127-d5bc0b542f4a","block_type":"box","text":"NOMINAL SECURITY COUPON % MATURITY","page_number":37,"box":{"x":81,"y":181,"width":609,"height":8}},{"id":"6b055d4e-fc31-4741-885c-a08ab4e38d6f","block_type":"box","text":"FAIR VALUE","page_number":37,"box":{"x":735,"y":168,"width":79,"height":8}},{"id":"2160f405-58bd-46b9-af6d-85807971000e","block_type":"box","text":"US$","page_number":37,"box":{"x":789,"y":180,"width":24,"height":10}},{"id":"4ea79ab4-4e29-4515-af2c-79f099da9fd1","block_type":"box","text":"% of NET","page_number":37,"box":{"x":854,"y":168,"width":61,"height":8}},{"id":"311d3dea-f246-4797-968f-6d3e33d59fe0","block_type":"box","text":"ASSETS","page_number":37,"box":{"x":865,"y":181,"width":50,"height":8}},{"id":"295206a5-16dd-4b2d-ae53-b5cf3c45186b","block_type":"box","text":"TRANSFERABLE SECURITIES - 98.76% (30/11/2025: 97.55%)","page_number":37,"box":{"x":80,"y":213,"width":422,"height":10}},{"id":"0c4d82a4-35df-4b5e-9105-97669e44bfe7","block_type":"box","text":"CORPORATE BONDS - 98.76% (30/11/2025: 97.55%)","page_number":37,"box":{"x":80,"y":245,"width":365,"height":10}},{"id":"6ff3e45b-eefe-45d1-9b43-69ec0ab48f4b","block_type":"box","text":"Aerospace and Defence - 1.01% (30/11/2025: 1.82%)","page_number":37,"box":{"x":79,"y":277,"width":379,"height":10}},{"id":"9a8c24a0-2d67-44e0-99cf-eb0a1df4dc62","block_type":"box","text":"2,450,000 TransDigm, Inc. 7.125 01/12/2031 2,547,584 0.56","page_number":37,"box":{"x":80,"y":293,"width":834,"height":10}},{"id":"e15f7470-8b61-4f9e-a66a-3557f71308a4","block_type":"box","text":"2,000,000 TransDigm, Inc. 6.375 31/05/2033 2,021,623 0.45","page_number":37,"box":{"x":80,"y":309,"width":834,"height":10}},{"id":"6d347ab2-d4f6-421f-a0f2-b1445ee5dabb","block_type":"box","text":"Airlines - 1.39% (30/11/2025: 1.77%)","page_number":37,"box":{"x":79,"y":341,"width":265,"height":10}},{"id":"a95ab527-22f7-49e0-ae6e-f8610fa6d5bb","block_type":"box","text":"1,150,000 Alaska Airlines, Inc. 6.500 01/06/2031 1,144,361 0.25","page_number":37,"box":{"x":81,"y":357,"width":833,"height":10}},{"id":"0a4236d0-9947-436d-b6a6-f827f9f9e02b","block_type":"box","text":"700,000 American Airlines, Inc. 5.750 20/04/2029 699,685 0.15","page_number":37,"box":{"x":80,"y":373,"width":834,"height":10}},{"id":"90e6971a-84c3-43d1-a7d2-89e39e3a7e84","block_type":"box","text":"925,000 JetBlue Airways Corp. 9.875 20/09/2031 852,005 0.19","page_number":37,"box":{"x":80,"y":389,"width":834,"height":10}},{"id":"65526e09-33eb-4a96-a819-d708df3d57c9","block_type":"box","text":"2,500,000 OneSky Flight LLC 8.875 15/12/2029 2,638,713 0.59","page_number":37,"box":{"x":80,"y":405,"width":834,"height":10}},{"id":"0aaeb339-597c-4a3f-a7f7-6d5e9cb93d61","block_type":"box","text":"950,000 United Airlines Holdings, Inc. 5.375 01/03/2031 940,753 0.21","page_number":37,"box":{"x":80,"y":421,"width":832,"height":10}},{"id":"80ba6c3b-7cb7-46a3-a73f-8cfc9124a447","block_type":"box","text":"Automotive and Auto Parts - 3.94% (30/11/2025: 2.79%)","page_number":37,"box":{"x":79,"y":453,"width":402,"height":10}},{"id":"3d7befeb-fc47-4a67-b9e7-c94290118267","block_type":"box","text":"1,250,000 Adient Global Holdings Ltd. 7.500 15/02/2033 1,297,125 0.29","page_number":37,"box":{"x":81,"y":469,"width":833,"height":10}},{"id":"b6b74f55-1ca3-4cb6-958d-5e630a37672a","block_type":"box","text":"825,000 American Axle & Manufacturing, Inc. 6.375 15/10/2032 828,599 0.18","page_number":37,"box":{"x":80,"y":485,"width":834,"height":10}},{"id":"a66bbbad-f233-41bf-a9a5-6b33b359a959","block_type":"box","text":"600,000 American Axle & Manufacturing, Inc. 7.750 15/10/2033 602,059 0.13","page_number":37,"box":{"x":80,"y":501,"width":834,"height":10}},{"id":"1bda777b-50ce-4ef5-a55b-0525ab554d30","block_type":"box","text":"1,475,000 Cyprium Corp. 6.375 15/04/2034 1,475,675 0.33","page_number":37,"box":{"x":81,"y":517,"width":833,"height":10}},{"id":"c3ed0552-857d-4d0d-92c9-597c006049af","block_type":"box","text":"425,000 Goodyear Tire & Rubber Co. 5.000 15/07/2029 406,137 0.09","page_number":37,"box":{"x":80,"y":533,"width":834,"height":10}},{"id":"34647a42-990f-4efb-9cda-38783e900283","block_type":"box","text":"150,000 Goodyear Tire & Rubber Co. 6.625 15/07/2030 146,766 0.03","page_number":37,"box":{"x":81,"y":549,"width":833,"height":10}},{"id":"93a9ef2d-5e55-4992-8a8c-ded75d69a015","block_type":"box","text":"975,000 Goodyear Tire & Rubber Co. 5.250 30/04/2031 871,295 0.19","page_number":37,"box":{"x":80,"y":565,"width":834,"height":10}},{"id":"6ecdf18b-7a71-4a2b-b6a0-8ea00c251e99","block_type":"box","text":"1,275,000 Goodyear Tire & Rubber Co. 5.250 15/07/2031 1,132,616 0.25","page_number":37,"box":{"x":81,"y":581,"width":833,"height":10}},{"id":"7341754c-a423-40f3-abd7-b8cd49f1616d","block_type":"box","text":"825,000 Nissan Motor Acceptance Co. 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81.62% (30/11/2025: 83.98%) cont/d...","page_number":128,"box":{"x":80,"y":244,"width":432,"height":10}},{"id":"6091ee2c-cf05-45de-bee4-fa89c07ef3a2","block_type":"box","text":"Technology - 5.83% (30/11/2025: 3.30%) cont/d...","page_number":128,"box":{"x":80,"y":275,"width":357,"height":11}},{"id":"46da6a06-8e8d-4cd2-b085-e4f9a66d4a79","block_type":"box","text":"675,000 Foundry JV Holdco LLC 6.100 25/01/2036 710,085 0.35","page_number":128,"box":{"x":80,"y":291,"width":834,"height":10}},{"id":"7e00b731-ce9a-4df9-b65b-efa173b9f8eb","block_type":"box","text":"825,000 ION Platform Finance U.S., Inc. 5.000 01/05/2028 772,467 0.38","page_number":128,"box":{"x":80,"y":307,"width":834,"height":9}},{"id":"e12155f5-83f5-4fe3-a069-581b051f3371","block_type":"box","text":"500,000 Open Text Corp. 3.875 01/12/2029 459,222 0.23","page_number":128,"box":{"x":80,"y":323,"width":834,"height":9}},{"id":"3d90c41d-7391-4a82-9250-c10517e2f91c","block_type":"box","text":"1,000,000 Open Text Holdings, Inc. 4.125 01/12/2031 873,316 0.43","page_number":128,"box":{"x":81,"y":338,"width":833,"height":10}},{"id":"f1e43a40-2faa-460f-834a-c7b08ce201dc","block_type":"box","text":"1,800,000 Rocket Software, Inc. 6.500 15/02/2029 1,685,042 0.83","page_number":128,"box":{"x":81,"y":354,"width":833,"height":10}},{"id":"740b8bf2-26b2-420e-b1f3-4288225eb9b3","block_type":"box","text":"1,400,000 UKG, Inc. 6.875 01/02/2031 1,376,931 0.68","page_number":128,"box":{"x":81,"y":370,"width":833,"height":9}},{"id":"be16265f-0f41-4405-abc3-e140ced0b5c5","block_type":"box","text":"200,000 ZoomInfo Technologies LLC 3.875 01/02/2029 156,936 0.08","page_number":128,"box":{"x":80,"y":385,"width":834,"height":10}},{"id":"ed530993-27f6-4a17-b7f5-e4654f60b668","block_type":"box","text":"Telecommunications - 9.59% (30/11/2025: 9.36%)","page_number":128,"box":{"x":80,"y":417,"width":356,"height":10}},{"id":"e7e15368-be52-4303-bb91-18ade32ac1d0","block_type":"box","text":"1,500,000 APLD ComputeCo 2 LLC 6.750 15/03/2031 1,512,710 0.75","page_number":128,"box":{"x":81,"y":432,"width":833,"height":10}},{"id":"a533131c-acae-4ff7-a3ae-1c3c57f92ffb","block_type":"box","text":"2,000,000 Connect Finco SARL 9.000 15/09/2029 2,114,334 1.04","page_number":128,"box":{"x":80,"y":448,"width":835,"height":10}},{"id":"d142e93c-6afe-4f3c-8f50-0fb858821e96","block_type":"box","text":"5,500,000 EchoStar Corp. 10.750 30/11/2029 5,980,618 2.94","page_number":128,"box":{"x":80,"y":464,"width":835,"height":10}},{"id":"02206320-78cb-4552-8d63-9d637ea8e404","block_type":"box","text":"3,075,000 GCI LLC 4.750 15/10/2028 2,969,693 1.46","page_number":128,"box":{"x":80,"y":480,"width":834,"height":9}},{"id":"0cb18fb2-b060-4032-be0c-be8fa9f1b07a","block_type":"box","text":"2,250,000 Level 3 Financing, Inc. 7.000 31/03/2034 2,333,715 1.15","page_number":128,"box":{"x":80,"y":495,"width":834,"height":10}},{"id":"a7528a87-b257-4f63-a967-bd754ca5b588","block_type":"box","text":"325,000 Level 3 Financing, Inc. 7.500 15/02/2037 335,283 0.17","page_number":128,"box":{"x":80,"y":511,"width":835,"height":10}},{"id":"74024e6c-ab81-4e6a-bc05-0bc20d08d459","block_type":"box","text":"1,500,000 Road Michigan Property Owner I LLC 7.500 30/03/2045 1,503,766 0.74","page_number":128,"box":{"x":81,"y":527,"width":834,"height":10}},{"id":"b8233a74-0af1-46eb-b9f2-d48a4cba5fab","block_type":"box","text":"1,100,000","page_number":128,"box":{"x":81,"y":555,"width":65,"height":10}},{"id":"9de412fb-8815-4ab3-b595-1b69d4cf09ce","block_type":"box","text":"Telecommunications Co. 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97,469,276","page_number":298,"box":{"x":480,"y":0,"width":10,"height":925}},{"id":"2d8172b0-f5e0-4569-8932-e63fa95f817d","block_type":"box","text":"The accompanying notes form an integral part of these financial statements.","page_number":298,"box":{"x":522,"y":338,"width":12,"height":587}},{"id":"2bd91327-0a01-4b91-9f72-5fad00f53d0a","block_type":"box","text":"Muzinich Funds","page_number":298,"box":{"x":42,"y":0,"width":16,"height":0}},{"id":"c7ab4ea9-9484-453c-9f04-31c8aea87133","block_type":"box","text":"Statement of Financial Position as at 31 May 2026","page_number":298,"box":{"x":104,"y":396,"width":15,"height":529}},{"id":"a7ddb78c-233d-4fcc-aca2-aed02b506ce7","block_type":"box","text":"297","page_number":298,"box":{"x":667,"y":281,"width":7,"height":21}},{"id":"44f0d08e-115d-43ce-9dd3-c89e4ae227c0","block_type":"box","text":"Muzinich","page_number":299,"box":{"x":138,"y":349,"width":8,"height":62}},{"id":"e169e70f-e93f-4015-b4d6-876b8dfc1254","block_type":"box","text":"LongShortCredit","page_number":299,"box":{"x":148,"y":348,"width":10,"height":115}},{"id":"818e8fbc-afb5-4f50-8afb-8e7968f50cc4","block_type":"box","text":"Yield","page_number":299,"box":{"x":159,"y":348,"width":8,"height":35}},{"id":"e98c3435-ec6d-4100-b6c5-5ba0e027c555","block_type":"box","text":"Fund","page_number":299,"box":{"x":170,"y":348,"width":8,"height":34}},{"id":"5ba5af73-c779-4680-a7a4-25113b4006ff","block_type":"box","text":"Muzinich","page_number":299,"box":{"x":138,"y":211,"width":8,"height":62}},{"id":"2195aac9-3ec1-4677-9ad2-826011bf5972","block_type":"box","text":"EmergingMarkets","page_number":299,"box":{"x":148,"y":210,"width":10,"height":121}},{"id":"3beaf844-8ad3-4425-9876-d60c9bf9dc65","block_type":"box","text":"ShortDuration","page_number":299,"box":{"x":159,"y":211,"width":8,"height":98}},{"id":"94077ec1-9fa8-450e-a776-80a191efca1f","block_type":"box","text":"Fund","page_number":299,"box":{"x":170,"y":211,"width":8,"height":33}},{"id":"0d86a97a-0a38-446e-bedb-0a86a90837f3","block_type":"box","text":"Muzinich","page_number":299,"box":{"x":138,"y":73,"width":8,"height":63}},{"id":"b7ad6513-4957-47f5-95e1-278a3d6b828b","block_type":"box","text":"Global 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Debt","page_number":299,"box":{"x":159,"y":0,"width":10,"height":0}},{"id":"32fc3408-eb52-4a1f-8017-0e0b57c28814","block_type":"box","text":"Fund","page_number":299,"box":{"x":170,"y":0,"width":8,"height":0}},{"id":"a98af07c-f214-45fd-b37a-eebc5f9402fa","block_type":"box","text":"Muzinich","page_number":299,"box":{"x":148,"y":0,"width":8,"height":0}},{"id":"e75941d7-cae1-49d5-b2bb-5970418fbdae","block_type":"box","text":"European Credit","page_number":299,"box":{"x":159,"y":0,"width":10,"height":0}},{"id":"abab263c-bef3-44f7-aaa1-9320b24f1e3a","block_type":"box","text":"Alpha Fund","page_number":299,"box":{"x":170,"y":0,"width":10,"height":0}},{"id":"c41eb503-8481-41ed-92f2-7e62fb9e8ca9","block_type":"box","text":"Note US$ US$ US$ US$ US$ €","page_number":299,"box":{"x":181,"y":0,"width":10,"height":517}},{"id":"02f33e38-1365-441b-8ce1-ce6d143d1d85","block_type":"box","text":"Assets","page_number":299,"box":{"x":196,"y":882,"width":8,"height":44}},{"id":"2884dd3b-bbd6-4409-a3d6-265ff755474a","block_type":"box","text":"Financial assets at fair value through profit or loss:","page_number":299,"box":{"x":208,"y":575,"width":10,"height":350}},{"id":"a8012174-0dac-49a6-a418-d1a98bb7f559","block_type":"box","text":"-Investments at fair value 183,242,073 897,264,993 1,323,526,034 78,705,609 61,345,451 373,053,961","page_number":299,"box":{"x":220,"y":0,"width":10,"height":924}},{"id":"97f235b5-7614-41bc-9fe7-a4b0f1b72814","block_type":"box","text":"-Unrealised gain on forward foreign currency exchange","page_number":299,"box":{"x":232,"y":548,"width":10,"height":376}},{"id":"88c9ff80-9bbb-43f0-baab-efcb6845f88b","block_type":"box","text":"contracts 365,258 2,112,687 5,542,181 176,837 89,653 537,272","page_number":299,"box":{"x":242,"y":0,"width":10,"height":925}},{"id":"57dcee3b-b9c0-4d22-a5e2-7bce2f42d6c5","block_type":"box","text":"-Unrealised gain on futures contracts 55,500 - - - - 44,440","page_number":299,"box":{"x":254,"y":0,"width":10,"height":924}},{"id":"42603036-125f-4bcf-a37b-9133370c2613","block_type":"box","text":"-Unrealised gain on options purchased 362,059 - - - - 153,056","page_number":299,"box":{"x":266,"y":0,"width":10,"height":924}},{"id":"730f8243-e7db-4570-9dbc-4541799fe5f4","block_type":"box","text":"-Unrealised gain on swaptions purchased 139,437 - - - - 88,132","page_number":299,"box":{"x":278,"y":0,"width":10,"height":924}},{"id":"04c7cfb1-13ea-4af7-b307-c7ab666e8c37","block_type":"box","text":"-Unrealised gain on credit default swaps 14,109 - - - - 6,244,638","page_number":299,"box":{"x":290,"y":0,"width":10,"height":924}},{"id":"b7cf2477-1082-4c33-87e5-540195ac2517","block_type":"box","text":"-Unrealised gain on total return swaps 308,525 - - - - 215,260","page_number":299,"box":{"x":302,"y":0,"width":10,"height":924}},{"id":"8ee5d38c-e21d-4d36-a746-98c327b6167c","block_type":"box","text":"Cash at bank 3 10,898,538 26,066,020 38,013,724 2,885,316 542,192 13,733,813","page_number":299,"box":{"x":313,"y":0,"width":10,"height":925}},{"id":"c9005e99-5a8c-4b19-a500-3d4e6a4738fa","block_type":"box","text":"Amounts at broker 3 12,810,027 400,128 1,334,748 37,984 27,450 17,315,637","page_number":299,"box":{"x":325,"y":0,"width":10,"height":926}},{"id":"2c744c0e-ae12-48f6-885b-a34a96f08704","block_type":"box","text":"Debtors 3,372,875 15,155,397 32,716,806 1,119,539 1,027,635 7,833,382","page_number":299,"box":{"x":337,"y":0,"width":10,"height":925}},{"id":"1003f880-a935-43fd-b344-6c83d734b2ab","block_type":"box","text":"Total Assets 211,568,401 940,999,225 1,401,133,493 82,925,285 63,032,381 419,219,591","page_number":299,"box":{"x":349,"y":0,"width":10,"height":925}},{"id":"3be363c6-1952-4092-9a66-8a145986fdda","block_type":"box","text":"Liabilities","page_number":299,"box":{"x":369,"y":856,"width":8,"height":69}},{"id":"aa9020c6-fd80-4f7d-9fa4-05522594f9be","block_type":"box","text":"Financial liabilities held for trading:","page_number":299,"box":{"x":381,"y":678,"width":10,"height":247}},{"id":"fefb255a-d71c-4e3b-9ad0-ad06a3fd9e19","block_type":"box","text":"-Unrealised loss on forward foreign currency exchange","page_number":299,"box":{"x":393,"y":551,"width":10,"height":373}},{"id":"feaa2df1-5f09-4337-8292-daf6d0d6c936","block_type":"box","text":"contracts (734,613) (3,501,023) (5,493,342) (180,862) (205,087) (596,497)","page_number":299,"box":{"x":404,"y":0,"width":10,"height":925}},{"id":"de9336b6-a5ae-4eec-8718-e77617456fdb","block_type":"box","text":"-Unrealised loss on futures contracts - - (89,517) - - (420,330)","page_number":299,"box":{"x":415,"y":0,"width":10,"height":924}},{"id":"4fae477d-3ea6-4c97-9d97-838016459b77","block_type":"box","text":"-Unrealised loss on options written (131,476) - - - - (120,236)","page_number":299,"box":{"x":427,"y":0,"width":10,"height":924}},{"id":"9dbc8e6f-303b-4aeb-bec5-9ce11abe60c9","block_type":"box","text":"-Unrealised loss on swaptions written (53,564) - - - - (42,373)","page_number":299,"box":{"x":439,"y":0,"width":10,"height":924}},{"id":"25b3c0ff-9f37-49ab-b899-ccc083ca667a","block_type":"box","text":"-Unrealised loss on credit default swaps (2,360,624) - - - - (8,198,254)","page_number":299,"box":{"x":451,"y":0,"width":10,"height":924}},{"id":"1bae10bc-e7eb-40c5-b95c-0dcc7d90cbcc","block_type":"box","text":"-Unrealised loss on total return swaps (308,268) - - - - (1,183,396)","page_number":299,"box":{"x":463,"y":0,"width":10,"height":924}},{"id":"6ddc93da-c2d4-476f-a827-aa998303230d","block_type":"box","text":"Creditors (4,881,144) (1,678,951) (32,304,526) (518,590) (228,493) (8,050,096)","page_number":299,"box":{"x":475,"y":0,"width":10,"height":925}},{"id":"67822fc8-b69f-4036-9eb2-197860ffffa8","block_type":"box","text":"Total Liabilities (excluding net assets attributable to","page_number":299,"box":{"x":486,"y":551,"width":11,"height":374}},{"id":"a33769c8-90ea-4246-b013-4217f079ca57","block_type":"box","text":"redeemable participating Unitholders) (8,469,689) (5,179,974) (37,887,385) (699,452) (433,580) (18,611,182)","page_number":299,"box":{"x":497,"y":0,"width":10,"height":925}},{"id":"cdb84aca-43b5-448e-be81-4f786e52546a","block_type":"box","text":"Net assets attributable to redeemable participating","page_number":299,"box":{"x":517,"y":557,"width":10,"height":368}},{"id":"03e29db5-2648-49d6-87d8-43bbf609080b","block_type":"box","text":"Unitholders 203,098,712 935,819,251 1,363,246,108 82,225,833 62,598,801 400,608,409","page_number":299,"box":{"x":528,"y":0,"width":10,"height":925}},{"id":"9c431ff1-64a6-4869-82db-5525188465bd","block_type":"box","text":"The accompanying notes form an integral part of these financial statements.","page_number":299,"box":{"x":569,"y":338,"width":11,"height":587}},{"id":"5e00deba-0f3f-4f53-9c16-6f9d1acbf142","block_type":"box","text":"Muzinich Funds","page_number":299,"box":{"x":42,"y":0,"width":16,"height":0}},{"id":"c420887c-9cc6-4d25-a632-5fd427746606","block_type":"box","text":"Statement of Financial Position as at 31 May 2026 cont/d...","page_number":299,"box":{"x":104,"y":291,"width":15,"height":634}},{"id":"6b02173b-b806-41db-b9cf-0100238c213e","block_type":"box","text":"298","page_number":299,"box":{"x":667,"y":282,"width":7,"height":20}},{"id":"be437566-35a7-48e7-abb8-b6e41e4bfddf","block_type":"box","text":"Muzinich","page_number":300,"box":{"x":148,"y":349,"width":8,"height":62}},{"id":"fa6df7da-01b3-43ce-98b6-69f7050652a6","block_type":"box","text":"Fixed Maturity","page_number":300,"box":{"x":159,"y":348,"width":10,"height":103}},{"id":"8539c34c-2c00-44c6-9623-1f71f5a3d4a7","block_type":"box","text":"2028 Fund","page_number":300,"box":{"x":170,"y":348,"width":8,"height":74}},{"id":"0e7c1eac-3566-4f52-bdaf-8a2e878b131f","block_type":"box","text":"Muzinich","page_number":300,"box":{"x":148,"y":211,"width":8,"height":62}},{"id":"4fdd5825-0535-46ab-8329-4769f221054f","block_type":"box","text":"High Yield Bond","page_number":300,"box":{"x":159,"y":211,"width":10,"height":110}},{"id":"b15dd912-4d2c-4291-9019-a8a61bb3ed53","block_type":"box","text":"2028 Fund","page_number":300,"box":{"x":170,"y":211,"width":8,"height":74}},{"id":"1c2df977-cbb8-45e3-bb8c-80f98fc029c2","block_type":"box","text":"Muzinich Global","page_number":300,"box":{"x":138,"y":73,"width":8,"height":113}},{"id":"a1a74e66-f4f8-42da-a9ae-df0edfff58b2","block_type":"box","text":"Short Duration","page_number":300,"box":{"x":148,"y":73,"width":8,"height":103}},{"id":"69f07224-eca6-4754-ac31-f97c8f50d4dc","block_type":"box","text":"Investment","page_number":300,"box":{"x":159,"y":73,"width":8,"height":78}},{"id":"e8277344-f28a-4ff7-a641-4f282d776e70","block_type":"box","text":"Grade Fund","page_number":300,"box":{"x":170,"y":73,"width":8,"height":81}},{"id":"6acbe99b-2ee8-46f2-b1e5-2c5c419cb127","block_type":"box","text":"Muzinich","page_number":300,"box":{"x":148,"y":0,"width":8,"height":0}},{"id":"75b5bc8a-e814-44c3-98cb-3be75bc5bebe","block_type":"box","text":"Dynamic Credit","page_number":300,"box":{"x":159,"y":0,"width":10,"height":43}},{"id":"8c478aba-e6df-4645-a6bf-92c7af6bd87e","block_type":"box","text":"Income Fund","page_number":300,"box":{"x":170,"y":0,"width":8,"height":25}},{"id":"838fe8d4-eb75-4f46-b421-1e3b5f565e85","block_type":"box","text":"Muzinich Global","page_number":300,"box":{"x":148,"y":0,"width":8,"height":0}},{"id":"6a16c839-3d6f-4279-95a1-92920d92ab28","block_type":"box","text":"Fixed Maturity","page_number":300,"box":{"x":159,"y":0,"width":10,"height":0}},{"id":"4c0e1824-12b4-4e4d-a35a-c4babf0eda87","block_type":"box","text":"2027 Fund","page_number":300,"box":{"x":170,"y":0,"width":8,"height":0}},{"id":"c0644dee-d418-4e07-a156-a9b384bc62ad","block_type":"box","text":"Muzinich Global","page_number":300,"box":{"x":138,"y":0,"width":8,"height":0}},{"id":"07a79eae-f502-486e-be98-d483cd60ad3a","block_type":"box","text":"Market Duration","page_number":300,"box":{"x":148,"y":0,"width":8,"height":0}},{"id":"b5baa3c0-4ba2-49c5-8f5e-66df097defff","block_type":"box","text":"Investment","page_number":300,"box":{"x":159,"y":0,"width":8,"height":0}},{"id":"60a1505e-ccd9-4514-9a7a-647a160a6a05","block_type":"box","text":"Grade Fund","page_number":300,"box":{"x":170,"y":0,"width":8,"height":0}},{"id":"0ec69020-b022-4773-a68d-655bbda7d5e9","block_type":"box","text":"Note € € € US$ € €","page_number":300,"box":{"x":181,"y":0,"width":10,"height":517}},{"id":"119b1a4f-d868-478c-bc38-b89f44e3b210","block_type":"box","text":"Assets","page_number":300,"box":{"x":196,"y":882,"width":8,"height":44}},{"id":"3e0953aa-2fc6-4612-b999-d9f3f7b5dccb","block_type":"box","text":"Financial assets at fair value through profit or loss:","page_number":300,"box":{"x":208,"y":575,"width":10,"height":350}},{"id":"3a1025d8-3ce0-443d-9463-13f430400ed0","block_type":"box","text":"-Investments at fair value 176,586,170 194,894,472 1,868,839,353 115,613,731 126,045,658 520,395,228","page_number":300,"box":{"x":220,"y":0,"width":10,"height":924}},{"id":"63838f57-3ad4-4d01-8340-2fda7d4d4235","block_type":"box","text":"-Unrealised gain on forward foreign currency exchange","page_number":300,"box":{"x":232,"y":548,"width":10,"height":376}},{"id":"422089e3-b701-4a7d-94b6-337811997e16","block_type":"box","text":"contracts 97,047 101,136 5,266,691 862,571 303,639 2,302,533","page_number":300,"box":{"x":242,"y":0,"width":10,"height":925}},{"id":"3b93025c-7cc6-4d22-85c5-f5bdbdc5f46a","block_type":"box","text":"-Unrealised gain on futures contracts - - - 28,711 - -","page_number":300,"box":{"x":254,"y":0,"width":10,"height":924}},{"id":"de097eb0-28be-4c60-a343-5f014bbfcce0","block_type":"box","text":"Cash at bank 3 3,302,679 4,642,940 27,856,385 619,363 3,649,112 8,816,496","page_number":300,"box":{"x":266,"y":0,"width":10,"height":925}},{"id":"fa6dafcb-8241-4e1b-b5db-8d2123cf0d91","block_type":"box","text":"Amounts at broker 3 - - 136,439 702,611 - -","page_number":300,"box":{"x":278,"y":0,"width":10,"height":926}},{"id":"a76a1975-1db4-4cfa-acca-9d8ebc91e95b","block_type":"box","text":"Debtors 3,079,003 3,330,146 40,556,190 2,108,584 1,804,743 8,834,632","page_number":300,"box":{"x":290,"y":0,"width":9,"height":925}},{"id":"eba80b22-6df8-4cb9-b2d5-126e0ca5e8dc","block_type":"box","text":"Total Assets 183,064,899 202,968,694 1,942,655,058 119,935,571 131,803,152 540,348,889","page_number":300,"box":{"x":301,"y":0,"width":10,"height":925}},{"id":"f65c9bde-8f23-4191-8c86-5156df56690b","block_type":"box","text":"Liabilities","page_number":300,"box":{"x":322,"y":856,"width":8,"height":69}},{"id":"f2c61de4-9af2-40fe-8398-9349bd7da5a0","block_type":"box","text":"Financial liabilities held for trading:","page_number":300,"box":{"x":334,"y":678,"width":10,"height":247}},{"id":"471a546c-77d0-46d1-8840-0e66c9f4f3fc","block_type":"box","text":"-Unrealised loss on forward foreign currency exchange","page_number":300,"box":{"x":345,"y":551,"width":10,"height":373}},{"id":"634194d7-26e9-4a45-88a9-1edc08b5c071","block_type":"box","text":"contracts (224,163) (234,621) (6,170,806) (688,401) (209,256) (2,370,672)","page_number":300,"box":{"x":356,"y":0,"width":10,"height":925}},{"id":"5bdb2a52-a68e-4118-a299-3b5113bd5baa","block_type":"box","text":"-Unrealised loss on futures contracts - - - (6,115) - -","page_number":300,"box":{"x":368,"y":0,"width":10,"height":924}},{"id":"645d12d4-45ea-4373-871a-e3a0d8c94900","block_type":"box","text":"Amounts due to broker","page_number":300,"box":{"x":380,"y":768,"width":8,"height":158}},{"id":"305cb9ab-b854-4543-89e6-5def449054e7","block_type":"box","text":"- - - - - (383)","page_number":300,"box":{"x":380,"y":0,"width":10,"height":352}},{"id":"4eafe624-2fe9-4570-a95d-5165350f5de1","block_type":"box","text":"Creditors (377,231) (457,164) (15,542,571) (407,307) (688,741) (2,658,942)","page_number":300,"box":{"x":392,"y":0,"width":10,"height":925}},{"id":"b96d00e9-7f1c-4bb6-8f52-00472b1e6282","block_type":"box","text":"Total Liabilities (excluding net assets attributable to","page_number":300,"box":{"x":403,"y":551,"width":11,"height":374}},{"id":"d99311df-3412-447a-998f-b90ec5f4a981","block_type":"box","text":"redeemable participating Unitholders) (601,394) (691,785) (21,713,377) (1,101,823) (897,997) (5,029,997)","page_number":300,"box":{"x":414,"y":0,"width":10,"height":925}},{"id":"a4e2ef50-f3ea-448e-b42d-f50e75865165","block_type":"box","text":"Net assets attributable to redeemable participating","page_number":300,"box":{"x":434,"y":557,"width":10,"height":368}},{"id":"bd0cb7f0-5291-4c58-934c-a1b06c9d3913","block_type":"box","text":"Unitholders 182,463,505 202,276,909 1,920,941,681 118,833,748 130,905,155 535,318,892","page_number":300,"box":{"x":445,"y":0,"width":10,"height":925}},{"id":"3f0a7d6d-5190-4ea1-a3c2-86523a883787","block_type":"box","text":"The accompanying notes form an integral part of these financial statements.","page_number":300,"box":{"x":486,"y":338,"width":11,"height":587}},{"id":"b73160a8-b149-4e67-90c5-91bb3a61423e","block_type":"box","text":"Muzinich Funds","page_number":300,"box":{"x":42,"y":0,"width":16,"height":0}},{"id":"b74982c9-8d0d-48b2-a070-aa61f6fa3296","block_type":"box","text":"Statement of Financial Position as at 31 May 2026 cont/d...","page_number":300,"box":{"x":104,"y":291,"width":15,"height":634}},{"id":"9c0ff2db-d696-41b9-b5e1-698223215296","block_type":"box","text":"299","page_number":300,"box":{"x":667,"y":282,"width":7,"height":20}},{"id":"da496195-803a-4f6b-ade1-849a17185965","block_type":"box","text":"Muzinich Global","page_number":301,"box":{"x":148,"y":348,"width":8,"height":113}},{"id":"d050af49-4618-405b-bbe9-4079e8ed2fe3","block_type":"box","text":"Fixed Maturity","page_number":301,"box":{"x":159,"y":348,"width":10,"height":103}},{"id":"09090c96-94ef-45b5-a79d-cff99ec7251e","block_type":"box","text":"2028 Fund","page_number":301,"box":{"x":170,"y":348,"width":8,"height":74}},{"id":"003eb0e3-dfb1-4e2a-80e1-dee87a4a792c","block_type":"box","text":"Muzinich Global","page_number":301,"box":{"x":148,"y":210,"width":8,"height":113}},{"id":"18b15a36-40e2-4714-a6de-4a8dde12a855","block_type":"box","text":"Fixed 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Credit","page_number":301,"box":{"x":148,"y":0,"width":8,"height":28}},{"id":"cb815479-79a8-4c88-a925-33fe7f4166ae","block_type":"box","text":"Market Neutral","page_number":301,"box":{"x":159,"y":0,"width":8,"height":42}},{"id":"23609695-92eb-419c-8af2-6cd949732ef5","block_type":"box","text":"Fund*","page_number":301,"box":{"x":170,"y":0,"width":8,"height":0}},{"id":"de8dc1a5-91fa-42d0-a5f6-79f9a4ded023","block_type":"box","text":"Note € € € €","page_number":301,"box":{"x":183,"y":0,"width":8,"height":517}},{"id":"1011ef76-a89c-4326-b61f-0aecf12d4d68","block_type":"box","text":"Assets","page_number":301,"box":{"x":197,"y":882,"width":8,"height":44}},{"id":"d1624ec7-49d7-4d6c-a358-1e681828677b","block_type":"box","text":"Financial assets at fair value through profit or loss:","page_number":301,"box":{"x":210,"y":575,"width":10,"height":350}},{"id":"9f565ff5-93c5-4105-b388-3dcc27f5c88b","block_type":"box","text":"-Investments at fair value 137,047,145 394,601,557 172,930,734 96,141,150","page_number":301,"box":{"x":223,"y":0,"width":10,"height":924}},{"id":"48c1b80b-1848-4133-a00f-1c58a1759c52","block_type":"box","text":"-Unrealised gain on forward foreign currency exchange","page_number":301,"box":{"x":236,"y":548,"width":10,"height":376}},{"id":"536e12c8-6ddc-4682-b30b-1797275c69f5","block_type":"box","text":"contracts 347,668 31,543 298,511 17,760","page_number":301,"box":{"x":247,"y":0,"width":10,"height":925}},{"id":"18ca8c43-4e91-4af0-8b17-0662929e8cbb","block_type":"box","text":"-Unrealised gain on futures contracts - - - 5,383","page_number":301,"box":{"x":260,"y":0,"width":10,"height":924}},{"id":"3958648d-e118-427c-a22c-f993754e2117","block_type":"box","text":"-Unrealised gain on credit default swaps - - - 1,032,531","page_number":301,"box":{"x":273,"y":0,"width":10,"height":924}},{"id":"6092355c-1939-411f-910c-c46e5adb0783","block_type":"box","text":"-Unrealised gain on total return swaps - - - 88,513","page_number":301,"box":{"x":286,"y":0,"width":10,"height":924}},{"id":"caaf95e7-b691-4edb-a043-4baf46c68b33","block_type":"box","text":"Cash at bank 3 3,101,208 5,137,696 1,395,132 2,309,745","page_number":301,"box":{"x":299,"y":0,"width":10,"height":925}},{"id":"20adf876-5cd2-4b21-a69d-925fa05ef78d","block_type":"box","text":"Amounts at broker 3 - - - 7,671,801","page_number":301,"box":{"x":312,"y":0,"width":10,"height":926}},{"id":"b4bb20a2-eb48-44b5-a2f5-f9adff410520","block_type":"box","text":"Debtors 2,596,392 5,272,274 3,257,952 2,135,589","page_number":301,"box":{"x":325,"y":0,"width":10,"height":925}},{"id":"307425af-8f0b-4bb1-9f19-baf135ea968a","block_type":"box","text":"Total Assets 143,092,413 405,043,070 177,882,329 109,402,472","page_number":301,"box":{"x":338,"y":0,"width":10,"height":925}},{"id":"f337ec86-45f2-47c9-bbc1-7f59e8b52e9f","block_type":"box","text":"Liabilities","page_number":301,"box":{"x":361,"y":856,"width":8,"height":69}},{"id":"898aac4e-ce49-4c32-81c4-8fc9815b17cb","block_type":"box","text":"Financial liabilities held for trading:","page_number":301,"box":{"x":374,"y":678,"width":10,"height":247}},{"id":"c50f6178-a2fb-4b7d-b8ed-a68c863fc761","block_type":"box","text":"-Unrealised loss on forward foreign currency exchange","page_number":301,"box":{"x":387,"y":551,"width":10,"height":373}},{"id":"76e76681-70fa-48be-b626-72e57a6e7db8","block_type":"box","text":"contracts (260,043) (347,220) (360,202) (484,343)","page_number":301,"box":{"x":398,"y":0,"width":10,"height":925}},{"id":"7a20cf8d-b425-4d09-952c-e0826cad3c07","block_type":"box","text":"-Unrealised loss on futures contracts - - - (43,785)","page_number":301,"box":{"x":411,"y":0,"width":10,"height":924}},{"id":"8d9952e3-8a60-4711-9e92-3601433f561f","block_type":"box","text":"-Unrealised loss on credit default swaps - - - (880,178)","page_number":301,"box":{"x":424,"y":0,"width":10,"height":924}},{"id":"0a708322-c742-40e8-a753-1a36590860c9","block_type":"box","text":"-Unrealised loss on total return swaps - - - (350,338)","page_number":301,"box":{"x":437,"y":0,"width":10,"height":924}},{"id":"d2eaf217-606d-4259-84f7-7bc859844964","block_type":"box","text":"Creditors (360,289) (211,565) (7,313) (1,398,637)","page_number":301,"box":{"x":450,"y":0,"width":10,"height":925}},{"id":"1d0fdeed-8546-4864-8b22-2547b96abf12","block_type":"box","text":"Total Liabilities (excluding net assets attributable to","page_number":301,"box":{"x":463,"y":551,"width":10,"height":374}},{"id":"507c7fdd-c22e-402e-970d-593efe3bbed9","block_type":"box","text":"redeemable participating Unitholders) (620,332) (558,785) (367,515) (3,157,281)","page_number":301,"box":{"x":473,"y":0,"width":11,"height":925}},{"id":"9c003266-48f2-4151-9157-8e3b6a4d0ffb","block_type":"box","text":"Net assets attributable to redeemable participating","page_number":301,"box":{"x":496,"y":557,"width":10,"height":368}},{"id":"3dc5d9ae-2269-4e8c-8b8c-321e696c1a60","block_type":"box","text":"Unitholders 142,472,081 404,484,285 177,514,814 106,245,191","page_number":301,"box":{"x":507,"y":0,"width":9,"height":925}},{"id":"cffe8595-ad97-45c8-92c3-d98afc2caa9c","block_type":"box","text":"* Muzinich Global Credit Market Neutral Fund launched on 12 February 2026.","page_number":301,"box":{"x":539,"y":399,"width":10,"height":526}},{"id":"c83dab41-ce46-4683-a366-8b3b4293d8c3","block_type":"box","text":"The accompanying notes form an integral part of these financial statements.","page_number":301,"box":{"x":563,"y":338,"width":11,"height":587}},{"id":"fb584393-7793-485d-902a-01575108ac64","block_type":"box","text":"Muzinich Funds","page_number":301,"box":{"x":42,"y":0,"width":16,"height":0}},{"id":"44dcff19-8c95-451d-80ef-331ebaa3f144","block_type":"box","text":"Statement of Financial Position as at 31 May 2026 cont/d...","page_number":301,"box":{"x":104,"y":291,"width":15,"height":634}},{"id":"2e98d8e8-90ec-459b-b8ab-16ad00eb2021","block_type":"box","text":"300","page_number":301,"box":{"x":667,"y":282,"width":7,"height":20}},{"id":"25e86520-fd4d-4390-9bed-44abddf4949d","block_type":"box","text":"Muzinich","page_number":302,"box":{"x":148,"y":349,"width":8,"height":62}},{"id":"4c3ee9e6-2675-4dbe-bb56-06c072ffec02","block_type":"box","text":"Americayield","page_number":302,"box":{"x":159,"y":348,"width":10,"height":93}},{"id":"ac35470b-2eb2-4a92-8e2f-08577e400c48","block_type":"box","text":"Fund","page_number":302,"box":{"x":170,"y":348,"width":8,"height":34}},{"id":"fbc52e28-b049-4976-9cad-99d56eae91c6","block_type":"box","text":"Muzinich","page_number":302,"box":{"x":148,"y":211,"width":8,"height":62}},{"id":"9e54e925-4a66-4a05-a45f-8e6b18d11d04","block_type":"box","text":"Europeyield","page_number":302,"box":{"x":159,"y":211,"width":10,"height":84}},{"id":"4883d195-da8f-47f3-8752-9d1cb51fa00a","block_type":"box","text":"Fund","page_number":302,"box":{"x":170,"y":211,"width":8,"height":33}},{"id":"d24ff60c-4635-469c-9c47-861140dbbfd4","block_type":"box","text":"Muzinich","page_number":302,"box":{"x":148,"y":73,"width":8,"height":63}},{"id":"078c32f2-76c5-4353-b12c-1c1310d389b3","block_type":"box","text":"Global High","page_number":302,"box":{"x":159,"y":73,"width":10,"height":80}},{"id":"20c2a9e7-f6d7-4a75-9e50-53078023bfbf","block_type":"box","text":"Yield Fund*","page_number":302,"box":{"x":170,"y":73,"width":8,"height":81}},{"id":"d6cd6ac0-874c-4c62-90ba-d06fcb7596d4","block_type":"box","text":"Muzinich","page_number":302,"box":{"x":138,"y":0,"width":8,"height":0}},{"id":"5fa5ecaa-713c-4dcf-92b5-933673ff431f","block_type":"box","text":"Enhancedyield","page_number":302,"box":{"x":148,"y":0,"width":10,"height":38}},{"id":"ee9fe513-3480-4f96-b105-456e4866d2e9","block_type":"box","text":"Short-Term","page_number":302,"box":{"x":159,"y":0,"width":8,"height":14}},{"id":"8e32ede3-c9ec-4854-8072-d55cb4c3fc3f","block_type":"box","text":"Fund","page_number":302,"box":{"x":170,"y":0,"width":8,"height":0}},{"id":"7a41eb82-40ca-431c-badf-655931320ad7","block_type":"box","text":"Muzinich","page_number":302,"box":{"x":138,"y":0,"width":8,"height":0}},{"id":"8e07a849-6c99-473e-b1b6-674f26624549","block_type":"box","text":"ShortDuration","page_number":302,"box":{"x":148,"y":0,"width":8,"height":0}},{"id":"9ed004ea-fe65-4782-8d5b-230625f43d5d","block_type":"box","text":"HighYield","page_number":302,"box":{"x":159,"y":0,"width":10,"height":0}},{"id":"6fc30f6e-a72f-4330-a3c8-e98ce0f267d8","block_type":"box","text":"Fund","page_number":302,"box":{"x":170,"y":0,"width":8,"height":0}},{"id":"5c89f371-c112-4534-9af7-7234a26d7412","block_type":"box","text":"Muzinich","page_number":302,"box":{"x":138,"y":0,"width":8,"height":0}},{"id":"f4d10ebe-e657-471e-b7bc-3bd6b66f5165","block_type":"box","text":"Market Duration","page_number":302,"box":{"x":148,"y":0,"width":8,"height":0}},{"id":"3101817f-7e3c-488b-b0e1-05d8364c6323","block_type":"box","text":"Enhancedyield","page_number":302,"box":{"x":159,"y":0,"width":10,"height":0}},{"id":"d20e4ac4-86ab-4028-beeb-50e724a0e5cd","block_type":"box","text":"Fund**","page_number":302,"box":{"x":170,"y":0,"width":8,"height":0}},{"id":"9d968dce-6731-4e4d-93e7-d1a59de44c2e","block_type":"box","text":"Note US$ € US$ € US$ €","page_number":302,"box":{"x":182,"y":0,"width":10,"height":517}},{"id":"4460c09a-1aa9-4b6b-9dcd-ca6b83d6c363","block_type":"box","text":"Assets","page_number":302,"box":{"x":197,"y":882,"width":8,"height":44}},{"id":"342da88a-8ddf-478f-95b1-522523482558","block_type":"box","text":"Financial assets at fair value through profit or loss:","page_number":302,"box":{"x":210,"y":575,"width":10,"height":350}},{"id":"d51d3ce6-0c29-46ec-b1ec-c6fbd88d7384","block_type":"box","text":"-Investments at fair value 458,221,895 864,684,631 186,083,028 7,987,419,308 1,351,558,318 115,804,283","page_number":302,"box":{"x":223,"y":0,"width":10,"height":924}},{"id":"0e4502e0-fbed-4b8b-961b-a950ffa242fe","block_type":"box","text":"-Unrealised gain on forward foreign currency exchange","page_number":302,"box":{"x":236,"y":548,"width":10,"height":376}},{"id":"896afd42-68f6-4974-8855-cc519155e635","block_type":"box","text":"contracts 454,420 1,576,526 508,139 19,297,354 853,059 359,049","page_number":302,"box":{"x":247,"y":0,"width":10,"height":925}},{"id":"ddbf1778-d0ae-4415-83e9-fef1a624378f","block_type":"box","text":"Cash at bank 3 8,293,291 54,117,407 4,780,632 143,747,443 17,587,671 3,215,995","page_number":302,"box":{"x":260,"y":0,"width":10,"height":925}},{"id":"a170b5cc-10dc-44dc-b127-cd0560eda104","block_type":"box","text":"Amounts at broker 3 3,994 51,324 - 366,708 2,175 191,770","page_number":302,"box":{"x":273,"y":0,"width":10,"height":926}},{"id":"bdfe6dec-3906-4877-8434-5fed39fe61cf","block_type":"box","text":"Debtors 7,958,223 28,409,765 4,882,096 144,694,460 22,302,856 1,915,177","page_number":302,"box":{"x":286,"y":0,"width":10,"height":925}},{"id":"4a1a3cb4-2f03-46af-a632-ca4e0f4afdc9","block_type":"box","text":"Total Assets 474,931,823 948,839,653 196,253,895 8,295,525,273 1,392,304,079 121,486,274","page_number":302,"box":{"x":299,"y":0,"width":10,"height":925}},{"id":"d6241a7f-092a-4084-a46b-c84d6b2b7579","block_type":"box","text":"Liabilities","page_number":302,"box":{"x":322,"y":856,"width":8,"height":69}},{"id":"c4283a94-958b-4a6c-be39-7cab473195b0","block_type":"box","text":"Financial liabilities held for trading:","page_number":302,"box":{"x":335,"y":678,"width":10,"height":247}},{"id":"dcffb6f9-97b3-4e06-98bd-601878fbc1b1","block_type":"box","text":"-Unrealised loss on forward foreign currency exchange","page_number":302,"box":{"x":348,"y":551,"width":10,"height":373}},{"id":"15867eeb-ddb1-4d68-9e9e-705e62412885","block_type":"box","text":"contracts (2,200,981) (501,650) (1,568,701) (35,829,525) (7,157,679) (603,866)","page_number":302,"box":{"x":359,"y":0,"width":10,"height":925}},{"id":"e0dd2e21-2d87-4002-8692-aa7a725f2bc3","block_type":"box","text":"Amounts due to broker - - (1,823) - - -","page_number":302,"box":{"x":372,"y":0,"width":10,"height":926}},{"id":"c1c5c785-260c-49a4-85b8-49c434a6ceca","block_type":"box","text":"Creditors (2,997,139) (40,150,649) (1,601,915) (105,884,389) (51,110,942) (1,001,951)","page_number":302,"box":{"x":385,"y":0,"width":10,"height":925}},{"id":"c6bb891d-d298-4a92-b16a-edac82d2cf52","block_type":"box","text":"Total Liabilities (excluding net assets attributable to","page_number":302,"box":{"x":397,"y":551,"width":11,"height":374}},{"id":"9181f12b-aae3-46ef-8bfb-58e3d686bfe9","block_type":"box","text":"redeemable participating Unitholders) (5,198,120) (40,652,299) (3,172,439) (141,713,914) (58,268,621) (1,605,817)","page_number":302,"box":{"x":408,"y":0,"width":10,"height":925}},{"id":"82110aa3-b0d5-4d12-9efb-b50fb62f7943","block_type":"box","text":"Net assets attributable to redeemable participating","page_number":302,"box":{"x":431,"y":557,"width":10,"height":368}},{"id":"e0447907-ad92-431b-b790-25c791110449","block_type":"box","text":"Unitholders 469,733,703 908,187,354 193,081,456 8,153,811,359 1,334,035,458 119,880,457","page_number":302,"box":{"x":441,"y":0,"width":10,"height":925}},{"id":"33cb3dd9-3100-4c02-b23f-1fb2d2c5dc08","block_type":"box","text":"* Effective 17 February 2025, Muzinich Global High Yield Low Carbon Credit Fund changed its name to Muzinich Global High Yield Fund.","page_number":302,"box":{"x":474,"y":0,"width":10,"height":925}},{"id":"c5df51d4-cdba-451c-be02-9ad2da801960","block_type":"box","text":"** Effective 17 February 2025, Muzinich Sustainable Credit Fund changed its name to Muzinich Market Duration Enhancedyield Fund.","page_number":302,"box":{"x":486,"y":17,"width":10,"height":908}},{"id":"a3bfdcb8-2e94-4ed3-8da9-40c209e82197","block_type":"box","text":"The accompanying notes form an integral part of these financial statements.","page_number":302,"box":{"x":510,"y":338,"width":11,"height":587}},{"id":"e23a7308-07cd-4e3d-ba22-ecde14579886","block_type":"box","text":"Muzinich Funds","page_number":302,"box":{"x":42,"y":0,"width":16,"height":0}},{"id":"45f7e55d-b61d-4fd6-bace-0b0315abc2f5","block_type":"box","text":"Statement of Financial Position as at 30 November 2025","page_number":302,"box":{"x":104,"y":329,"width":12,"height":596}},{"id":"fddef8ad-a15b-4819-9341-beb76cc30a43","block_type":"box","text":"301","page_number":302,"box":{"x":667,"y":284,"width":7,"height":18}},{"id":"5a8c49fd-bab4-4ade-af6e-17865872f0da","block_type":"box","text":"Muzinich","page_number":303,"box":{"x":138,"y":349,"width":8,"height":62}},{"id":"8f6ab0d8-a778-454d-87a3-9c5b32880aa6","block_type":"box","text":"LongShortCredit","page_number":303,"box":{"x":148,"y":348,"width":10,"height":115}},{"id":"52858e93-27c4-4b9b-80e3-42a85f808998","block_type":"box","text":"Yield","page_number":303,"box":{"x":159,"y":348,"width":8,"height":35}},{"id":"1b64cc61-f925-4d1c-9e33-79fd9ad5b13d","block_type":"box","text":"Fund","page_number":303,"box":{"x":170,"y":348,"width":8,"height":34}},{"id":"a9b6f445-c699-468a-a94a-da4fcab5fe18","block_type":"box","text":"Muzinich","page_number":303,"box":{"x":138,"y":211,"width":8,"height":62}},{"id":"b59b40a7-5380-410b-b77a-1eec74bbf62d","block_type":"box","text":"EmergingMarkets","page_number":303,"box":{"x":148,"y":210,"width":10,"height":121}},{"id":"dcd62ec3-f616-4eba-a038-5d08cd143e55","block_type":"box","text":"ShortDuration","page_number":303,"box":{"x":159,"y":211,"width":8,"height":98}},{"id":"8a1e5728-d196-42d0-abc7-036f00e6d770","block_type":"box","text":"Fund","page_number":303,"box":{"x":170,"y":211,"width":8,"height":33}},{"id":"de74da2a-dbd4-4bf7-9be8-c331eb28dbd2","block_type":"box","text":"Muzinich","page_number":303,"box":{"x":138,"y":73,"width":8,"height":63}},{"id":"b0039f68-b5bc-4b57-bd57-d5fa6e51038f","block_type":"box","text":"Global 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627,642","page_number":303,"box":{"x":242,"y":0,"width":10,"height":925}},{"id":"dbd66407-0cf7-4637-bd12-1f9ee7267c3a","block_type":"box","text":"-Unrealised gain on futures contracts - - 19,845 - - 900","page_number":303,"box":{"x":254,"y":0,"width":10,"height":924}},{"id":"b2accf0b-6794-4b67-86be-5352ad8f0606","block_type":"box","text":"-Unrealised gain on options purchased 574,624 - - - - 164,751","page_number":303,"box":{"x":266,"y":0,"width":10,"height":924}},{"id":"8806bff3-efb4-49a2-a3b5-e5755e16fc9e","block_type":"box","text":"-Unrealised gain on swaptions purchased 130,344 - - - - 170,338","page_number":303,"box":{"x":278,"y":0,"width":10,"height":924}},{"id":"1e0db994-75b9-4869-a1d6-136e4d3971c8","block_type":"box","text":"-Unrealised gain on credit default swaps - - 1,969,087 - - 6,798,815","page_number":303,"box":{"x":290,"y":0,"width":10,"height":924}},{"id":"7d4ec010-5796-44ca-a06e-0ebf60f99ff8","block_type":"box","text":"-Unrealised gain on total return swaps 177,100 - - - - 76,212","page_number":303,"box":{"x":302,"y":0,"width":10,"height":924}},{"id":"e9584019-7c07-4669-9f21-8e554e7222d0","block_type":"box","text":"Cash at bank 3 8,090,645 19,962,498 34,081,892 1,037,960 601,992 12,023,830","page_number":303,"box":{"x":313,"y":0,"width":10,"height":925}},{"id":"4c548fa4-bc08-4be7-b2e2-33b90c3e040f","block_type":"box","text":"Amounts at broker 3 10,335,236 41,814 2,210,054 - - 13,163,239","page_number":303,"box":{"x":325,"y":0,"width":10,"height":926}},{"id":"cfbd5a9e-20a2-4760-b752-68242ed126bf","block_type":"box","text":"Debtors 6,067,404 100,718,173 23,776,860 1,195,704 1,489,505 16,565,656","page_number":303,"box":{"x":337,"y":0,"width":10,"height":925}},{"id":"9df8f8cf-00a6-4905-b052-d0f1dbd80ea8","block_type":"box","text":"Total Assets 242,609,253 1,051,925,311 1,440,105,384 85,286,282 67,101,797 401,825,102","page_number":303,"box":{"x":349,"y":0,"width":10,"height":925}},{"id":"772f1844-c902-45e0-9b39-958fa61f9251","block_type":"box","text":"Liabilities","page_number":303,"box":{"x":369,"y":856,"width":8,"height":69}},{"id":"8d80febe-14ee-47d1-b6a4-95fd159d3420","block_type":"box","text":"Financial liabilities at fair value through profit or loss:","page_number":303,"box":{"x":381,"y":552,"width":10,"height":373}},{"id":"c2a641e5-e340-40f6-8668-d387b2d7c0dc","block_type":"box","text":"-Unfunded Loans (106,898) - - - - -","page_number":303,"box":{"x":393,"y":0,"width":10,"height":924}},{"id":"9da6a03b-e863-4fe5-872c-e7d48537193b","block_type":"box","text":"Financial liabilities held for trading:","page_number":303,"box":{"x":405,"y":678,"width":10,"height":247}},{"id":"86a2d2cd-d8ff-4be8-9b6b-456cf88a6dd9","block_type":"box","text":"-Unrealised loss on forward foreign currency exchange","page_number":303,"box":{"x":417,"y":551,"width":10,"height":373}},{"id":"dcf592c4-c01c-4888-ab66-bd4731828ce8","block_type":"box","text":"contracts (1,235,511) (5,234,961) (15,519,706) (334,152) (299,438) (579,045)","page_number":303,"box":{"x":427,"y":0,"width":10,"height":925}},{"id":"0b957da1-acfd-4dec-9c7e-0e2c556261ff","block_type":"box","text":"-Unrealised loss on futures contracts - - (227,258) - - -","page_number":303,"box":{"x":439,"y":0,"width":10,"height":924}},{"id":"2f6507c2-f8bc-447e-b31e-740f5b298cdd","block_type":"box","text":"-Unrealised loss on options written (197,760) - - - - (91,277)","page_number":303,"box":{"x":451,"y":0,"width":10,"height":924}},{"id":"bb8d5ff2-00d9-4838-a098-e4561ed149e8","block_type":"box","text":"-Unrealised loss on swaptions written (69,620) - - - - (87,945)","page_number":303,"box":{"x":463,"y":0,"width":10,"height":924}},{"id":"f1214850-8ebf-4a23-aa88-3e408f983c9c","block_type":"box","text":"-Unrealised loss on credit default swaps (2,427,675) - - - - (10,122,173)","page_number":303,"box":{"x":475,"y":0,"width":10,"height":924}},{"id":"7e5d9457-ba4c-4577-96d7-52e154305dfe","block_type":"box","text":"-Unrealised loss on total return swaps (719,296) - - - - (579,337)","page_number":303,"box":{"x":487,"y":0,"width":10,"height":924}},{"id":"2e2cc51b-d7c5-4ec7-9de0-e293c0b29e67","block_type":"box","text":"Creditors (9,569,395) (90,324,114) (10,053,091) (523,178) (716,968) (9,307,530)","page_number":303,"box":{"x":498,"y":0,"width":10,"height":925}},{"id":"b8bf67a9-785a-4616-a35e-000ecd1a7e3b","block_type":"box","text":"Total Liabilities (excluding net assets attributable to","page_number":303,"box":{"x":510,"y":551,"width":10,"height":374}},{"id":"3347932e-64a7-40e7-9a42-bcf02fc2a6d2","block_type":"box","text":"redeemable participating Unitholders) (14,326,155) (95,559,075) (25,800,055) (857,330) (1,016,406) (20,767,307)","page_number":303,"box":{"x":521,"y":0,"width":10,"height":925}},{"id":"7004e832-e36e-4211-865b-5617d30c7642","block_type":"box","text":"Net assets attributable to redeemable participating","page_number":303,"box":{"x":541,"y":557,"width":10,"height":368}},{"id":"724df3dc-f467-4268-af9a-9848b572509b","block_type":"box","text":"Unitholders 228,283,098 956,366,236 1,414,305,329 84,428,952 66,085,391 381,057,795","page_number":303,"box":{"x":552,"y":0,"width":10,"height":925}},{"id":"78c12c79-2b0e-44d1-9079-e59ad13ee925","block_type":"box","text":"The accompanying notes form an integral part of these financial statements.","page_number":303,"box":{"x":592,"y":338,"width":11,"height":587}},{"id":"6fa1df1e-ff51-498a-a6b2-b90f35b9b5d0","block_type":"box","text":"Muzinich Funds","page_number":303,"box":{"x":42,"y":0,"width":16,"height":0}},{"id":"4bd054ce-4958-4242-8e02-3cc727c28534","block_type":"box","text":"Statement of Financial Position as at 30 November 2025 cont/d...","page_number":303,"box":{"x":104,"y":224,"width":12,"height":701}},{"id":"0b24b929-5e3e-4b73-8f1c-d164563a3bbf","block_type":"box","text":"302","page_number":303,"box":{"x":667,"y":282,"width":7,"height":20}},{"id":"1a019ee9-a306-4dff-8f0f-2dbbee06e4b1","block_type":"box","text":"Muzinich","page_number":304,"box":{"x":148,"y":349,"width":8,"height":62}},{"id":"a09cdd2d-a02e-42fc-abfb-876041924fe6","block_type":"box","text":"Fixed Maturity","page_number":304,"box":{"x":159,"y":348,"width":10,"height":103}},{"id":"4973ad93-3ba3-4a2f-90f6-fe5d5f2b5f4e","block_type":"box","text":"2028 Fund","page_number":304,"box":{"x":170,"y":348,"width":8,"height":74}},{"id":"4d0b1ee3-fd19-4216-ba8d-1d2df70365ab","block_type":"box","text":"Muzinich","page_number":304,"box":{"x":148,"y":211,"width":8,"height":62}},{"id":"29164c56-bede-4574-905c-5091081036f9","block_type":"box","text":"High Yield Bond","page_number":304,"box":{"x":159,"y":211,"width":10,"height":110}},{"id":"09ed57da-e148-4fe2-b332-0fe47d836225","block_type":"box","text":"2028 Fund","page_number":304,"box":{"x":170,"y":211,"width":8,"height":74}},{"id":"ce894f26-4ba5-4ebf-83c9-0aec5e13dfe6","block_type":"box","text":"Muzinich Global","page_number":304,"box":{"x":138,"y":73,"width":8,"height":113}},{"id":"8d317250-28cb-4f4a-8d3c-ac85ec5ecd35","block_type":"box","text":"Short Duration","page_number":304,"box":{"x":148,"y":73,"width":8,"height":103}},{"id":"90818b65-5360-4e92-8da4-f992f5d80cf1","block_type":"box","text":"Investment","page_number":304,"box":{"x":159,"y":73,"width":8,"height":78}},{"id":"97398210-87fd-4537-821e-f3fb5989dc03","block_type":"box","text":"Grade Fund","page_number":304,"box":{"x":170,"y":73,"width":8,"height":81}},{"id":"784f77f3-6ba5-40cb-bf8e-06482ead74b7","block_type":"box","text":"Muzinich","page_number":304,"box":{"x":148,"y":0,"width":8,"height":0}},{"id":"c2e26ba0-f0e8-46d3-845f-dfe35f361edb","block_type":"box","text":"Dynamic Credit","page_number":304,"box":{"x":159,"y":0,"width":10,"height":43}},{"id":"a8852498-2258-4afc-bc94-3899189d1731","block_type":"box","text":"Income Fund","page_number":304,"box":{"x":170,"y":0,"width":8,"height":25}},{"id":"bed3f9b1-d257-4335-8e22-dc7adb846f39","block_type":"box","text":"Muzinich Global","page_number":304,"box":{"x":148,"y":0,"width":8,"height":0}},{"id":"cb8cd921-3251-4074-89ca-3a12ae390f0e","block_type":"box","text":"Fixed Maturity","page_number":304,"box":{"x":159,"y":0,"width":10,"height":0}},{"id":"4ac33fa4-8f7f-4110-b6b3-fd23dda58c5a","block_type":"box","text":"2027 Fund","page_number":304,"box":{"x":170,"y":0,"width":8,"height":0}},{"id":"336aaa91-adc8-473b-8a6d-59748b7edcb1","block_type":"box","text":"Muzinich Global","page_number":304,"box":{"x":138,"y":0,"width":8,"height":0}},{"id":"920036fb-5150-494f-b7b2-2fe97c5739a7","block_type":"box","text":"Market Duration","page_number":304,"box":{"x":148,"y":0,"width":8,"height":0}},{"id":"41499ea7-9f49-4dc5-941f-ee7c8968c335","block_type":"box","text":"Investment","page_number":304,"box":{"x":159,"y":0,"width":8,"height":0}},{"id":"a6c895f9-9d39-433a-994d-dbf32a916fb3","block_type":"box","text":"Grade Fund","page_number":304,"box":{"x":170,"y":0,"width":8,"height":0}},{"id":"f9764a02-a1a5-4934-a222-08c43fbc3b1a","block_type":"box","text":"Note € € € US$ € €","page_number":304,"box":{"x":181,"y":0,"width":10,"height":517}},{"id":"be5048f9-00cd-4473-84cb-e63e0af0ee18","block_type":"box","text":"Assets","page_number":304,"box":{"x":196,"y":882,"width":8,"height":44}},{"id":"060012fd-60c9-4016-a40b-7afeb36ccdb8","block_type":"box","text":"Financial assets at fair value through profit or loss:","page_number":304,"box":{"x":208,"y":575,"width":10,"height":350}},{"id":"29d845ad-a79a-41e6-b288-663e2ea6a1e0","block_type":"box","text":"-Investments at fair value 195,117,881 215,961,952 1,600,662,970 146,546,238 151,336,063 493,232,017","page_number":304,"box":{"x":220,"y":0,"width":10,"height":924}},{"id":"0f834be5-2a3f-4d49-8db5-2cf87f14957e","block_type":"box","text":"-Unrealised gain on forward foreign currency exchange","page_number":304,"box":{"x":232,"y":548,"width":10,"height":376}},{"id":"2564d19b-0f05-4a92-85f9-80af65211d0c","block_type":"box","text":"contracts 217,911 208,225 4,554,096 437,581 432,353 1,416,136","page_number":304,"box":{"x":242,"y":0,"width":10,"height":925}},{"id":"3ef09dbd-106f-42a9-9540-23b304a7eb28","block_type":"box","text":"-Unrealised gain on futures contracts - - - 1,718 - -","page_number":304,"box":{"x":254,"y":0,"width":10,"height":924}},{"id":"a2e1a17e-bf38-42ec-9da0-b684f243f478","block_type":"box","text":"-Unrealised gain on credit default swaps - - - 537,024 - -","page_number":304,"box":{"x":266,"y":0,"width":10,"height":924}},{"id":"3d8225be-1d3b-4feb-b8a9-dbd0c5ef83f8","block_type":"box","text":"Cash at bank 3 2,817,203 5,220,363 48,451,460 9,236,777 4,143,261 7,230,969","page_number":304,"box":{"x":278,"y":0,"width":10,"height":925}},{"id":"0a8e84f7-d87a-422f-948c-2774e6a2ed3c","block_type":"box","text":"Amounts at broker 3 - - 142,405 308,804 - -","page_number":304,"box":{"x":290,"y":0,"width":9,"height":926}},{"id":"78b1a434-27b2-482f-aa0b-978aa20523c5","block_type":"box","text":"Debtors 2,795,234 3,276,328 37,444,517 2,808,157 1,905,073 6,654,732","page_number":304,"box":{"x":302,"y":0,"width":9,"height":925}},{"id":"4599439a-ec14-4d00-b350-122312573c5a","block_type":"box","text":"Total Assets 200,948,229 224,666,868 1,691,255,448 159,876,299 157,816,750 508,533,854","page_number":304,"box":{"x":313,"y":0,"width":10,"height":925}},{"id":"44e64833-8573-4d50-a8dd-f3945965e14d","block_type":"box","text":"Liabilities","page_number":304,"box":{"x":333,"y":856,"width":9,"height":69}},{"id":"bd7f2bda-fe6d-4b81-bd0e-da111c57d11a","block_type":"box","text":"Financial liabilities held for trading:","page_number":304,"box":{"x":345,"y":678,"width":10,"height":247}},{"id":"c82f1a2c-181a-4cb2-b2b5-2c0f4b414269","block_type":"box","text":"-Unrealised loss on forward foreign currency exchange","page_number":304,"box":{"x":357,"y":551,"width":10,"height":373}},{"id":"b4e176a3-611f-4bd6-ab23-17c86753d696","block_type":"box","text":"contracts (399,856) (407,948) (8,729,447) (814,447) (313,745) (3,656,989)","page_number":304,"box":{"x":368,"y":0,"width":10,"height":925}},{"id":"413c7385-8114-45ee-aca7-24dac035af9d","block_type":"box","text":"-Unrealised loss on futures contracts - - - (27,803) - -","page_number":304,"box":{"x":380,"y":0,"width":10,"height":924}},{"id":"b0d6b28a-3562-4ecc-a404-2ca9be346d7a","block_type":"box","text":"Amounts due to broker","page_number":304,"box":{"x":392,"y":768,"width":8,"height":158}},{"id":"8e46e2b9-5961-4a77-ab22-fbf290832007","block_type":"box","text":"- - - - - (1,222)","page_number":304,"box":{"x":392,"y":0,"width":10,"height":352}},{"id":"c1bfe1c2-56be-4c3f-8057-a8d718db859d","block_type":"box","text":"Creditors (1,613,965) (1,085,849) (34,788,882) (926,223) (1,272,623) (1,929,000)","page_number":304,"box":{"x":404,"y":0,"width":10,"height":925}},{"id":"9b067bd3-cf6d-4b0b-96bd-010186625de7","block_type":"box","text":"Total Liabilities (excluding net assets attributable 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(15,720,338)","page_number":316,"box":{"x":302,"y":0,"width":11,"height":916}},{"id":"476612bd-9708-4075-aaff-6a3ff29401cf","block_type":"box","text":"Net (decrease)/increase resulting from Unit transactions","page_number":316,"box":{"x":318,"y":527,"width":11,"height":389}},{"id":"0de75ee3-493b-4152-afc7-106195bb06c9","block_type":"box","text":"(15,387,402) (19,604,960) 255,471,269 (42,026,883) (25,796,350) 27,931,753","page_number":316,"box":{"x":319,"y":0,"width":10,"height":457}},{"id":"a948cacd-2481-4e65-82de-d7519333fb35","block_type":"box","text":"(Decrease)/increase in net assets attributable to redeemable","page_number":316,"box":{"x":350,"y":495,"width":11,"height":421}},{"id":"39b42429-09c1-4e81-855a-1c2ebebbcf62","block_type":"box","text":"participating Unitholders resulting from operations (1,083,501) (1,291,202) 17,733,293 2,752,805 471,123 4,440,496","page_number":316,"box":{"x":363,"y":0,"width":10,"height":916}},{"id":"07c1d81d-e356-42df-b2ae-b0d115717ea2","block_type":"box","text":"Net assets attributable to redeemable participating","page_number":316,"box":{"x":395,"y":549,"width":10,"height":367}},{"id":"3598a1d0-9bb7-4a48-a484-b482117e5d6b","block_type":"box","text":"Unitholders at the end of the six month period 182,463,505 202,276,909 1,920,941,681 118,833,748 130,905,155 535,318,892","page_number":316,"box":{"x":407,"y":0,"width":10,"height":916}},{"id":"c0d033f8-a216-4087-b0f9-547e5c60f861","block_type":"box","text":"Muzinich Funds","page_number":316,"box":{"x":42,"y":0,"width":16,"height":0}},{"id":"22241dfb-a99d-46d7-b4ea-b69a9951b4c5","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units for the six month 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(1,889,844)","page_number":317,"box":{"x":302,"y":0,"width":11,"height":916}},{"id":"cf2242b9-8129-495b-94d1-4d6601d1fa6e","block_type":"box","text":"Net (decrease)/increase resulting from Unit transactions","page_number":317,"box":{"x":318,"y":527,"width":11,"height":389}},{"id":"5ff8e42c-4e00-421a-b4a0-91cb680a3fda","block_type":"box","text":"(53,612,985) (19,731,655) 19,243,383 105,593,534","page_number":317,"box":{"x":319,"y":0,"width":10,"height":457}},{"id":"de9aabef-97f9-432a-a4b0-1633b1f0de90","block_type":"box","text":"Increase in net assets attributable to redeemable","page_number":317,"box":{"x":350,"y":577,"width":8,"height":339}},{"id":"4ffb6d42-8e5c-4881-956f-ea1ad1231fee","block_type":"box","text":"participating Unitholders resulting from operations 1,204,808 1,975,778 1,297,723 651,657","page_number":317,"box":{"x":363,"y":0,"width":10,"height":916}},{"id":"f67200b5-a251-4b3a-a941-a8e353fff26b","block_type":"box","text":"Net assets attributable to redeemable 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377,447,875 2,735,668 1,028 37,602,728","page_number":320,"box":{"x":286,"y":0,"width":10,"height":917}},{"id":"ea97ea98-26a5-4837-926d-87dada1452c2","block_type":"box","text":"Less: Redemption of redeemable Units (23,424,115) (26,234,939) (245,209,481) (1,100,983) (11,267,275) (25,355,485)","page_number":320,"box":{"x":302,"y":0,"width":11,"height":916}},{"id":"13bc6d76-89e5-4df3-b0ee-1291b8c7a5e4","block_type":"box","text":"Net (decrease)/increase resulting from Unit transactions","page_number":320,"box":{"x":318,"y":527,"width":11,"height":389}},{"id":"0a5e4133-14dd-4086-8894-be0cf9b17045","block_type":"box","text":"(21,259,096) (25,729,012) 132,238,394 1,634,685 (11,266,247) 12,247,243","page_number":320,"box":{"x":319,"y":0,"width":10,"height":457}},{"id":"cffbd247-647e-4ede-be3c-433be35eaff5","block_type":"box","text":"Increase/(decrease) in net assets attributable to 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redeemable","page_number":321,"box":{"x":338,"y":496,"width":10,"height":420}},{"id":"759c990f-a68e-4860-bd6a-2891375fb61f","block_type":"box","text":"participating Unitholders resulting from operations 28,512 7,567,025 (120,537)","page_number":321,"box":{"x":350,"y":87,"width":11,"height":829}},{"id":"fcce395d-af1c-4ce1-a40e-119cd1d9d5de","block_type":"box","text":"Net assets attributable to redeemable participating","page_number":321,"box":{"x":382,"y":549,"width":11,"height":367}},{"id":"dfef8942-feb9-478c-9aa0-06b3b9fe91bb","block_type":"box","text":"Unitholders at the end of the six month period 207,111,574 421,846,310 78,703,616","page_number":321,"box":{"x":395,"y":87,"width":10,"height":829}},{"id":"906bc1da-c7cd-40b2-a41f-3ef19c09ed8d","block_type":"box","text":"* Muzinich Global Fixed Maturity 2029 Fund launched on 21 January 2025.","page_number":321,"box":{"x":438,"y":412,"width":10,"height":505}},{"id":"df967b11-7fac-4b0d-9cb4-00cc396e85a8","block_type":"box","text":"Muzinich Funds","page_number":321,"box":{"x":42,"y":0,"width":16,"height":0}},{"id":"83a882cd-a81e-4d30-b138-af211a5f7c82","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units for the six month period","page_number":321,"box":{"x":104,"y":0,"width":15,"height":916}},{"id":"ba333802-9c65-4d00-960a-7a99116dff34","block_type":"box","text":"ended 31 May 2025 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distributions 9,100,802 16,906,547 18,613,244 73,871,149 25,065,539 261,048","page_number":322,"box":{"x":221,"y":0,"width":10,"height":925}},{"id":"dd413868-6eac-4df6-8e98-d996d8b1cf02","block_type":"box","text":"Adjustments for:","page_number":322,"box":{"x":244,"y":806,"width":10,"height":120}},{"id":"a12589a3-27c4-4e91-bb98-52fcadff6047","block_type":"box","text":"Movement in financial assets at fair value through profit or loss 13,264,347 (42,767,077) (11,341,219) (134,677,165) 92,882,017 17,461,065","page_number":322,"box":{"x":257,"y":0,"width":10,"height":925}},{"id":"136d1dd8-5b17-4dd7-a39e-43e908a1d97e","block_type":"box","text":"Unrealised movement on derivative assets and liabilities (1,431,732) 736,095 (5,095,499) (7,697,072) (4,359,472) (88,939)","page_number":322,"box":{"x":270,"y":0,"width":10,"height":925}},{"id":"60e10df7-8f76-480f-b2cc-9170ec9a93a5","block_type":"box","text":"Operating cash flows before movements in working capital 20,933,417 (25,124,435) 2,176,526 (68,503,088) 113,588,084 17,633,174","page_number":322,"box":{"x":292,"y":0,"width":11,"height":925}},{"id":"e5456617-8899-4e97-910b-45ef33af7830","block_type":"box","text":"Movement in receivables (57,283) (1,450,425) (72,857) (14,784,892) 1,083,529 138,655","page_number":322,"box":{"x":305,"y":0,"width":11,"height":925}},{"id":"3547eef8-f5c6-49fe-a775-62cfdc0aeca3","block_type":"box","text":"Movement in payables (221,716) (104,630) (66,789) (1,154,139) (525,420) (97,466)","page_number":322,"box":{"x":318,"y":0,"width":11,"height":925}},{"id":"a69e4cad-4eb8-4cfc-94cc-68c28774a89a","block_type":"box","text":"Cash (outflow)/inflow from operations (278,999) (1,555,055) (139,646) (15,939,031) 558,109 41,189","page_number":322,"box":{"x":341,"y":0,"width":10,"height":925}},{"id":"809fecad-747a-4461-9e16-465d878268ef","block_type":"box","text":"Net cash provided by/(used in) operating activities 20,654,418 (26,679,490) 2,036,880 (84,442,119) 114,146,193 17,674,363","page_number":322,"box":{"x":363,"y":0,"width":11,"height":925}},{"id":"ee74f577-9a2f-4c3b-b519-e126a60c2927","block_type":"box","text":"Financing activities","page_number":322,"box":{"x":386,"y":787,"width":10,"height":138}},{"id":"247cb69e-075d-40b6-bcf3-f063e4672cb2","block_type":"box","text":"Proceeds from subscriptions 85,123,957 218,725,344 10,987,162 1,585,099,016 143,876,327 2,223,379","page_number":322,"box":{"x":399,"y":0,"width":10,"height":925}},{"id":"e3ea3f96-880b-402b-a4b6-9e9bcf964e8d","block_type":"box","text":"Payment of redemptions (104,228,102) (191,975,430) (15,627,699) (1,466,053,171) (251,916,297) (20,706,276)","page_number":322,"box":{"x":412,"y":0,"width":10,"height":925}},{"id":"93176929-77c6-42eb-8854-0c62f96583a3","block_type":"box","text":"Distributions paid to Unitholders (8,854,534) (6,379,839) (857,663) (20,268,100) (7,110,533) (1,682,743)","page_number":322,"box":{"x":425,"y":0,"width":10,"height":925}},{"id":"098c4a51-d78a-42af-9da8-97bb2b0351ed","block_type":"box","text":"Net cash (used in)/provided by financing activities (27,958,679) 20,370,075 (5,498,200) 98,777,745 (115,150,503) (20,165,640)","page_number":322,"box":{"x":438,"y":0,"width":10,"height":925}},{"id":"c88e6457-8c73-4be3-8b91-3577061d8b8b","block_type":"box","text":"Net (decrease)/increase in cash and cash equivalents (7,304,261) (6,309,415) (3,461,320) 14,335,626 (1,004,310) (2,491,277)","page_number":322,"box":{"x":461,"y":0,"width":10,"height":925}},{"id":"01587f85-c45b-431d-aeac-998091f014b4","block_type":"box","text":"Cash and cash equivalents at the beginning of the six month","page_number":322,"box":{"x":483,"y":512,"width":10,"height":413}},{"id":"31fdee39-cd4c-49b3-9d29-b058130cbff3","block_type":"box","text":"period 8,293,291 54,117,407 4,780,632 143,747,443 17,587,671 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(13,807)","page_number":322,"box":{"x":565,"y":0,"width":10,"height":352}},{"id":"8ce262c7-9af9-4a40-82cc-a7605feada3a","block_type":"box","text":"Tax paid","page_number":322,"box":{"x":578,"y":870,"width":10,"height":55}},{"id":"39e93692-872d-49bb-a678-34ec05ba1067","block_type":"box","text":"------","page_number":322,"box":{"x":582,"y":0,"width":1,"height":352}},{"id":"3f9d341c-804b-44b5-a52b-0973dc7db84a","block_type":"box","text":"The accompanying notes form an integral part of these financial statements.","page_number":322,"box":{"x":620,"y":338,"width":11,"height":587}},{"id":"e483a67d-3d54-4c88-aea5-e4d96d1a8c15","block_type":"box","text":"Muzinich Funds","page_number":322,"box":{"x":42,"y":0,"width":16,"height":0}},{"id":"944c3ef7-eb06-479e-bcb5-375dea66fd25","block_type":"box","text":"Statement of Cash Flows for the six month period ended 31 May 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(12,636,025)","page_number":323,"box":{"x":257,"y":0,"width":10,"height":925}},{"id":"f6c7b1cd-bfb3-4aea-ab8b-d6d30e40c527","block_type":"box","text":"Unrealised movement on derivative assets and liabilities (860,631) (2,030,555) (6,692,417) (228,060) (144,890) (342,831)","page_number":323,"box":{"x":270,"y":0,"width":10,"height":925}},{"id":"ae9bc2cb-1202-4ba8-a6dd-77bd4a9378df","block_type":"box","text":"Operating cash flows before movements in working capital 34,145,824 44,067,181 59,083,582 5,411,423 3,992,918 (5,533,652)","page_number":323,"box":{"x":292,"y":0,"width":11,"height":925}},{"id":"e0b792bb-81da-4a9e-8400-7a8d131b837b","block_type":"box","text":"Movement in receivables (2,078,977) (2,118,863) 215,220 (22,284) (67,168) (4,368,060)","page_number":323,"box":{"x":305,"y":0,"width":11,"height":925}},{"id":"d2dbf97b-c56f-41c5-88d4-53d9b2a24552","block_type":"box","text":"Movement in payables (689,222) (350,616) (688,800) (72,091) (121,890) (858,663)","page_number":323,"box":{"x":318,"y":0,"width":11,"height":925}},{"id":"45960682-b11b-4045-a53e-cb64d613064f","block_type":"box","text":"Cash outflow from operations (2,768,199) (2,469,479) (473,580) (94,375) (189,058) (5,226,723)","page_number":323,"box":{"x":341,"y":0,"width":10,"height":925}},{"id":"8daad1b3-ec73-4894-a3aa-aa38f3d24fa8","block_type":"box","text":"Net cash provided by/(used in) operating activities 31,377,625 41,597,702 58,610,002 5,317,048 3,803,860 (10,760,375)","page_number":323,"box":{"x":363,"y":0,"width":11,"height":925}},{"id":"9f0c4621-a9bd-40bb-9606-b9756ccbccfe","block_type":"box","text":"Financing activities","page_number":323,"box":{"x":386,"y":787,"width":10,"height":138}},{"id":"29ce4958-6b75-4b18-94ec-87c03259f290","block_type":"box","text":"Proceeds from subscriptions 4,146,243 204,920,145 192,957,419 24,727,660 514,289 176,635,208","page_number":323,"box":{"x":399,"y":0,"width":10,"height":925}},{"id":"b021a3ba-b811-4a44-a660-bab2a572d543","block_type":"box","text":"Payment of redemptions (32,661,749) (235,827,387) (226,799,335) (27,640,877) (3,818,997) (162,553,133)","page_number":323,"box":{"x":412,"y":0,"width":10,"height":925}},{"id":"1ae889a4-a31c-4ea2-bb92-79d9e088c515","block_type":"box","text":"Distributions paid to Unitholders (54,226) (4,586,938) (20,836,254) (556,475) (558,952) (1,611,717)","page_number":323,"box":{"x":425,"y":0,"width":10,"height":925}},{"id":"58656bd2-2f69-460e-8321-db627322e1d5","block_type":"box","text":"Net cash (used in)/provided by financing activities (28,569,732) (35,494,180) (54,678,170) (3,469,692) (3,863,660) 12,470,358","page_number":323,"box":{"x":438,"y":0,"width":10,"height":925}},{"id":"c1553c12-111c-40f8-83a7-94464e704e64","block_type":"box","text":"Net increase/(decrease) in cash and cash equivalents 2,807,893 6,103,522 3,931,832 1,847,356 (59,800) 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7,534,167 25,684,905 34,047,002 2,434,032 1,931,732 10,932,858","page_number":323,"box":{"x":552,"y":0,"width":10,"height":924}},{"id":"a63c4183-c927-460b-8182-f904a96027fb","block_type":"box","text":"Interest paid (102,934) (3,512) (52,120) (149) (173) (166,682)","page_number":323,"box":{"x":565,"y":0,"width":10,"height":924}},{"id":"5fe8ba47-0243-459f-a4e5-27d853403bdb","block_type":"box","text":"Tax paid","page_number":323,"box":{"x":578,"y":870,"width":10,"height":55}},{"id":"93bb1123-894e-4100-8a15-bac8e8cdcebc","block_type":"box","text":"- (31,015) - - - (5,221)","page_number":323,"box":{"x":578,"y":0,"width":10,"height":352}},{"id":"b557bad0-87d9-4010-98c2-b4435ca2a9be","block_type":"box","text":"The accompanying notes form an integral part of these financial statements.","page_number":323,"box":{"x":620,"y":338,"width":11,"height":587}},{"id":"d23f7b94-6261-4f63-93e3-93de6ee28cbe","block_type":"box","text":"Muzinich 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for:","page_number":324,"box":{"x":244,"y":806,"width":10,"height":120}},{"id":"9840240a-8da4-41b4-82f4-020cd8fa6fb9","block_type":"box","text":"Movement in financial assets at fair value through profit or loss 18,657,714 21,360,281 (281,697,666) 30,919,885 25,290,405 (27,166,897)","page_number":324,"box":{"x":257,"y":0,"width":10,"height":925}},{"id":"430bfaba-8a79-4963-99cd-18dd51a790cb","block_type":"box","text":"Unrealised movement on derivative assets and liabilities (54,829) (66,238) (3,271,236) (62,693) 24,225 (2,172,714)","page_number":324,"box":{"x":270,"y":0,"width":10,"height":925}},{"id":"39671944-103e-426f-8f8f-3f18f5e73c70","block_type":"box","text":"Operating cash flows before movements in working capital 19,918,509 22,619,946 (259,666,498) 33,777,036 26,199,289 (24,808,285)","page_number":324,"box":{"x":292,"y":0,"width":11,"height":925}},{"id":"36b57513-cbdb-423d-aa80-be7aab84cf20","block_type":"box","text":"Movement in receivables (409,772) (346,619) (7,765,282) (5,913) 100,330 (1,524,553)","page_number":324,"box":{"x":305,"y":0,"width":11,"height":925}},{"id":"f3fd1902-e243-451d-bccd-56be76dc8f2a","block_type":"box","text":"Movement in payables (139,895) (68,660) (213,287) (67,305) (134,746) (136,089)","page_number":324,"box":{"x":318,"y":0,"width":11,"height":925}},{"id":"fb05cce6-43a5-4df6-b779-6540f0088207","block_type":"box","text":"Cash outflow from operations (549,667) (415,279) (7,978,569) (73,218) (34,416) (1,660,642)","page_number":324,"box":{"x":341,"y":0,"width":10,"height":925}},{"id":"009f0913-ae11-497b-9984-34608f3755bf","block_type":"box","text":"Net cash provided by/(used in) operating activities 19,368,842 22,204,667 (267,645,067) 33,703,818 26,164,873 (26,468,927)","page_number":324,"box":{"x":363,"y":0,"width":11,"height":925}},{"id":"e67d09ac-c087-4c3a-970c-4506469521ae","block_type":"box","text":"Financing activities","page_number":324,"box":{"x":386,"y":787,"width":10,"height":138}},{"id":"2e290779-a21c-4086-982e-84b997422690","block_type":"box","text":"Proceeds from subscriptions 213,318 604,261 559,441,398 2,618,652 88,895 43,901,396","page_number":324,"box":{"x":399,"y":0,"width":10,"height":925}},{"id":"d8371d8d-c3c5-4aea-b098-cf29927f83f4","block_type":"box","text":"Payment of redemptions (16,697,559) (20,769,246) (304,822,295) (44,772,845) (26,334,381) (15,756,112)","page_number":324,"box":{"x":412,"y":0,"width":10,"height":925}},{"id":"4d0cdf5e-ae44-4e6d-89cc-72ceab4ad6c1","block_type":"box","text":"Distributions paid to Unitholders (2,399,125) (2,617,105) (7,569,111) (167,039) (413,536) (90,830)","page_number":324,"box":{"x":425,"y":0,"width":10,"height":925}},{"id":"c3a8ccb1-5038-47e9-8f6d-1dae7f9660be","block_type":"box","text":"Net cash (used in)/provided by financing activities (18,883,366) (22,782,090) 247,049,992 (42,321,232) (26,659,022) 28,054,454","page_number":324,"box":{"x":438,"y":0,"width":10,"height":925}},{"id":"8fb49440-a872-4b4b-9ba1-19f3b6b9f31b","block_type":"box","text":"Net increase/(decrease) in cash and cash equivalents 485,476 (577,423) (20,595,075) (8,617,414) (494,149) 1,585,527","page_number":324,"box":{"x":461,"y":0,"width":10,"height":925}},{"id":"cafd3e77-5d1e-4345-aabe-be31e17636db","block_type":"box","text":"Cash and cash equivalents at the beginning of the six month","page_number":324,"box":{"x":483,"y":512,"width":10,"height":413}},{"id":"a95bab38-8759-4185-b274-69cd46db3776","block_type":"box","text":"period 2,817,203 5,220,363 48,451,460 9,236,777 4,143,261 7,230,969","page_number":324,"box":{"x":494,"y":0,"width":10,"height":925}},{"id":"394bac3b-bec0-4bfc-97a8-e8f4d8b306e9","block_type":"box","text":"Cash and cash equivalents at the end of the six month period 3,302,679 4,642,940 27,856,385 619,363 3,649,112 8,816,496","page_number":324,"box":{"x":516,"y":0,"width":10,"height":925}},{"id":"d1ba6d8a-aafe-4412-83ed-e700d9119bde","block_type":"box","text":"Supplementary information","page_number":324,"box":{"x":539,"y":730,"width":10,"height":195}},{"id":"dfaaf874-4a61-4fcf-8c3c-f1b078c1e021","block_type":"box","text":"Interest received 4,120,648 4,488,354 27,604,585 4,935,272 3,726,513 10,793,691","page_number":324,"box":{"x":552,"y":0,"width":10,"height":924}},{"id":"ce7243a5-d797-453b-9734-d1550c4e7adc","block_type":"box","text":"Interest paid","page_number":324,"box":{"x":565,"y":839,"width":10,"height":85}},{"id":"f0d79fed-3060-41a4-b1ed-82fcf129b1a2","block_type":"box","text":"- - (43,417) (9,749) (115) (80)","page_number":324,"box":{"x":565,"y":0,"width":10,"height":352}},{"id":"c16a32a6-7ff5-4bb1-8241-b655dadf6815","block_type":"box","text":"Tax 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1,368,871 2,631,599 1,549,236 651,657","page_number":325,"box":{"x":221,"y":0,"width":10,"height":925}},{"id":"6faea6de-5568-4195-a55a-1544ed74f604","block_type":"box","text":"Adjustments for:","page_number":325,"box":{"x":244,"y":806,"width":10,"height":120}},{"id":"d36b5777-e20e-49b9-b744-96c9641cd44c","block_type":"box","text":"Movement in financial assets at fair value through profit or loss 50,592,367 14,369,510 (25,272,479) (94,900,737)","page_number":325,"box":{"x":257,"y":0,"width":10,"height":925}},{"id":"c1952fb2-bc55-4bbd-adc5-8c01563272b9","block_type":"box","text":"Unrealised movement on derivative assets and liabilities (333,965) 298,494 (185,517) 614,457","page_number":325,"box":{"x":270,"y":0,"width":10,"height":925}},{"id":"cc63ec81-b124-4b7d-8e71-a26cd3ceed61","block_type":"box","text":"Operating cash flows before movements in working capital 51,627,273 17,299,603 (23,908,760) (93,634,623)","page_number":325,"box":{"x":292,"y":0,"width":11,"height":925}},{"id":"0eb53c89-02b0-4bbf-a08c-966239ab5411","block_type":"box","text":"Movement in receivables 154,422 (565,505) (911,667) (9,212,311)","page_number":325,"box":{"x":305,"y":0,"width":11,"height":925}},{"id":"013448aa-329f-41f9-97b8-376e61e531e9","block_type":"box","text":"Movement in payables (113,284) (78,349) 26,375 158,224","page_number":325,"box":{"x":318,"y":0,"width":11,"height":925}},{"id":"85d1efb6-e47d-45f6-96b9-e882d95b5d0e","block_type":"box","text":"Cash inflow/(outflow) from operations 41,138 (643,854) (885,292) (9,054,087)","page_number":325,"box":{"x":341,"y":0,"width":10,"height":925}},{"id":"27d83849-4e99-4045-bd07-9ec9f20bd2de","block_type":"box","text":"Net cash provided by/(used in) operating activities 51,668,411 16,655,749 (24,794,052) (102,688,710)","page_number":325,"box":{"x":363,"y":0,"width":11,"height":925}},{"id":"ef9e68f4-d637-47de-83e6-90b0ee40b342","block_type":"box","text":"Financing activities","page_number":325,"box":{"x":386,"y":787,"width":10,"height":138}},{"id":"86ce46af-f155-4da8-adc8-54a46ac10d4b","block_type":"box","text":"Proceeds from subscriptions 47,373 - 32,817,168 106,888,299","page_number":325,"box":{"x":399,"y":0,"width":10,"height":925}},{"id":"b1714365-38da-47ee-9278-aad3d49ad9a9","block_type":"box","text":"Payment of redemptions (53,799,757) (19,731,655) (12,246,865) (1,889,844)","page_number":325,"box":{"x":412,"y":0,"width":10,"height":925}},{"id":"a943e1f9-6d85-4bef-82e5-843a8997bc57","block_type":"box","text":"Distributions paid to Unitholders (164,063) (655,821) (251,513) -","page_number":325,"box":{"x":425,"y":0,"width":10,"height":925}},{"id":"88f85308-c062-4bcd-a13d-a93352afc65f","block_type":"box","text":"Net cash (used in)/provided by financing activities (53,916,447) (20,387,476) 20,318,790 104,998,455","page_number":325,"box":{"x":438,"y":0,"width":10,"height":925}},{"id":"eae9bec8-f394-407e-8506-12283b4be7d5","block_type":"box","text":"Net (decrease)/increase in cash and cash equivalents (2,248,036) (3,731,727) (4,475,262) 2,309,745","page_number":325,"box":{"x":461,"y":0,"width":10,"height":925}},{"id":"1b5af74c-a3ff-4340-80af-0d67cf8a347b","block_type":"box","text":"Cash and cash equivalents at the beginning of the six month","page_number":325,"box":{"x":483,"y":512,"width":10,"height":413}},{"id":"3eaed121-2d66-4744-a96c-c1fe28184114","block_type":"box","text":"period 5,349,244 8,869,423 5,870,394 -","page_number":325,"box":{"x":494,"y":0,"width":10,"height":925}},{"id":"3d76c874-8cd0-4993-857e-1449624cfc96","block_type":"box","text":"Cash and cash equivalents at the end of the six month period 3,101,208 5,137,696 1,395,132 2,309,745","page_number":325,"box":{"x":516,"y":0,"width":10,"height":925}},{"id":"9f8cd2a4-62f0-4d26-a5e1-8d4f036259be","block_type":"box","text":"Supplementary information","page_number":325,"box":{"x":539,"y":730,"width":10,"height":195}},{"id":"2abf0e79-fdc1-490a-8747-f4de52c129ab","block_type":"box","text":"Interest received 4,138,674 8,098,453 3,166,531 (602,898)","page_number":325,"box":{"x":552,"y":0,"width":10,"height":924}},{"id":"f6e96f50-53f1-49ab-814e-9c7c76b5b85d","block_type":"box","text":"Interest paid","page_number":325,"box":{"x":565,"y":839,"width":10,"height":85}},{"id":"9000decd-f8e2-4549-a483-e28d769ff2fc","block_type":"box","text":"- (5) (14) (18,949)","page_number":325,"box":{"x":565,"y":0,"width":10,"height":352}},{"id":"33266cda-d6bc-4882-b52f-f4a3603d19e6","block_type":"box","text":"Tax paid (1,710) - (475) -","page_number":325,"box":{"x":578,"y":0,"width":10,"height":925}},{"id":"c328f1fe-9d29-40d6-8e6a-b910ac698f38","block_type":"box","text":"* Muzinich Global Credit Market Neutral Fund launched on 12 February 2026.","page_number":325,"box":{"x":611,"y":399,"width":10,"height":526}},{"id":"4c960fe5-6207-4d57-81ca-cdf7a190a743","block_type":"box","text":"The accompanying notes form an integral part of these financial statements.","page_number":325,"box":{"x":635,"y":338,"width":11,"height":587}},{"id":"ca2ec86f-161a-4b2a-b544-092734570d3f","block_type":"box","text":"Muzinich Funds","page_number":325,"box":{"x":42,"y":0,"width":16,"height":0}},{"id":"a0483efe-0529-4dc9-b2e2-a34af1892288","block_type":"box","text":"Statement of Cash Flows for the six month period ended 31 May 2026 cont/d…","page_number":325,"box":{"x":104,"y":87,"width":15,"height":838}},{"id":"8ccc8176-0323-4fb8-9d96-8a7622e153d9","block_type":"box","text":"324","page_number":325,"box":{"x":667,"y":281,"width":7,"height":21}},{"id":"327ad42e-defa-4518-88a3-574e42f737a0","block_type":"box","text":"Muzinich","page_number":326,"box":{"x":148,"y":349,"width":8,"height":62}},{"id":"2d0740d2-e121-4845-bb92-277f9229bc6e","block_type":"box","text":"Americayield","page_number":326,"box":{"x":159,"y":348,"width":10,"height":93}},{"id":"59f11910-0a4f-410a-928b-315aa975f591","block_type":"box","text":"Fund","page_number":326,"box":{"x":170,"y":348,"width":8,"height":34}},{"id":"66d85b71-bfc6-42fc-94e3-754e255f81c6","block_type":"box","text":"Muzinich","page_number":326,"box":{"x":148,"y":211,"width":8,"height":62}},{"id":"83dc53d5-d068-4ba0-925e-b387d0b925b7","block_type":"box","text":"Europeyield","page_number":326,"box":{"x":159,"y":211,"width":10,"height":84}},{"id":"74f8b07b-6e64-4d4e-965a-590322088983","block_type":"box","text":"Fund","page_number":326,"box":{"x":170,"y":211,"width":8,"height":33}},{"id":"0ee226e9-8ac9-4433-a607-3f13a0e8a236","block_type":"box","text":"Muzinich","page_number":326,"box":{"x":148,"y":73,"width":8,"height":63}},{"id":"aec29ba1-e957-407c-a66c-47dfedbca754","block_type":"box","text":"Global 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Duration","page_number":326,"box":{"x":148,"y":0,"width":8,"height":0}},{"id":"5c1401fa-1cb7-4395-9956-22b3b5c37c4e","block_type":"box","text":"Enhancedyield","page_number":326,"box":{"x":159,"y":0,"width":10,"height":0}},{"id":"b0c29703-7200-4bc8-9686-ed6253c9d5f6","block_type":"box","text":"Fund**","page_number":326,"box":{"x":170,"y":0,"width":8,"height":0}},{"id":"d403d67f-875e-476f-87bd-c4ac7f052896","block_type":"box","text":"US$ € US$ € US$ €","page_number":326,"box":{"x":182,"y":0,"width":10,"height":373}},{"id":"098e5c53-5e2d-4774-833e-7cf53322c064","block_type":"box","text":"Cash flows from operating activities","page_number":326,"box":{"x":197,"y":669,"width":11,"height":256}},{"id":"d72734ba-bf16-4d69-b52c-71d2ab082fc5","block_type":"box","text":"Net increase/(decrease) in net assets attributable to","page_number":326,"box":{"x":211,"y":562,"width":10,"height":363}},{"id":"96fad4eb-4c35-465b-8105-ca0502db7df0","block_type":"box","text":"redeemable participating Unitholders before distributions 31,358,022 19,373,177 14,919,003 50,067,688 78,009,998 (1,005,664)","page_number":326,"box":{"x":221,"y":0,"width":10,"height":925}},{"id":"95ccb4f5-2e17-47cb-893a-0f351f78e308","block_type":"box","text":"Adjustments for:","page_number":326,"box":{"x":244,"y":806,"width":10,"height":120}},{"id":"d5075ac1-87c7-4810-80d2-388d33a9ec58","block_type":"box","text":"Movement in financial assets at fair value through profit or loss 49,927,554 (14,103,832) (15,241,563) (102,951,147) 13,791,192 6,066,154","page_number":326,"box":{"x":257,"y":0,"width":10,"height":925}},{"id":"ef46915a-ddf1-4416-b052-e49289e75752","block_type":"box","text":"Unrealised movement on derivative assets and liabilities (22,453,202) 6,460,295 (5,966,972) (93,292,137) (33,823,272) (3,333,828)","page_number":326,"box":{"x":270,"y":0,"width":10,"height":925}},{"id":"d5c42e0e-61fe-4400-a222-13d6329d34a0","block_type":"box","text":"Operating cash flows before movements in working capital 58,832,374 11,729,640 (6,289,532) (146,175,596) 57,977,918 1,726,662","page_number":326,"box":{"x":292,"y":0,"width":11,"height":925}},{"id":"220d5239-29c0-456a-8a43-298cb35c796e","block_type":"box","text":"Movement in receivables 846,314 (837,688) (221,392) (9,707,107) 1,424,947 38,081","page_number":326,"box":{"x":305,"y":0,"width":11,"height":925}},{"id":"ebe91e4d-bd12-4dd8-8d51-f29b22bd1a5f","block_type":"box","text":"Movement in payables 46,991 153,606 33,908 682,005 307,026 32,987","page_number":326,"box":{"x":318,"y":0,"width":11,"height":925}},{"id":"28718687-c4f3-43cb-90f8-832b9a3c83dd","block_type":"box","text":"Cash inflow/(outflow) from operations 893,305 (684,082) (187,484) (9,025,102) 1,731,973 71,068","page_number":326,"box":{"x":341,"y":0,"width":10,"height":925}},{"id":"34a7ed66-e662-4e41-b670-270066547f0b","block_type":"box","text":"Net cash provided by/(used in) operating activities 59,725,679 11,045,558 (6,477,016) (155,200,698) 59,709,891 1,797,730","page_number":326,"box":{"x":363,"y":0,"width":11,"height":925}},{"id":"6861db28-2d0a-437f-8338-726c08d2b93f","block_type":"box","text":"Financing activities","page_number":326,"box":{"x":386,"y":787,"width":10,"height":138}},{"id":"4455c1f8-a1ac-42c6-b5d7-d620975e4364","block_type":"box","text":"Proceeds from subscriptions 24,091,688 307,907,107 38,020,801 1,307,489,668 368,603,048 20,263,395","page_number":326,"box":{"x":399,"y":0,"width":10,"height":925}},{"id":"46a89da2-ca2e-4bb2-b1e1-25ac00cbf0e8","block_type":"box","text":"Payment of redemptions (73,121,196) (285,812,799) (25,587,941) (1,266,815,823) (425,547,398) (18,092,314)","page_number":326,"box":{"x":412,"y":0,"width":10,"height":925}},{"id":"ae2426d0-6e84-486c-94b7-b742e953dcc9","block_type":"box","text":"Distributions paid to Unitholders (10,817,003) (4,879,411) (770,038) (19,116,250) (6,520,115) (1,916,518)","page_number":326,"box":{"x":425,"y":0,"width":10,"height":925}},{"id":"b8042e6c-625a-451c-8a4c-cd4fec5f1b26","block_type":"box","text":"Net cash (used in)/provided by financing activities (59,846,511) 17,214,897 11,662,822 21,557,595 (63,464,465) 254,563","page_number":326,"box":{"x":438,"y":0,"width":10,"height":925}},{"id":"da76b084-30b7-4a26-b61b-77ce11a0aab1","block_type":"box","text":"Net (decrease)/increase in cash and cash equivalents (120,832) 28,260,455 5,185,806 (133,643,103) (3,754,574) 2,052,293","page_number":326,"box":{"x":461,"y":0,"width":10,"height":925}},{"id":"bd92dfc1-8472-442a-8ece-ff29811b03db","block_type":"box","text":"Cash and cash equivalents at the beginning of the six month","page_number":326,"box":{"x":483,"y":512,"width":10,"height":413}},{"id":"84562214-1014-4dab-905a-c22a21ed1774","block_type":"box","text":"period 9,337,197 22,960,258 3,543,846 275,744,529 13,952,553 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(26,155,891)","page_number":327,"box":{"x":257,"y":0,"width":10,"height":925}},{"id":"eae435e6-4036-4f38-99b5-1bfc560cc01e","block_type":"box","text":"Unrealised movement on derivative assets and liabilities (7,134,909) (32,280,607) (58,165,339) (1,954,676) (2,629,401) 500,680","page_number":327,"box":{"x":270,"y":0,"width":10,"height":925}},{"id":"114c3d5a-7346-4ce6-8257-47ac9eaeb76e","block_type":"box","text":"Operating cash flows before movements in working capital 38,960,700 127,747,654 254,491,941 16,451,648 14,067,576 (15,906,202)","page_number":327,"box":{"x":292,"y":0,"width":11,"height":925}},{"id":"9496d353-9e4a-4960-94b7-dcd965d4b086","block_type":"box","text":"Movement in receivables (216,824) 1,216,352 (470,783) 181,453 174,504 (7,083,792)","page_number":327,"box":{"x":305,"y":0,"width":11,"height":925}},{"id":"dc1491e1-09fb-4b47-a9b7-64a9391df6e3","block_type":"box","text":"Movement in payables (632,355) 124,346 262,417 (10,846) (182) 640,576","page_number":327,"box":{"x":318,"y":0,"width":11,"height":925}},{"id":"3e64cd6b-a57d-4a1b-af96-bdfc8c5fd19a","block_type":"box","text":"Cash (outflow)/inflow from operations (849,179) 1,340,698 (208,366) 170,607 174,322 (6,443,216)","page_number":327,"box":{"x":341,"y":0,"width":10,"height":925}},{"id":"c3deee64-3ae7-4f91-8639-eb25a148a032","block_type":"box","text":"Net cash provided by/(used in) operating activities 38,111,521 129,088,352 254,283,575 16,622,255 14,241,898 (22,349,418)","page_number":327,"box":{"x":363,"y":0,"width":11,"height":925}},{"id":"7988265c-9cee-4ad5-9748-d291f7198d6c","block_type":"box","text":"Financing activities","page_number":327,"box":{"x":386,"y":787,"width":10,"height":138}},{"id":"11951370-aa06-4c83-aa6a-7f037e09c1cd","block_type":"box","text":"Proceeds from subscriptions 10,971,132 112,804,170 148,764,539 2,971,110 184,853 50,318,804","page_number":327,"box":{"x":399,"y":0,"width":10,"height":925}},{"id":"4b108966-2338-4183-b731-42dbd56934a6","block_type":"box","text":"Payment of redemptions (42,862,984) (241,921,919) (365,416,559) (17,949,053) (14,565,351) (39,027,624)","page_number":327,"box":{"x":412,"y":0,"width":10,"height":925}},{"id":"6b27f7bf-a0e9-45bb-a504-8a51c2566b33","block_type":"box","text":"Distributions paid to Unitholders (79,158) (4,055,340) (28,662,301) (540,960) (886,459) (1,873,180)","page_number":327,"box":{"x":425,"y":0,"width":10,"height":925}},{"id":"185c22d5-cf71-4819-952a-243367a1fea2","block_type":"box","text":"Net cash (used in)/provided by financing activities (31,971,010) (133,173,089) (245,314,321) (15,518,903) (15,266,957) 9,418,000","page_number":327,"box":{"x":438,"y":0,"width":10,"height":925}},{"id":"fc02962b-3768-4678-ac7c-c60c5ed221ef","block_type":"box","text":"Net increase/(decrease) in cash and cash equivalents 6,140,511 (4,084,737) 8,969,254 1,103,352 (1,025,059) (12,931,418)","page_number":327,"box":{"x":461,"y":0,"width":10,"height":925}},{"id":"635e490f-b55f-4dba-a331-0222c7dc4fe0","block_type":"box","text":"Cash and cash equivalents at the beginning of the six month","page_number":327,"box":{"x":483,"y":512,"width":10,"height":413}},{"id":"6e90ea23-de29-4332-a6ae-63f404f22b04","block_type":"box","text":"period 11,147,432 11,369,570 11,042,129 57,806 1,532,799 21,344,997","page_number":327,"box":{"x":494,"y":0,"width":10,"height":925}},{"id":"a3927cbb-8892-4c87-bef5-9b6089c39310","block_type":"box","text":"Cash and cash equivalents at the end of the six month period 17,287,943 7,284,833 20,011,383 1,161,158 507,740 8,413,579","page_number":327,"box":{"x":516,"y":0,"width":10,"height":925}},{"id":"ceaeadbd-6a81-49f1-a949-b4f660b53c42","block_type":"box","text":"Supplementary 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7,363,369","page_number":328,"box":{"x":257,"y":0,"width":10,"height":925}},{"id":"927b6584-91a3-42ce-9a4a-ba37749a1d34","block_type":"box","text":"Unrealised movement on derivative assets and liabilities (2,971,083) (2,929,857) (24,786,537) (2,864,576) 1,417,964 (21,367,523)","page_number":328,"box":{"x":270,"y":0,"width":10,"height":925}},{"id":"0b85ae2c-9687-474c-a445-7e7dcce3d381","block_type":"box","text":"Operating cash flows before movements in working capital 23,375,271 31,567,941 (124,606,130) (2,977,898) 11,397,098 (15,399,191)","page_number":328,"box":{"x":292,"y":0,"width":11,"height":925}},{"id":"acca4143-1b66-492b-8498-e13377099a38","block_type":"box","text":"Movement in receivables (283,467) (205,089) (4,043,577) (367,131) (119,888) (708,706)","page_number":328,"box":{"x":305,"y":0,"width":11,"height":925}},{"id":"f7284c46-5b39-4460-bd82-33d4cb3fc4d7","block_type":"box","text":"Movement in payables (9,193) (641) 202,330 35,251 50,585 66,811","page_number":328,"box":{"x":318,"y":0,"width":11,"height":925}},{"id":"bfc2d388-8b0d-4ebc-baa5-7bbca810203f","block_type":"box","text":"Cash outflow from operations (292,660) (205,730) (3,841,247) (331,880) (69,303) (641,895)","page_number":328,"box":{"x":341,"y":0,"width":10,"height":925}},{"id":"c1cf354c-26fa-46af-8b92-59bd27ba875f","block_type":"box","text":"Net cash provided by/(used in) operating activities 23,082,611 31,362,211 (128,447,377) (3,309,778) 11,327,795 (16,041,086)","page_number":328,"box":{"x":363,"y":0,"width":11,"height":925}},{"id":"0ba247d6-6427-40e5-9937-8f48fd11618a","block_type":"box","text":"Financing activities","page_number":328,"box":{"x":386,"y":787,"width":10,"height":138}},{"id":"73ce9acd-28f8-4a1f-8ee2-2fbdfd82a208","block_type":"box","text":"Proceeds from subscriptions 2,174,715 693,317 373,325,631 2,746,172 1,028 38,133,603","page_number":328,"box":{"x":399,"y":0,"width":10,"height":925}},{"id":"42d14c26-0bb1-4899-b062-350f52f347ce","block_type":"box","text":"Payment of redemptions (24,252,025) (26,890,620) (246,240,973) (1,096,283) (11,615,268) (25,729,730)","page_number":328,"box":{"x":412,"y":0,"width":10,"height":925}},{"id":"a9430ab7-6169-405d-9eec-69707963b92d","block_type":"box","text":"Distributions paid to Unitholders (2,857,731) (3,172,736) (4,967,397) (409,407) (669,653) (61,156)","page_number":328,"box":{"x":425,"y":0,"width":10,"height":925}},{"id":"3d58c74b-403d-499f-884b-8804f5517d56","block_type":"box","text":"Net cash (used in)/provided by financing activities (24,935,041) (29,370,039) 122,117,261 1,240,482 (12,283,893) 12,342,717","page_number":328,"box":{"x":438,"y":0,"width":10,"height":925}},{"id":"dfd04bd3-276a-4b99-8ce1-9f9525c808da","block_type":"box","text":"Net (decrease)/increase in cash and cash equivalents (1,852,430) 1,992,172 (6,330,116) (2,069,296) (956,098) (3,698,369)","page_number":328,"box":{"x":461,"y":0,"width":10,"height":925}},{"id":"6be52098-7b69-4e27-aeba-f0a65adf6929","block_type":"box","text":"Cash and cash equivalents at the beginning of the six month","page_number":328,"box":{"x":483,"y":512,"width":10,"height":413}},{"id":"8b9bcb7a-d14b-425a-9ec5-c3653d695f40","block_type":"box","text":"period 8,607,990 6,816,281 36,726,984 4,921,410 1,718,985 8,359,041","page_number":328,"box":{"x":494,"y":0,"width":10,"height":925}},{"id":"0c637e2c-fb19-43fd-99ca-9a919f283fc4","block_type":"box","text":"Cash and cash equivalents at the end of the six month period 6,755,560 8,808,453 30,396,868 2,852,114 762,887 4,660,672","page_number":328,"box":{"x":516,"y":0,"width":10,"height":925}},{"id":"29ce0ec5-162a-41f2-9d00-fec54ca8adfc","block_type":"box","text":"Supplementary information","page_number":328,"box":{"x":539,"y":730,"width":10,"height":195}},{"id":"598f1eed-217a-4d81-89b4-4892be61c838","block_type":"box","text":"Interest received 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for:","page_number":329,"box":{"x":233,"y":806,"width":10,"height":120}},{"id":"270d4306-ec7c-4beb-a261-52eb0cb604c0","block_type":"box","text":"Movement in financial assets at fair value through profit or loss (17,958,864) 635,447 (69,648,430)","page_number":329,"box":{"x":246,"y":73,"width":10,"height":852}},{"id":"f771fea7-6324-4c86-9a36-bda852663a15","block_type":"box","text":"Unrealised movement on derivative assets and liabilities (927,521) (3,292,580) (364,093)","page_number":329,"box":{"x":259,"y":73,"width":10,"height":852}},{"id":"51a3505f-36d5-4464-9c21-9f73365b918c","block_type":"box","text":"Operating cash flows before movements in working capital (20,433,721) 5,613,542 (70,133,060)","page_number":329,"box":{"x":282,"y":73,"width":10,"height":852}},{"id":"db682dad-f4a3-47e5-ae00-4db131fd6a82","block_type":"box","text":"Movement in receivables (1,028,651) (1,569,955) (1,375,794)","page_number":329,"box":{"x":295,"y":73,"width":10,"height":852}},{"id":"7e8342a7-f18a-4d5b-9916-adb58bb57e1d","block_type":"box","text":"Movement in payables (41,850) 16,744 43,426","page_number":329,"box":{"x":308,"y":73,"width":10,"height":852}},{"id":"6e89288e-6797-403a-8ad2-1266a8d0e135","block_type":"box","text":"Cash outflow from operations (1,070,501) (1,553,211) (1,332,368)","page_number":329,"box":{"x":330,"y":73,"width":11,"height":852}},{"id":"ef22e175-b2e1-4952-a5b0-0f3368d38c65","block_type":"box","text":"Net cash (used in)/provided by operating activities (21,504,222) 4,060,331 (71,465,428)","page_number":329,"box":{"x":353,"y":73,"width":10,"height":852}},{"id":"e30169ae-4619-470a-835e-7f5ccfe5ec8b","block_type":"box","text":"Financing activities","page_number":329,"box":{"x":375,"y":787,"width":10,"height":138}},{"id":"2b2ec142-4742-4be4-b466-b2cda0e5062d","block_type":"box","text":"Proceeds from subscriptions 29,660,470 - 78,246,435","page_number":329,"box":{"x":388,"y":73,"width":10,"height":852}},{"id":"64ee664a-e060-4df3-8bad-d1fa5b97e219","block_type":"box","text":"Payment of redemptions (10,356,183) (7,310,532) (1,405,278)","page_number":329,"box":{"x":401,"y":73,"width":11,"height":852}},{"id":"29d7d1c9-1f4c-497a-8cba-336b5536bbca","block_type":"box","text":"Distributions paid to Unitholders 1,575,848 (703,650) -","page_number":329,"box":{"x":414,"y":74,"width":11,"height":851}},{"id":"85e6f731-61ab-44bf-9dae-4bc57b185312","block_type":"box","text":"Net cash provided by/(used in) financing activities 20,880,135 (8,014,182) 76,841,157","page_number":329,"box":{"x":427,"y":73,"width":11,"height":852}},{"id":"47f1087f-c237-444c-92b0-5297eba06d09","block_type":"box","text":"Net (decrease)/increase in cash and cash equivalents (624,087) (3,953,851) 5,375,729","page_number":329,"box":{"x":450,"y":73,"width":10,"height":852}},{"id":"12767e8a-fcae-4e48-aa83-1fec47853f4a","block_type":"box","text":"Cash and cash equivalents at the beginning of the six month","page_number":329,"box":{"x":473,"y":512,"width":10,"height":413}},{"id":"f8b0770b-65cb-48ad-9bd1-29544b59bda4","block_type":"box","text":"period 3,063,683 13,308,363 -","page_number":329,"box":{"x":483,"y":74,"width":10,"height":851}},{"id":"478d6eb2-767e-46f3-9967-b6b3e5183e85","block_type":"box","text":"Cash and cash equivalents at the end of the six month period 2,439,596 9,354,512 5,375,729","page_number":329,"box":{"x":506,"y":73,"width":10,"height":852}},{"id":"386ed562-05d2-4c6c-ae9d-2f287a47fd87","block_type":"box","text":"Supplementary information","page_number":329,"box":{"x":528,"y":730,"width":10,"height":195}},{"id":"81ed82ad-1b50-42d3-abbd-23600f00129c","block_type":"box","text":"Interest received 4,446,281 7,594,406 (722,692)","page_number":329,"box":{"x":541,"y":73,"width":10,"height":851}},{"id":"899d4143-8500-41a3-a0cd-e8747212659a","block_type":"box","text":"Interest paid (431) - (888)","page_number":329,"box":{"x":554,"y":73,"width":10,"height":851}},{"id":"f1a5ae59-d9e1-4554-8429-ab6f248b2d24","block_type":"box","text":"Tax paid","page_number":329,"box":{"x":567,"y":870,"width":10,"height":55}},{"id":"554bd09f-398f-4be5-bbf4-86253b48d29b","block_type":"box","text":"---","page_number":329,"box":{"x":572,"y":74,"width":1,"height":278}},{"id":"019d2581-0ebe-4fec-a27a-1a06864530cf","block_type":"box","text":"* Muzinich Global Fixed Maturity 2029 Fund launched on 21 January 2025.","page_number":329,"box":{"x":600,"y":420,"width":10,"height":505}},{"id":"075351db-6b26-4eb4-a73c-9a56bfffc8d4","block_type":"box","text":"The accompanying notes form an integral part of these financial statements.","page_number":329,"box":{"x":624,"y":338,"width":11,"height":587}},{"id":"83dfba3f-2e3f-4443-aa8d-62a3d266ff3f","block_type":"box","text":"Muzinich 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Basis of preparation","page_number":330,"box":{"x":82,"y":137,"width":209,"height":13}},{"id":"08b0600b-cc32-4546-8467-7be2cbe9adf3","block_type":"box","text":"These condensed interim unaudited financial statements for the six month period ended 31 May 2026 have","page_number":330,"box":{"x":80,"y":161,"width":835,"height":12}},{"id":"1e645686-bdb9-460d-ae63-cedda345c2b2","block_type":"box","text":"been prepared in accordance with IAS 34 ‘Interim Financial Reporting’. The condensed interim unaudited","page_number":330,"box":{"x":81,"y":176,"width":833,"height":11}},{"id":"0efacbb0-d546-478c-bbac-c7bc84bd8694","block_type":"box","text":"financial statements should be read in conjunction with the annual report and audited financial statements for","page_number":330,"box":{"x":80,"y":191,"width":835,"height":11}},{"id":"56089ce6-2d7b-4f7f-bac9-733b5480ea24","block_type":"box","text":"the financial year ended 30 November 2025, which have been prepared in accordance with International","page_number":330,"box":{"x":80,"y":206,"width":835,"height":11}},{"id":"9f2ac532-bf13-41fc-870e-7e5c22787780","block_type":"box","text":"Financial Reporting Standards (“IFRS”) as adopted by the European Union (“EU”) and the European","page_number":330,"box":{"x":81,"y":221,"width":833,"height":11}},{"id":"bd544def-3c11-4259-9f48-7b4fef28391c","block_type":"box","text":"Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as","page_number":330,"box":{"x":80,"y":236,"width":835,"height":11}},{"id":"affa3865-7302-4cd6-a91c-66fe37229133","block_type":"box","text":"amended), and the Central Bank (Supervision And Enforcement) Act 2013 (Section 48 (1) (Undertakings For","page_number":330,"box":{"x":80,"y":250,"width":835,"height":12}},{"id":"2fbd528a-5977-44bf-9b79-bce6a3b0b6fa","block_type":"box","text":"Collective Investment in Transferable Securities)) Regulations 2019, (together the “UCITS Regulations”).","page_number":330,"box":{"x":80,"y":265,"width":795,"height":11}},{"id":"e18ffbd3-12fe-4ba6-b1a7-4c2c5dce7dab","block_type":"box","text":"The accounting policies and methods of calculation applied in these condensed interim unaudited financial","page_number":330,"box":{"x":80,"y":287,"width":835,"height":11}},{"id":"35d362c8-9dcc-45ec-90ff-00150a45da9a","block_type":"box","text":"statements are consistent with those applied in the annual report and audited financial statements for the","page_number":330,"box":{"x":80,"y":302,"width":835,"height":11}},{"id":"b28a609a-a50a-437b-a539-b32cf69f964d","block_type":"box","text":"financial year ended 30 November 2025.","page_number":330,"box":{"x":80,"y":317,"width":306,"height":11}},{"id":"48a7bf15-5d7d-47c6-81ba-5b459f09573f","block_type":"box","text":"The condensed interim unaudited financial statements are prepared under the historical cost convention as","page_number":330,"box":{"x":80,"y":339,"width":835,"height":11}},{"id":"48ee165b-e157-417f-9be9-6bfbf7207dbd","block_type":"box","text":"modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss. 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The Manager will provide on request to Unitholders supplementary information","page_number":339,"box":{"x":80,"y":861,"width":834,"height":11}},{"id":"f3facdb0-98ae-4cf1-af9d-9404284c10df","block_type":"box","text":"relating to the risk management methods employed by the Investment Manager in respect of the Sub-Funds","page_number":339,"box":{"x":81,"y":875,"width":834,"height":12}},{"id":"68756a06-dfdb-498b-b8c8-4a81d88d5c74","block_type":"box","text":"including the quantitative limits that are applied and any recent developments on the risk and yield","page_number":339,"box":{"x":80,"y":890,"width":834,"height":11}},{"id":"ecae9073-2f5b-4226-9033-d9ffbc716505","block_type":"box","text":"characteristics of the main categories of investments.","page_number":339,"box":{"x":80,"y":905,"width":411,"height":11}},{"id":"c38efc19-120d-466f-8b0e-476d80b3e514","block_type":"box","text":"Muzinich Funds","page_number":339,"box":{"x":695,"y":48,"width":219,"height":16}},{"id":"09ce96d0-ca02-42c4-abda-26eca3547caf","block_type":"box","text":"Notes to the financial statements for the six month period ended 31 May 2026","page_number":339,"box":{"x":81,"y":105,"width":833,"height":15}},{"id":"0066b57b-2df1-4d65-8ac9-31b4cc1450d3","block_type":"box","text":"cont/d…","page_number":339,"box":{"x":80,"y":124,"width":83,"height":13}},{"id":"f0513aea-4ecc-4f16-a182-3e0d2a55a1d1","block_type":"box","text":"338","page_number":339,"box":{"x":487,"y":969,"width":20,"height":7}},{"id":"b75b92b7-d41a-488d-8f0f-8fa429117559","block_type":"box","text":"4. 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The income arising","page_number":340,"box":{"x":80,"y":247,"width":835,"height":11}},{"id":"9b063730-04a6-4a9f-a4de-025bfe49f3bb","block_type":"box","text":"from these FDIs is disclosed within the net gains/(losses) on financial assets and financial liabilities at fair","page_number":340,"box":{"x":80,"y":262,"width":835,"height":11}},{"id":"cf46d953-67bb-4b16-924a-ec90ec54627e","block_type":"box","text":"value through profit or loss in the Statement of Comprehensive Income. The realised and unrealised gains and","page_number":340,"box":{"x":80,"y":276,"width":834,"height":12}},{"id":"b7237ba4-9445-4e79-86aa-9ccd660b0b06","block_type":"box","text":"losses are also disclosed in Statement of Comprehensive Income. Counterparty transaction costs on FDIs are","page_number":340,"box":{"x":81,"y":291,"width":834,"height":11}},{"id":"1eaf1794-faa6-4745-b819-774c0e4fa072","block_type":"box","text":"embedded in the price of FDIs and are therefore not separately identifiable for disclosure within the financial","page_number":340,"box":{"x":80,"y":306,"width":835,"height":11}},{"id":"a6a191ea-457e-4257-9697-f34235fada62","block_type":"box","text":"statements.","page_number":340,"box":{"x":80,"y":322,"width":89,"height":8}},{"id":"156e4b12-2516-4e8a-b82a-21f2fcb4c028","block_type":"box","text":"All derivative contracts open at 31 May 2026 are disclosed in the Portfolios of Investments.","page_number":340,"box":{"x":79,"y":343,"width":696,"height":11}},{"id":"5be30452-cda0-4f53-820b-27dcbd0f732a","block_type":"box","text":"There are no other instruments used on the Sub-Funds which require any additional disclosures in relation to","page_number":340,"box":{"x":80,"y":365,"width":835,"height":11}},{"id":"95b2e605-4001-4d6a-b5b1-534290f8e698","block_type":"box","text":"efficient portfolio management.","page_number":340,"box":{"x":80,"y":380,"width":245,"height":11}},{"id":"205f9aa7-6691-42ec-b830-66e3d4157c25","block_type":"box","text":"5. 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US$7,436,364 8.98%","page_number":345,"box":{"x":348,"y":741,"width":563,"height":11}},{"id":"be99146e-9d24-4857-add2-5a140cd82aaa","block_type":"box","text":"Muzinich Global Tactical Credit Fund","page_number":345,"box":{"x":80,"y":771,"width":250,"height":8}},{"id":"ce8db6ba-34db-42f3-a4dc-ff03fdca8362","block_type":"box","text":"Muzinich Dynamic Credit","page_number":345,"box":{"x":348,"y":758,"width":169,"height":10}},{"id":"5761a6a0-e91d-487c-870e-283912d4c357","block_type":"box","text":"Income Fund 61,025 US$7,678,212 5.24%","page_number":345,"box":{"x":349,"y":770,"width":562,"height":10}},{"id":"f69756a9-d8ab-432d-bdb1-dbc8b1520c88","block_type":"box","text":"Muzinich Global Tactical Credit Fund","page_number":345,"box":{"x":80,"y":799,"width":250,"height":8}},{"id":"0b35ae4f-7ff1-47b7-8541-33e8ef7bdb9d","block_type":"box","text":"Muzinich Emerging 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2026","page_number":345,"box":{"x":81,"y":105,"width":833,"height":15}},{"id":"155d6902-3740-4144-8d9b-087f75d00672","block_type":"box","text":"cont/d…","page_number":345,"box":{"x":80,"y":124,"width":83,"height":13}},{"id":"c51efe99-7d2b-473a-bee9-fbe54a41c0f3","block_type":"box","text":"344","page_number":345,"box":{"x":487,"y":969,"width":21,"height":7}},{"id":"d90e20c2-f847-46b5-8ffe-443fc68e5a22","block_type":"box","text":"7. Financial instruments","page_number":346,"box":{"x":81,"y":156,"width":226,"height":10}},{"id":"d500de53-b106-4204-899f-14348b22bb12","block_type":"box","text":"The Sub-Funds primarily invest in the following:","page_number":346,"box":{"x":80,"y":180,"width":365,"height":12}},{"id":"8609bb44-9e5b-4b88-86b2-93ba58f78c11","block_type":"box","text":"Sub-Fund","page_number":346,"box":{"x":80,"y":214,"width":64,"height":8}},{"id":"1404303e-33cb-4f30-8cb5-76327f143b2f","block_type":"box","text":"Muzinich Americayield Fund Publicly traded debt securities (including notes, such as floating rate short-term and","page_number":346,"box":{"x":80,"y":246,"width":834,"height":10}},{"id":"517516a3-76c7-4ad9-ad8a-d6cba7571aed","block_type":"box","text":"medium-term notes, and bonds) of US corporate borrowers generally traded on","page_number":346,"box":{"x":317,"y":259,"width":597,"height":10}},{"id":"43bdcaf0-05f0-4280-89e3-c508b1c021d9","block_type":"box","text":"recognised exchanges in the US.","page_number":346,"box":{"x":317,"y":271,"width":219,"height":10}},{"id":"3fd56025-f755-40db-8450-2102517fbd0e","block_type":"box","text":"Muzinich Europeyield Fund Publicly traded debt securities (including notes, such as floating rate short-term and","page_number":346,"box":{"x":80,"y":303,"width":834,"height":10}},{"id":"84b77f58-3446-4a22-8927-872530f49a8c","block_type":"box","text":"medium-term notes, and bonds) of European corporate borrowers and European","page_number":346,"box":{"x":317,"y":315,"width":597,"height":11}},{"id":"65c9dbc3-b03e-4fba-b129-3e9ef5f5e1cf","block_type":"box","text":"currency-denominated debt securities of North American corporate borrowers generally","page_number":346,"box":{"x":316,"y":328,"width":599,"height":10}},{"id":"a88b73d0-2460-4615-8815-e1ef9e6e9b32","block_type":"box","text":"traded on recognised exchanges in Europe.","page_number":346,"box":{"x":317,"y":340,"width":293,"height":10}},{"id":"f0371597-de32-4970-8108-1c2d48f35525","block_type":"box","text":"Muzinich Global High Yield Fund Publicly traded high yield debt securities (including notes, such as floating rate","page_number":346,"box":{"x":80,"y":372,"width":835,"height":10}},{"id":"d9534168-9c59-4975-b5da-b13454ac4e82","block_type":"box","text":"short-term and medium-term notes, and bonds) which are listed and/or traded on a","page_number":346,"box":{"x":316,"y":385,"width":599,"height":10}},{"id":"c2b4fef2-6c86-46a1-8d52-d279288474ec","block_type":"box","text":"recognised exchange and which are issued by corporate borrowers which are domiciled,","page_number":346,"box":{"x":317,"y":397,"width":596,"height":10}},{"id":"9aa0e766-c289-45c0-aeb4-8833a3e47d26","block_type":"box","text":"headquartered, or whose primary business activities or principal trading markets are in","page_number":346,"box":{"x":317,"y":410,"width":597,"height":10}},{"id":"87ce284c-c7a6-4f96-9274-ce19e544138f","block_type":"box","text":"the US, Europe and emerging markets. The Sub-Fund may have an exposure of more than","page_number":346,"box":{"x":317,"y":422,"width":597,"height":10}},{"id":"b4ec0b2e-4e81-4e6a-842d-c9e59b1998b1","block_type":"box","text":"20% of the NAV to emerging markets.","page_number":346,"box":{"x":316,"y":435,"width":253,"height":10}},{"id":"a4d5400c-3d12-4d7a-9552-de6dd9a9bd8e","block_type":"box","text":"Muzinich Enhancedyield","page_number":346,"box":{"x":80,"y":467,"width":162,"height":10}},{"id":"55e5b1ff-9675-407c-a9d8-ea6a20d179e4","block_type":"box","text":"Short-Term Fund","page_number":346,"box":{"x":80,"y":479,"width":112,"height":8}},{"id":"88f27828-fb46-4670-989d-d327c24240e2","block_type":"box","text":"Corporate debt securities (including fixed and floating rate notes and bonds) or in US","page_number":346,"box":{"x":317,"y":467,"width":597,"height":10}},{"id":"edde57f4-67b0-485b-af9a-dc5cfb1f02bb","block_type":"box","text":"and European Treasury Bonds and US and European Agency Bonds, which are publicly","page_number":346,"box":{"x":317,"y":479,"width":598,"height":10}},{"id":"e0649a4f-aca6-4ec5-a0b9-7ffcf0b95af4","block_type":"box","text":"traded on recognised exchanges. 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However, in the event that an asset","page_number":348,"box":{"x":317,"y":295,"width":598,"height":10}},{"id":"3dc9bb51-97f4-444f-a650-3c9d23192fd2","block_type":"box","text":"held by the Sub-Fund is subsequently restructured by an issuer, the Sub-Fund may","page_number":348,"box":{"x":317,"y":308,"width":598,"height":10}},{"id":"c313c078-c2e2-4a1c-8c3e-de305f7a87a1","block_type":"box","text":"become a recipient of, and hold, equities in such issuer. Such equities (if any) will be","page_number":348,"box":{"x":317,"y":320,"width":598,"height":10}},{"id":"50203dce-12f0-4aed-8273-6a2803733409","block_type":"box","text":"limited and are not expected to form a material part of the portfolio.","page_number":348,"box":{"x":317,"y":333,"width":480,"height":10}},{"id":"5464c776-9662-4bd8-a9c5-21cde7d94db6","block_type":"box","text":"Muzinich Global Fixed Maturity","page_number":348,"box":{"x":80,"y":365,"width":212,"height":10}},{"id":"8d2e5ec2-89ae-4d1f-b8ab-79a47c0644cb","block_type":"box","text":"2027 II Fund","page_number":348,"box":{"x":80,"y":377,"width":82,"height":8}},{"id":"5ed2d4a9-9da7-4471-ad3b-7782c8fbe016","block_type":"box","text":"Up to 25% in debt securities which have a maturity that extends past the Sub-Fund’s","page_number":348,"box":{"x":317,"y":365,"width":598,"height":10}},{"id":"27f1cfad-0392-4abd-85fc-ade3ef5854f0","block_type":"box","text":"liquidation date. With the exception of permitted investments in transferable securities","page_number":348,"box":{"x":317,"y":377,"width":598,"height":10}},{"id":"33be32f7-fa91-4b93-aff7-74771f5e9fef","block_type":"box","text":"and money market instruments which are unlisted, all securities/instruments in which","page_number":348,"box":{"x":317,"y":390,"width":597,"height":10}},{"id":"2c2f2eac-dba1-4329-baae-9481dd2f60b1","block_type":"box","text":"the Sub-Fund will invest will be listed and/or traded on a Recognised Exchange (as","page_number":348,"box":{"x":317,"y":402,"width":598,"height":10}},{"id":"490b8d1d-933c-451e-9986-b84dd06ba6bf","block_type":"box","text":"defined in the Prospectus). The Investment Manager will not actively purchase equities","page_number":348,"box":{"x":317,"y":414,"width":598,"height":11}},{"id":"912f28fb-2ccd-4344-858f-be0498c14cc8","block_type":"box","text":"in pursuit of the Fund's investment objective. However, in the event that an asset held","page_number":348,"box":{"x":317,"y":427,"width":597,"height":10}},{"id":"6c3fa0c4-1ef7-4292-a635-4f6dfd444a9c","block_type":"box","text":"by the Sub-Fund is subsequently restructured by an issuer, the Sub-Fund may become a","page_number":348,"box":{"x":317,"y":439,"width":598,"height":10}},{"id":"dc7528ff-eef4-4b4c-bd2a-62cebae81fd5","block_type":"box","text":"recipient of, and hold, equities in such issuer. Such equities (if any) will be limited and","page_number":348,"box":{"x":317,"y":452,"width":597,"height":10}},{"id":"03835a2f-453d-4b6d-9216-deb1ac02c80f","block_type":"box","text":"are not expected to form a material part of the portfolio.","page_number":348,"box":{"x":317,"y":464,"width":396,"height":10}},{"id":"de071cfe-245d-466f-a98e-bb6fd7284987","block_type":"box","text":"Muzinich Global Fixed Maturity","page_number":348,"box":{"x":80,"y":496,"width":212,"height":10}},{"id":"40ceed4c-daa3-4205-931c-eeb441ca31d3","block_type":"box","text":"2029 Fund","page_number":348,"box":{"x":80,"y":509,"width":68,"height":8}},{"id":"f280b1bf-36f3-42d1-80e4-18b23b05e76a","block_type":"box","text":"The Fund seeks to protect capital and generate an attractive level of income by","page_number":348,"box":{"x":316,"y":496,"width":599,"height":10}},{"id":"1349d8be-cbf7-424a-ac40-d4f2d387551c","block_type":"box","text":"investing in debt securities for a limited term.","page_number":348,"box":{"x":317,"y":509,"width":317,"height":10}},{"id":"b62b8d0b-69f7-459f-b5a8-ae791ba0f3de","block_type":"box","text":"Muzinich Global Credit Market","page_number":348,"box":{"x":80,"y":541,"width":206,"height":8}},{"id":"aa36569e-26c3-4e5b-b246-dae3681b1dde","block_type":"box","text":"Neutral Fund*","page_number":348,"box":{"x":81,"y":553,"width":93,"height":8}},{"id":"4b6e474d-243f-45d3-81ba-c87e19ab1523","block_type":"box","text":"The Fund seeks to generate consistent attractive returns on a risk-adjusted basis over a","page_number":348,"box":{"x":316,"y":541,"width":599,"height":10}},{"id":"18033a7c-edd7-4471-b14f-015e736cb6ce","block_type":"box","text":"three to five year period.","page_number":348,"box":{"x":317,"y":553,"width":173,"height":10}},{"id":"c9f7ad69-3e9e-4a19-94e4-57e5f7447145","block_type":"box","text":"* Muzinich Global Credit Market Neutral Fund launched on 12 February 2026.","page_number":348,"box":{"x":80,"y":588,"width":527,"height":10}},{"id":"762be74c-44d3-4914-89af-22058aab932b","block_type":"box","text":"The Sub-Funds' liabilities include bank overdrafts, amounts due to broker, short-term creditors, derivatives","page_number":348,"box":{"x":80,"y":609,"width":835,"height":11}},{"id":"decbe42c-9398-41ef-bc64-a0306bde29a8","block_type":"box","text":"and redeemable participating Units.","page_number":348,"box":{"x":80,"y":624,"width":275,"height":11}},{"id":"7268009b-7d8a-4127-a1ea-edb22d55441c","block_type":"box","text":"Muzinich & Co. 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The portfolio management team within the Investment Manager is responsible on a daily basis for credit","page_number":348,"box":{"x":80,"y":675,"width":835,"height":11}},{"id":"002d7d02-0681-45a9-9f0a-48c235d3ac06","block_type":"box","text":"analysis of underlying assets purchased by the Sub-Funds and reviews average days to maturity as a means of","page_number":348,"box":{"x":80,"y":690,"width":835,"height":11}},{"id":"ad115a2f-c7d0-4a98-94a1-9f9ad9d2fe23","block_type":"box","text":"controlling risk, and will ensure that securities, at the time of purchase, normally have a rating as follows:","page_number":348,"box":{"x":80,"y":705,"width":818,"height":11}},{"id":"61772c61-b21c-4f52-a7a6-ef36e4c9126b","block_type":"box","text":"Sub-Fund","page_number":348,"box":{"x":80,"y":738,"width":64,"height":8}},{"id":"40b1e806-b0ac-45f7-b403-9c51e6884f17","block_type":"box","text":"Muzinich Americayield Fund","page_number":348,"box":{"x":80,"y":771,"width":189,"height":10}},{"id":"8740a95e-4854-46ee-aeb9-131a227c471a","block_type":"box","text":"Muzinich Europeyield Fund","page_number":348,"box":{"x":80,"y":783,"width":182,"height":10}},{"id":"d027621b-9329-4d15-ae9b-49c7753fd4fa","block_type":"box","text":"A Moody's or equivalent rating of at least B3, but typically less than A.","page_number":348,"box":{"x":316,"y":771,"width":482,"height":10}},{"id":"2c650e6a-bdda-4755-8819-92fb6cff9439","block_type":"box","text":"Muzinich Global High Yield Fund The Investment Manager seeks to meet its objective through the careful selection of","page_number":348,"box":{"x":80,"y":815,"width":835,"height":10}},{"id":"05331336-5753-46ca-bcb6-9cf0e3b9ccf4","block_type":"box","text":"publicly traded high yield debt securities (including notes, such as floating rate","page_number":348,"box":{"x":317,"y":827,"width":598,"height":11}},{"id":"66ca7c42-42a1-4ede-b73e-318b2660d491","block_type":"box","text":"short-term and medium-term notes, and bonds) which are listed and/or traded on a","page_number":348,"box":{"x":316,"y":840,"width":599,"height":10}},{"id":"35bb0003-7609-43c3-a101-f764621e6d19","block_type":"box","text":"recognised exchange and which are issued by corporate borrowers which are domiciled,","page_number":348,"box":{"x":317,"y":852,"width":596,"height":10}},{"id":"d0e23dc3-1d72-4776-a60c-0ec29df4ac61","block_type":"box","text":"headquartered, or whose primary business activities or principal trading markets are in","page_number":348,"box":{"x":317,"y":865,"width":597,"height":10}},{"id":"1757bbbf-34de-4ace-a100-029492ddc092","block_type":"box","text":"the US, Europe and emerging markets. The Sub-Fund may have an exposure of more than","page_number":348,"box":{"x":317,"y":877,"width":597,"height":10}},{"id":"59d637e6-0e66-4eae-89a0-3949bc87dc82","block_type":"box","text":"20% of the NAV to emerging markets. Such bonds will generally be rated below","page_number":348,"box":{"x":316,"y":890,"width":599,"height":10}},{"id":"17f740ef-beec-4c14-8dce-8bdc13c1afc4","block_type":"box","text":"investment grade by Moody’s/Standard & Poor’s (or as deemed equivalent by the","page_number":348,"box":{"x":317,"y":902,"width":598,"height":10}},{"id":"a4f89bbd-c302-46ed-bc20-3f8a25e43168","block_type":"box","text":"Investment Manager), but typically less than A.","page_number":348,"box":{"x":317,"y":915,"width":322,"height":10}},{"id":"efebefe3-f66d-4f95-bf35-346e9bdbaadc","block_type":"box","text":"Muzinich Funds","page_number":348,"box":{"x":695,"y":48,"width":219,"height":16}},{"id":"ca8f374d-9148-4c6a-a09f-5da71d1f9cd4","block_type":"box","text":"Notes to the financial statements for the six month period ended 31 May 2026","page_number":348,"box":{"x":81,"y":105,"width":833,"height":15}},{"id":"5f18c475-30e1-4d5c-aa37-69f3eff0be29","block_type":"box","text":"cont/d…","page_number":348,"box":{"x":80,"y":124,"width":83,"height":13}},{"id":"9d0bfb7c-168b-4802-8cc2-bea1c340c2d6","block_type":"box","text":"347","page_number":348,"box":{"x":487,"y":969,"width":21,"height":7}},{"id":"e36e400a-7ff6-44b3-90da-ad169ed1551d","block_type":"box","text":"7. Financial instruments cont/d…","page_number":349,"box":{"x":81,"y":156,"width":303,"height":10}},{"id":"1fc3e8dd-674c-41d1-bd7c-e4ef92f890f2","block_type":"box","text":"Sub-Fund","page_number":349,"box":{"x":80,"y":185,"width":64,"height":8}},{"id":"56a7a3e3-5d03-4c29-9690-6824200ea371","block_type":"box","text":"Muzinich Enhancedyield","page_number":349,"box":{"x":80,"y":217,"width":162,"height":10}},{"id":"2f6e0cd4-5b8a-48c5-a112-644b2357cfdf","block_type":"box","text":"Short-Term Fund","page_number":349,"box":{"x":80,"y":230,"width":112,"height":7}},{"id":"9bf143f6-0549-4928-81eb-a07c3d4d5edc","block_type":"box","text":"The Sub-Fund primarily invests in corporate debt securities (including fixed and floating","page_number":349,"box":{"x":316,"y":217,"width":599,"height":10}},{"id":"ba65f762-c874-4a6b-b2c4-3da01f575aa5","block_type":"box","text":"rate notes and bonds) or in US and European Treasury Bonds and US and European Agency","page_number":349,"box":{"x":317,"y":230,"width":598,"height":10}},{"id":"e9ab21f1-2f64-4927-ac20-c60caa5eb42f","block_type":"box","text":"Bonds, which are publicly traded on recognised exchanges. The Sub-Fund maintains an","page_number":349,"box":{"x":317,"y":242,"width":597,"height":10}},{"id":"c03a1a91-ab88-40cf-b122-cc09ba0d036e","block_type":"box","text":"average investment grade Moody’s or Standard & Poor’s rating (or as deemed equivalent","page_number":349,"box":{"x":317,"y":254,"width":598,"height":10}},{"id":"671da41e-f9cf-46da-8b33-58bb57ee3999","block_type":"box","text":"by the Investment Manager) of at least Baa3 or BBB-, respectively, and will at all times","page_number":349,"box":{"x":317,"y":267,"width":598,"height":10}},{"id":"3ac15b08-8ea7-4d18-990d-7d25826787ca","block_type":"box","text":"invest at least 60% of its NAV in investment grade bonds (including ancillary liquid","page_number":349,"box":{"x":317,"y":279,"width":597,"height":10}},{"id":"ea5a1d48-2556-4bc5-afd0-68a6753b6729","block_type":"box","text":"assets). No more than 40% of the Sub-Fund’s NAV may be rated below investment grade,","page_number":349,"box":{"x":317,"y":292,"width":596,"height":10}},{"id":"7fdb53bc-c994-4016-85d5-9dcf83d656a5","block_type":"box","text":"and the minimum permissible rating of a security will be B3/B- by at least one rating","page_number":349,"box":{"x":317,"y":304,"width":598,"height":10}},{"id":"397d7507-1eb9-4c2a-8142-fbb4b359cb74","block_type":"box","text":"agency (or as deemed equivalent by the Investment Manager).","page_number":349,"box":{"x":317,"y":317,"width":427,"height":10}},{"id":"f9014a95-a3ea-4747-bbc7-6ab821b3a078","block_type":"box","text":"Muzinich","page_number":349,"box":{"x":80,"y":349,"width":58,"height":8}},{"id":"7379905e-e7b7-4183-9eaf-ee1bb42992f7","block_type":"box","text":"ShortDurationHighYield Fund","page_number":349,"box":{"x":80,"y":361,"width":195,"height":10}},{"id":"b8bebf9e-c78c-41d8-be4f-2cd04ef4c464","block_type":"box","text":"Corporate bonds rated Ba/B by Moody's or Standard & Poor's (or equivalent) with","page_number":349,"box":{"x":317,"y":349,"width":597,"height":10}},{"id":"5c41c17d-6b7d-4e67-b84f-120fd663f9a8","block_type":"box","text":"relatively short durations.","page_number":349,"box":{"x":317,"y":361,"width":177,"height":10}},{"id":"44d3c6cb-9a91-4daa-b05c-edf30f09b659","block_type":"box","text":"Muzinich Market Duration","page_number":349,"box":{"x":80,"y":393,"width":173,"height":8}},{"id":"dcbea0ce-66b8-47e7-808d-552c01ebe2c5","block_type":"box","text":"Enhancedyield Fund","page_number":349,"box":{"x":81,"y":406,"width":135,"height":10}},{"id":"7baa5e54-e574-4b15-9296-9cc596f7cdaf","block_type":"box","text":"The Sub-Fund primarily invests in debt securities (including fixed and floating rate notes","page_number":349,"box":{"x":316,"y":393,"width":599,"height":10}},{"id":"dfaa7e46-9121-4b84-a003-1295b9516797","block_type":"box","text":"and bonds) which are publicly traded on recognised exchanges and which are issued by","page_number":349,"box":{"x":317,"y":406,"width":598,"height":10}},{"id":"53444d8b-5ee7-4dbf-93a4-ebb984be8787","block_type":"box","text":"companies domiciled in or having their principal place of business in the US, European","page_number":349,"box":{"x":316,"y":418,"width":598,"height":10}},{"id":"c587802a-00d4-4c43-8d00-5672c235e230","block_type":"box","text":"Union, or other OECD Member Countries. 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However, the Sub-Fund’s portfolio will maintain an average","page_number":349,"box":{"x":317,"y":455,"width":598,"height":10}},{"id":"79b9e6fb-c50f-4107-a849-6d79a7f65e4e","block_type":"box","text":"investment grade Moody’s, Standard & Poor’s, or equivalent rating of at least Baa3 or","page_number":349,"box":{"x":317,"y":468,"width":598,"height":10}},{"id":"a0c5a18e-1617-47ae-a22e-627a6f7a494b","block_type":"box","text":"BBB-, respectively, and will at all times invest at least 60% of its NAV in investment grade","page_number":349,"box":{"x":317,"y":480,"width":598,"height":10}},{"id":"2c2dd548-0429-4abd-8c57-d56d5ceee3c0","block_type":"box","text":"bonds (including ancillary liquid assets). No more than 40% of the Sub-Fund’s NAV may be","page_number":349,"box":{"x":317,"y":493,"width":598,"height":10}},{"id":"732617df-508a-438d-a409-1a1b2682e9a1","block_type":"box","text":"rated below investment grade.","page_number":349,"box":{"x":317,"y":505,"width":210,"height":10}},{"id":"853d73a5-c100-4011-b796-54f987261468","block_type":"box","text":"Muzinich LongShortCreditYield","page_number":349,"box":{"x":80,"y":537,"width":207,"height":10}},{"id":"43755db9-aa7f-4d52-aa41-4b659569ab65","block_type":"box","text":"Fund","page_number":349,"box":{"x":81,"y":550,"width":31,"height":8}},{"id":"d5e0fb1b-15cb-4402-973a-1304abf09462","block_type":"box","text":"A minimum A- rating or better, in circumstances where the Investment Manager","page_number":349,"box":{"x":316,"y":537,"width":599,"height":10}},{"id":"9a378e2a-54f6-4abd-918a-a56501c013ba","block_type":"box","text":"considers it to be in the best interest of the Sub-Fund.","page_number":349,"box":{"x":316,"y":550,"width":375,"height":8}},{"id":"941009ee-68f8-4a0a-8c4b-9e0d28d2e5f4","block_type":"box","text":"Muzinich","page_number":349,"box":{"x":80,"y":582,"width":58,"height":8}},{"id":"792f3e56-06be-4161-af52-8ffee6be981e","block_type":"box","text":"EmergingMarketsShortDuration","page_number":349,"box":{"x":81,"y":594,"width":209,"height":10}},{"id":"53f89724-36f6-48ec-bd3d-6891e5b6fb35","block_type":"box","text":"Fund","page_number":349,"box":{"x":81,"y":606,"width":31,"height":8}},{"id":"ce6439a8-e476-4f21-bfeb-431f5c31ec4b","block_type":"box","text":"The Sub-Fund will primarily focus on debt instruments with ratings in the B/BB/BBB","page_number":349,"box":{"x":316,"y":582,"width":599,"height":10}},{"id":"a4c05531-2db9-4a45-8a24-0ab7bf7c4ece","block_type":"box","text":"ratings categories as cited by Moody's and/or Standard & Poor’s (or as deemed","page_number":349,"box":{"x":317,"y":594,"width":597,"height":10}},{"id":"359a9cc7-fe85-4dc6-a95b-151fc993c94f","block_type":"box","text":"equivalent by the Investment Manager), but may also invest in higher rated securities.","page_number":349,"box":{"x":316,"y":606,"width":595,"height":11}},{"id":"5e97e2d3-0d1e-4f24-9e61-07a71b944644","block_type":"box","text":"Muzinich Global Tactical Credit","page_number":349,"box":{"x":80,"y":639,"width":213,"height":7}},{"id":"e75c991d-3dc7-4abe-9449-3c00dfcae215","block_type":"box","text":"Fund","page_number":349,"box":{"x":81,"y":651,"width":31,"height":8}},{"id":"872271c0-f611-463d-98b9-07c345b00497","block_type":"box","text":"A minimum A- rating or better, in circumstances where the Investment Manager","page_number":349,"box":{"x":316,"y":639,"width":599,"height":10}},{"id":"4b2245c6-abd1-453e-a493-3b339a9ceddb","block_type":"box","text":"considers it to be in the best interest of the Sub-Fund.","page_number":349,"box":{"x":316,"y":651,"width":375,"height":8}},{"id":"e7b40c44-7d9d-4700-ac85-0e0b28b3c0ab","block_type":"box","text":"Muzinich Asia Credit","page_number":349,"box":{"x":80,"y":683,"width":137,"height":8}},{"id":"a62c1df9-103b-451b-90a0-8a8d48800292","block_type":"box","text":"Opportunities Fund","page_number":349,"box":{"x":80,"y":695,"width":130,"height":10}},{"id":"5be28b4a-6a7c-47c2-ba57-ced477506053","block_type":"box","text":"The Sub-Fund will invest at least two thirds of the Sub-Fund's NAV in Hard Currency debt","page_number":349,"box":{"x":316,"y":683,"width":599,"height":10}},{"id":"b4ee381a-16d4-4e8a-9d89-be8a01fc13b4","block_type":"box","text":"securities issued by government or corporate issuers in Asian countries and up to one","page_number":349,"box":{"x":316,"y":695,"width":599,"height":10}},{"id":"faa5f6ef-a12c-4358-8879-372a526ea0f1","block_type":"box","text":"third of the Sub-Fund’s NAV in debt securities and money market instruments, including","page_number":349,"box":{"x":317,"y":708,"width":598,"height":10}},{"id":"7c762fe8-5c8c-4a7a-b138-666d1028cd07","block_type":"box","text":"securities of Asian, European and North American companies, denominated in the local","page_number":349,"box":{"x":316,"y":720,"width":599,"height":10}},{"id":"c719d5cc-010c-46a1-81d8-06df85f16772","block_type":"box","text":"currencies of emerging market countries, maintaining an average investment grade","page_number":349,"box":{"x":316,"y":733,"width":599,"height":10}},{"id":"c4631064-162d-4582-9748-322fbf11b4d3","block_type":"box","text":"Moody’s or Standard & Poor’s rating (or as deemed equivalent by the Investment","page_number":349,"box":{"x":316,"y":745,"width":599,"height":10}},{"id":"f1010a2a-11bf-4b87-98e8-6e987380c491","block_type":"box","text":"Manager) of at least Baa3 or BBB-, respectively. With the exception of permitted","page_number":349,"box":{"x":316,"y":758,"width":598,"height":10}},{"id":"f47df1a6-a188-4497-9da1-e296f980dd2c","block_type":"box","text":"investments in transferable securities and money market instruments which are","page_number":349,"box":{"x":317,"y":770,"width":598,"height":10}},{"id":"f82bf366-3fc8-432f-8a0a-33f64357269b","block_type":"box","text":"unlisted, all securities/instruments in which the Sub-Fund will invest will be listed","page_number":349,"box":{"x":317,"y":783,"width":597,"height":9}},{"id":"b315e7ad-f7ed-4b30-b796-18a50b512ab3","block_type":"box","text":"and/or traded on a recognised exchange (as defined in the Prospectus). The Sub-Fund","page_number":349,"box":{"x":317,"y":795,"width":597,"height":10}},{"id":"73262ace-17bc-4c32-935d-7a3de3fcb09b","block_type":"box","text":"may also opportunistically invest a maximum of 10% of its NAV in transferable securities","page_number":349,"box":{"x":317,"y":807,"width":598,"height":10}},{"id":"d92fd1f4-e022-494a-bccc-d2150207d008","block_type":"box","text":"that are equities including, but not limited to, shares, depositary receipts (e.g.","page_number":349,"box":{"x":317,"y":820,"width":596,"height":10}},{"id":"6d1d8738-ca6f-4602-94f4-31262f25f27c","block_type":"box","text":"American Depositary Receipts and Global Depositary Receipts) and convertible bonds. In","page_number":349,"box":{"x":316,"y":832,"width":598,"height":10}},{"id":"1c8e5483-84c5-4745-b795-695f95bd7403","block_type":"box","text":"addition, the Sub-Fund may invest up to 10% of its NAV in China A Shares listed on the","page_number":349,"box":{"x":317,"y":845,"width":598,"height":10}},{"id":"5348f90d-33b6-435d-9791-f7df7d39ba64","block_type":"box","text":"Shanghai Stock Exchange via the Northbound Trading Link of the Shanghai Hong Kong","page_number":349,"box":{"x":317,"y":857,"width":598,"height":10}},{"id":"c5c72125-1717-46bc-8e9c-77bd6e30929e","block_type":"box","text":"Stock Connect program. The Sub-Fund may at times invest a maximum of 50% of its NAV","page_number":349,"box":{"x":317,"y":870,"width":598,"height":10}},{"id":"e6211a17-bbe5-4802-85db-8969d77dab6d","block_type":"box","text":"in non-investment grade debt securities and the minimum permissible rating of such","page_number":349,"box":{"x":317,"y":882,"width":597,"height":10}},{"id":"702119a7-b71b-45e3-86c5-7957a040043c","block_type":"box","text":"securities will be B3/B- by any one rating agency (or as deemed equivalent by the","page_number":349,"box":{"x":316,"y":895,"width":599,"height":10}},{"id":"aba39833-cb99-4c9e-8b36-69ec8baf350a","block_type":"box","text":"Investment Manager).","page_number":349,"box":{"x":317,"y":907,"width":147,"height":10}},{"id":"a13f571e-8509-41a7-9dcc-452468370c0a","block_type":"box","text":"Muzinich Funds","page_number":349,"box":{"x":695,"y":48,"width":219,"height":16}},{"id":"db360ff8-d2ba-4061-b679-5f5c321b2cd7","block_type":"box","text":"Notes to the financial statements for the six month period ended 31 May 2026","page_number":349,"box":{"x":81,"y":105,"width":833,"height":15}},{"id":"026ee0cf-eb68-4c5c-982b-cfd99b5ad47c","block_type":"box","text":"cont/d…","page_number":349,"box":{"x":80,"y":124,"width":83,"height":13}},{"id":"ea15b7f8-5d35-49d6-9bbd-47ab033ef103","block_type":"box","text":"348","page_number":349,"box":{"x":487,"y":969,"width":20,"height":7}},{"id":"097c5456-63eb-4d0b-8f26-c74188625fca","block_type":"box","text":"7. Financial instruments cont/d…","page_number":350,"box":{"x":81,"y":156,"width":303,"height":10}},{"id":"86abfff5-3f12-4a21-ad16-6256931004b3","block_type":"box","text":"Sub-Fund","page_number":350,"box":{"x":80,"y":185,"width":64,"height":8}},{"id":"944dfd5f-ae11-4876-8542-ed0f1d71ae40","block_type":"box","text":"Muzinich Emerging Market","page_number":350,"box":{"x":80,"y":217,"width":178,"height":10}},{"id":"14f38a10-f6d5-4647-b2c4-53cb35feb1d1","block_type":"box","text":"Corporate Debt Fund","page_number":350,"box":{"x":80,"y":230,"width":142,"height":10}},{"id":"cf180ea8-70f0-4cbe-91c9-a7a35d08391c","block_type":"box","text":"Debt Securities generally rated below investment grade, typically less than AA, by","page_number":350,"box":{"x":317,"y":217,"width":598,"height":10}},{"id":"9ee21da7-3617-44c7-9555-ef91ff3f6cbf","block_type":"box","text":"Moody's or Standard & Poor's (or as deemed equivalent by the Investment Manager). The","page_number":350,"box":{"x":316,"y":230,"width":599,"height":10}},{"id":"6d41caf7-8d7e-4689-b7b8-5978622a64ff","block_type":"box","text":"Investment Manager retains the flexibility to invest substantially in cash and/or money","page_number":350,"box":{"x":317,"y":242,"width":598,"height":10}},{"id":"860d33e4-ecfb-4166-a7c0-9c8df4e5ded3","block_type":"box","text":"market instruments with investment grade ratings as well as debt instruments issued by","page_number":350,"box":{"x":317,"y":254,"width":598,"height":10}},{"id":"3e30b9ae-3cda-4781-bf27-b90577ce5590","block_type":"box","text":"OECD banks and corporates with a minimum 'A-' rating or better.","page_number":350,"box":{"x":317,"y":267,"width":441,"height":10}},{"id":"e4e6be90-728a-4244-8c1e-a82c10c5091d","block_type":"box","text":"Muzinich European Credit Alpha","page_number":350,"box":{"x":80,"y":299,"width":217,"height":10}},{"id":"5fb6699f-ce50-4848-9a79-cc6c243cebc2","block_type":"box","text":"Fund","page_number":350,"box":{"x":81,"y":311,"width":31,"height":8}},{"id":"0d77dc15-8321-4e38-944f-9626b14e109c","block_type":"box","text":"The corporate bonds in which the Investment Manager will primarily invest will be","page_number":350,"box":{"x":316,"y":299,"width":599,"height":10}},{"id":"af6220d7-5662-41ef-8ae2-55a413279478","block_type":"box","text":"noninvestment grade, but the Investment Manager may also invest in investment grade","page_number":350,"box":{"x":317,"y":311,"width":598,"height":10}},{"id":"6f97eea6-24b9-4b79-a854-e998bc45275d","block_type":"box","text":"corporate bonds, which the Investment Manager believes may enhance the overall","page_number":350,"box":{"x":316,"y":324,"width":599,"height":10}},{"id":"9cee392d-b943-432b-853d-375f913ece90","block_type":"box","text":"returns of the Sub-Fund. The securities in which the Sub-Fund may invest will be listed","page_number":350,"box":{"x":317,"y":336,"width":597,"height":10}},{"id":"64ee4f33-397b-4d01-a9ea-668fc095f130","block_type":"box","text":"or traded on a Recognised Exchange.","page_number":350,"box":{"x":316,"y":349,"width":252,"height":10}},{"id":"5f014d8f-393d-471f-875d-8e79854fdc37","block_type":"box","text":"Muzinich Fixed Maturity","page_number":350,"box":{"x":80,"y":381,"width":163,"height":10}},{"id":"197a5c56-05b1-45c3-928a-0c92423e10b7","block_type":"box","text":"2028 Fund","page_number":350,"box":{"x":80,"y":393,"width":68,"height":8}},{"id":"9eb04f8b-22af-4609-b13b-54118dae2d0f","block_type":"box","text":"The Sub-Fund will invest in high yield (i.e. sub investment grade) corporate bonds","page_number":350,"box":{"x":316,"y":381,"width":599,"height":10}},{"id":"834af89e-2a1a-426d-966b-551876210506","block_type":"box","text":"and/or investment grade corporate bonds, as rated by Standard and Poor’s, Moody’s","page_number":350,"box":{"x":317,"y":393,"width":598,"height":10}},{"id":"ee19b3d8-bd78-40ee-bd9e-932b75393491","block_type":"box","text":"and/or Fitch (or as deemed equivalent by the Investment Manager) (“Ratings Agency”).","page_number":350,"box":{"x":317,"y":406,"width":596,"height":10}},{"id":"19b1548e-baf4-43fa-a70d-76e38e59a7fc","block_type":"box","text":"Should any difference in rating by one or more Ratings Agency (or firm) arise, the","page_number":350,"box":{"x":317,"y":418,"width":598,"height":10}},{"id":"df373fdd-8e31-4afc-8740-6e57bacf78ed","block_type":"box","text":"following approach shall be taken; Where there is one available rating this will be used,","page_number":350,"box":{"x":316,"y":430,"width":597,"height":10}},{"id":"36e92c75-1723-4c7e-8369-460dddaad947","block_type":"box","text":"where there are two available ratings the lowest shall be used, and where there are","page_number":350,"box":{"x":316,"y":443,"width":599,"height":10}},{"id":"23011eab-c0ba-4d46-ad28-21fd136f3a46","block_type":"box","text":"three available ratings, they will be sorted in ascending order and the second shall be","page_number":350,"box":{"x":317,"y":455,"width":598,"height":10}},{"id":"0d27bfe6-cfc0-4c8f-8c98-7188b6351389","block_type":"box","text":"used. A maximum of 7.5% of the NAV of the Sub-Fund may be invested in corporate bonds","page_number":350,"box":{"x":317,"y":468,"width":598,"height":10}},{"id":"709694e0-d076-4b4c-8e1f-98e3fa7df05b","block_type":"box","text":"that are rated below B3/B-. The allocation between high yield and investment grade,","page_number":350,"box":{"x":317,"y":480,"width":596,"height":10}},{"id":"8ddfece9-1a62-46a0-a4cb-7635b6c448bd","block_type":"box","text":"and among various geographies, will be determined primarily based on a relative value","page_number":350,"box":{"x":317,"y":493,"width":598,"height":10}},{"id":"af5d5ef2-e808-4cb9-8b7a-645bcd6583e2","block_type":"box","text":"assessment across global credit markets. The Fund may also invest in Contingent","page_number":350,"box":{"x":317,"y":505,"width":598,"height":10}},{"id":"aabea1e3-351a-4b58-a7ef-72571d4b7a00","block_type":"box","text":"Convertible Securities but such investments (if any) will be limited and are not expected","page_number":350,"box":{"x":317,"y":518,"width":597,"height":10}},{"id":"3b4176e1-8617-49e9-ac18-264f5332406e","block_type":"box","text":"to form a material part of the portfolio. The Fund will invest in debt securities which","page_number":350,"box":{"x":317,"y":530,"width":597,"height":10}},{"id":"486fe2d0-c9dc-4d80-9a05-420574eabfe7","block_type":"box","text":"have a maturity that is no later than the Fund's liquidation date of 31 December 2028.","page_number":350,"box":{"x":317,"y":542,"width":593,"height":11}},{"id":"b9670bf9-721d-4b0a-a24d-9b79f7a0514a","block_type":"box","text":"Muzinich High Yield Bond","page_number":350,"box":{"x":80,"y":574,"width":170,"height":11}},{"id":"52415408-a11a-4a24-b59b-801efe485d95","block_type":"box","text":"2028 Fund","page_number":350,"box":{"x":80,"y":587,"width":68,"height":8}},{"id":"d7e854d2-e205-4584-9403-0ebbff46e174","block_type":"box","text":"The Sub-Fund will invest in high yield (i.e. sub investment grade) corporate bonds","page_number":350,"box":{"x":316,"y":574,"width":599,"height":11}},{"id":"8f69a33b-3351-4052-ae4e-018ed53eeb1f","block_type":"box","text":"and/or investment grade corporate bonds, as rated by Standard and Poor’s, Moody’s","page_number":350,"box":{"x":317,"y":587,"width":598,"height":10}},{"id":"4bb2b627-fcb9-447a-8b20-e8aed2e386ba","block_type":"box","text":"and/or Fitch (or as deemed equivalent by the Investment Manager) (“Ratings Agency”).","page_number":350,"box":{"x":317,"y":599,"width":596,"height":10}},{"id":"0ebf2dda-0675-47c1-8533-0bb0bc5d26e7","block_type":"box","text":"Should any difference in rating by one or more Ratings Agency (or firm) arise, the","page_number":350,"box":{"x":317,"y":612,"width":598,"height":10}},{"id":"3dd03b11-466e-4780-8c57-ffa58e4c05c1","block_type":"box","text":"following approach shall be taken; Where there is one available rating this will be used,","page_number":350,"box":{"x":316,"y":624,"width":597,"height":10}},{"id":"b479219c-b2b1-4e15-a6a1-08e180159edb","block_type":"box","text":"where there are two available ratings the lowest shall be used, and where there are","page_number":350,"box":{"x":316,"y":637,"width":599,"height":10}},{"id":"c252c32f-39b1-454e-81e3-3bacb22d0628","block_type":"box","text":"three available ratings, they will be sorted in ascending order and the second shall be","page_number":350,"box":{"x":317,"y":649,"width":598,"height":10}},{"id":"6cdaef0b-4d44-468e-9c15-f347e0ce4c70","block_type":"box","text":"used. A maximum of 5% of the NAV of the Sub-Fund may be invested in corporate bonds","page_number":350,"box":{"x":317,"y":662,"width":598,"height":10}},{"id":"c931b1b2-26c4-4cde-8501-74c628c3427d","block_type":"box","text":"that are rated below B3/B- at the time of purchase. The allocation between high yield","page_number":350,"box":{"x":317,"y":674,"width":597,"height":10}},{"id":"c1d92798-7cce-4569-ae71-f09d20730cbb","block_type":"box","text":"and investment grade, and among various geographies, will be determined primarily","page_number":350,"box":{"x":317,"y":687,"width":598,"height":10}},{"id":"d6392a23-6415-46fd-8f56-2bf04c407f7f","block_type":"box","text":"based on a relative value assessment across global credit markets. The Sub-Fund may","page_number":350,"box":{"x":317,"y":699,"width":598,"height":10}},{"id":"16503322-e114-4e4c-b86a-502638a01430","block_type":"box","text":"also invest in Contingent Convertible Securities but such investments (if any) will be","page_number":350,"box":{"x":317,"y":711,"width":598,"height":10}},{"id":"fbbfaac5-21b3-4ad5-b325-532a7f6b1218","block_type":"box","text":"limited and are not expected to form a material part of the portfolio.The Sub-Fund will","page_number":350,"box":{"x":317,"y":724,"width":597,"height":10}},{"id":"06c2fd97-b24b-48ea-a7f6-158f44e1359f","block_type":"box","text":"invest in debt securities which have a maturity that is no later than the Fund's","page_number":350,"box":{"x":317,"y":736,"width":598,"height":10}},{"id":"1b25e980-3815-420b-b126-8e7dcb49c974","block_type":"box","text":"liquidation date of 31 December 2028.","page_number":350,"box":{"x":317,"y":749,"width":262,"height":10}},{"id":"d85f4d7b-d4f2-4022-9b40-5808ac296ebb","block_type":"box","text":"Muzinich Global Short Duration","page_number":350,"box":{"x":80,"y":781,"width":211,"height":8}},{"id":"4f66b425-f1f3-490d-b6ee-b034f0cd6b12","block_type":"box","text":"Investment Grade Fund","page_number":350,"box":{"x":81,"y":793,"width":158,"height":8}},{"id":"14612f33-9e76-4d62-aa47-7395437c7f89","block_type":"box","text":"The Sub-Fund will maintain a portfolio with an average investment grade Moody’s or","page_number":350,"box":{"x":316,"y":781,"width":599,"height":10}},{"id":"9fc0e439-5ddd-487e-abc5-fe1fe65d7468","block_type":"box","text":"Standard & Poor’s rating (or as deemed equivalent by the Investment Manager) of at","page_number":350,"box":{"x":317,"y":793,"width":598,"height":10}},{"id":"c243405e-ec48-4019-9fb3-1cf6b985c1aa","block_type":"box","text":"least Baa2 or BBB, respectively. The Sub-Fund’s investment portfolio will be diversified","page_number":350,"box":{"x":317,"y":806,"width":597,"height":10}},{"id":"8a3738b3-e53f-444d-9938-367d70413a83","block_type":"box","text":"as to issuer and industry, with no single corporate issuer comprising more than 3% of the","page_number":350,"box":{"x":317,"y":818,"width":598,"height":10}},{"id":"5390251d-7350-4fad-bed1-ba2d28da7e19","block_type":"box","text":"Sub-Fund’s NAV. Investments in emerging markets are not expected to exceed 15% of the","page_number":350,"box":{"x":317,"y":831,"width":598,"height":10}},{"id":"e127f060-6d93-4e97-a1b5-ce306d29a43e","block_type":"box","text":"Sub-Fund’s NAV. 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2026","page_number":351,"box":{"x":81,"y":105,"width":833,"height":15}},{"id":"cd367206-e88f-4d15-8749-b29587e7e788","block_type":"box","text":"cont/d…","page_number":351,"box":{"x":80,"y":124,"width":83,"height":13}},{"id":"ef50eda8-4b8c-4364-a93e-ed23708b4910","block_type":"box","text":"350","page_number":351,"box":{"x":487,"y":969,"width":20,"height":7}},{"id":"f303e9bb-ec2a-44bb-a7d1-af0a4ab2f179","block_type":"box","text":"7. Financial instruments cont/d…","page_number":352,"box":{"x":81,"y":156,"width":303,"height":10}},{"id":"f95363db-a4f4-427c-a36c-cdc5a785337b","block_type":"box","text":"Under the UCITS Regulations issued by the Central Bank, the Manager is required to employ a risk management","page_number":352,"box":{"x":81,"y":180,"width":834,"height":12}},{"id":"f63a589a-add6-479a-8db3-cc1e2f8d40e9","block_type":"box","text":"process which enables it to accurately monitor and manage the global exposure to the relevant Sub-Fund from","page_number":352,"box":{"x":81,"y":195,"width":833,"height":11}},{"id":"4e9ad115-56f4-469c-b285-479ad70ba66c","block_type":"box","text":"derivatives. The Manager uses a methodology known as the “Commitment Approach” to measure the global","page_number":352,"box":{"x":80,"y":210,"width":834,"height":11}},{"id":"1302bf04-9494-414f-8837-749300c61832","block_type":"box","text":"exposure of the Sub-Funds and manage the potential loss to the Sub-Funds due to market risk. The","page_number":352,"box":{"x":80,"y":225,"width":835,"height":11}},{"id":"65606350-5b14-437e-9e2c-a49b5f078c3e","block_type":"box","text":"Commitment approach is a methodology that aggregates the underlying market or notional values of","page_number":352,"box":{"x":80,"y":240,"width":835,"height":11}},{"id":"4a254aa3-52df-48d2-b848-9aff73e16385","block_type":"box","text":"derivatives to determine the exposure of the Sub-Funds to derivatives. In accordance with the UCITS","page_number":352,"box":{"x":80,"y":255,"width":835,"height":11}},{"id":"6e5c72c6-3319-4543-87d1-282bf547925d","block_type":"box","text":"Regulations, global exposure for the Sub-Funds to derivatives must not exceed 100% of the relevant Sub-Fund’s","page_number":352,"box":{"x":81,"y":269,"width":834,"height":12}},{"id":"efd27e31-1bdc-4ed8-b162-b5abdaa3f211","block_type":"box","text":"NAV. 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This category includes all instruments","page_number":352,"box":{"x":81,"y":509,"width":834,"height":11}},{"id":"12623da6-4c32-4e2e-be85-55f940df4b3a","block_type":"box","text":"where the valuation technique includes inputs not based on observable data and the unobservable","page_number":352,"box":{"x":147,"y":524,"width":768,"height":11}},{"id":"ff0ea2ab-116d-45d2-b616-b0588a2ec4c7","block_type":"box","text":"inputs could have a significant impact on the instrument’s valuation. This category includes","page_number":352,"box":{"x":147,"y":538,"width":768,"height":12}},{"id":"74e77eee-842f-45a2-ad9a-d88f6f8807ac","block_type":"box","text":"instruments that are valued based on quoted prices for similar instruments where significant","page_number":352,"box":{"x":147,"y":553,"width":768,"height":11}},{"id":"438fb5b0-2cbd-4e63-aa91-ad8502f7b993","block_type":"box","text":"unobservable adjustments or assumptions are required to reflect differences between the","page_number":352,"box":{"x":148,"y":568,"width":767,"height":11}},{"id":"07092be9-c9b2-4a0b-9e96-dbf27aee1c94","block_type":"box","text":"instruments.","page_number":352,"box":{"x":147,"y":583,"width":94,"height":9}},{"id":"1674f5b8-44f8-4002-a16c-eb9b7f1280e8","block_type":"box","text":"For each class of assets and liabilities not measured at fair value in the Statement of Financial Position but for","page_number":352,"box":{"x":81,"y":605,"width":834,"height":9}},{"id":"73eb9415-9f90-4456-bd49-65b878689828","block_type":"box","text":"which fair value is disclosed, IFRS 13 requires the Fund to disclose the level within the fair value hierarchy","page_number":352,"box":{"x":80,"y":620,"width":835,"height":11}},{"id":"d41c90ba-220f-4efc-9a8c-4caef87e359b","block_type":"box","text":"within which the fair value measurement would be categorised and a description of the valuation technique","page_number":352,"box":{"x":80,"y":634,"width":835,"height":12}},{"id":"8ef9ff27-cd29-4f0d-9746-160d625111f9","block_type":"box","text":"and inputs used in the technique.","page_number":352,"box":{"x":80,"y":649,"width":254,"height":11}},{"id":"ba0a686e-4ab2-4a02-96f7-db32b9b3b069","block_type":"box","text":"Assets and liabilities, including reverse repurchase agreements, not carried at fair value are carried at","page_number":352,"box":{"x":79,"y":671,"width":836,"height":11}},{"id":"50309e1b-7d70-4a60-95fe-c1400edb0090","block_type":"box","text":"amortised cost; their carrying values are a reasonable approximation of fair value.","page_number":352,"box":{"x":80,"y":686,"width":631,"height":11}},{"id":"1ddf3af3-90c5-421a-8146-4fd91c02cfaa","block_type":"box","text":"Cash and cash equivalents include deposits held with banks and other short–term investments in an active","page_number":352,"box":{"x":80,"y":708,"width":835,"height":11}},{"id":"05ecaf28-9e49-4e67-8a98-29ad7b8abae8","block_type":"box","text":"market and they are categorised as Level 1.","page_number":352,"box":{"x":81,"y":723,"width":333,"height":11}},{"id":"740f9d46-a6b7-42b0-8ec9-a8a273d43f71","block_type":"box","text":"Receivable for investments sold and other receivables include the contractual amounts for settlement of","page_number":352,"box":{"x":81,"y":745,"width":834,"height":9}},{"id":"9b91a26f-492d-4d3f-b6e3-97c348d536bd","block_type":"box","text":"trades and other obligations due to the Fund. Payable for investments sold and other payables represent the","page_number":352,"box":{"x":80,"y":760,"width":835,"height":11}},{"id":"9d8f0de0-4080-4fbd-beb6-6a63566b8321","block_type":"box","text":"contractual amounts and obligations due by the Fund for settlement of trades and expenses. All receivable and","page_number":352,"box":{"x":80,"y":774,"width":834,"height":12}},{"id":"adaf719e-4dee-470e-bff5-432a5f41f3cd","block_type":"box","text":"payable balances are categorised as Level 2.","page_number":352,"box":{"x":81,"y":789,"width":338,"height":11}},{"id":"a3686e93-4645-4096-8359-fa80181f2612","block_type":"box","text":"The puttable value of redeemable units is calculated based on the net difference between total assets and all","page_number":352,"box":{"x":80,"y":811,"width":834,"height":11}},{"id":"c374faae-3a2a-46ec-a8b7-4585e7e06a22","block_type":"box","text":"other liabilities of each Sub-Fund within the Fund in accordance with the Funds’ Prospectus. These Units are","page_number":352,"box":{"x":80,"y":826,"width":835,"height":11}},{"id":"bff2d0c0-ca1d-4eed-bdac-3a8234f23eb2","block_type":"box","text":"not traded on an active market.","page_number":352,"box":{"x":81,"y":841,"width":242,"height":9}},{"id":"894a325f-3dd5-4381-895f-8dfd5cabd473","block_type":"box","text":"A demand feature is attached to these Units, as they are redeemable at the holders’ option and can be","page_number":352,"box":{"x":79,"y":863,"width":836,"height":11}},{"id":"be4115da-6a50-42c0-96db-d7488c86f6a3","block_type":"box","text":"redeemed on any dealing date for cash/assets equal to a proportionate share of the Fund’s NAV attributable to","page_number":352,"box":{"x":81,"y":878,"width":834,"height":11}},{"id":"08c82123-68e1-4464-bf4c-6ad02d878742","block_type":"box","text":"the Unit Class. The fair value is based on the amount payable on demand, discounted from the first date that","page_number":352,"box":{"x":80,"y":892,"width":835,"height":11}},{"id":"abb1d469-49be-420d-9e6b-14e1e24fa324","block_type":"box","text":"the amount could be required to be paid. The impact of discounting in this instance is not material. As such,","page_number":352,"box":{"x":80,"y":907,"width":833,"height":11}},{"id":"9b38abd1-9cd8-4bb3-b9b7-17b6506b8482","block_type":"box","text":"Level 2 is deemed to be the most appropriate categorisation for net assets attributable to holders of","page_number":352,"box":{"x":81,"y":922,"width":834,"height":11}},{"id":"3aec5f16-4125-4712-9c94-ced2c3bd6eed","block_type":"box","text":"redeemable units held.","page_number":352,"box":{"x":81,"y":937,"width":174,"height":9}},{"id":"834885f0-ce8b-4bb8-9ecb-c513e31c97cf","block_type":"box","text":"Muzinich Funds","page_number":352,"box":{"x":695,"y":48,"width":219,"height":16}},{"id":"8583685c-e3d9-478d-90e3-af7128253820","block_type":"box","text":"Notes to the financial statements for the six month period ended 31 May 2026","page_number":352,"box":{"x":81,"y":105,"width":833,"height":15}},{"id":"1904df11-3dfb-47f8-ad49-b05fa6b735d9","block_type":"box","text":"cont/d…","page_number":352,"box":{"x":80,"y":124,"width":83,"height":13}},{"id":"f074a695-86de-41b3-a186-d9ce590703fd","block_type":"box","text":"351","page_number":352,"box":{"x":487,"y":969,"width":18,"height":7}},{"id":"a7c9508e-29a9-4f22-9d08-9642000ecc5a","block_type":"box","text":"8. Fair value hierarchy cont/d…","page_number":353,"box":{"x":80,"y":156,"width":290,"height":13}},{"id":"803e1d86-e6ea-47c9-bb9b-186c00f808b6","block_type":"box","text":"The following table analyses within the fair value hierarchy the Sub-Fund’s financial assets and liabilities","page_number":353,"box":{"x":80,"y":180,"width":835,"height":12}},{"id":"dcbca46e-58b3-40cf-9bac-379464f43b57","block_type":"box","text":"measured at fair value at 31 May 2026:","page_number":353,"box":{"x":81,"y":195,"width":295,"height":11}},{"id":"44f79a6e-03e1-400a-90ce-3cb400930de0","block_type":"box","text":"Financial assets and financial liabilities at fair value through profit or loss:","page_number":353,"box":{"x":81,"y":217,"width":569,"height":11}},{"id":"4d3c0af0-def7-480e-905b-f3f6e85c5f65","block_type":"box","text":"Muzinich Americayield Fund","page_number":353,"box":{"x":80,"y":275,"width":197,"height":11}},{"id":"85291396-5cf6-4865-9b1e-6d61b532173f","block_type":"box","text":"Level 1","page_number":353,"box":{"x":472,"y":263,"width":48,"height":8}},{"id":"5f57f384-f77b-4ae7-8dda-17cd7503253f","block_type":"box","text":"US$","page_number":353,"box":{"x":497,"y":275,"width":24,"height":10}},{"id":"2647b956-90e6-4fcb-a3de-5850b68bdcda","block_type":"box","text":"Level 2","page_number":353,"box":{"x":603,"y":263,"width":50,"height":8}},{"id":"ca3fa234-1111-4b92-994f-5c40b9b840fe","block_type":"box","text":"US$","page_number":353,"box":{"x":628,"y":275,"width":24,"height":10}},{"id":"aa23294e-d05e-4dfd-b7a3-f61288f6b360","block_type":"box","text":"Level 3","page_number":353,"box":{"x":734,"y":263,"width":49,"height":8}},{"id":"8e1dfe71-825c-4fbf-b9a2-ac29f485050b","block_type":"box","text":"US$","page_number":353,"box":{"x":759,"y":275,"width":24,"height":10}},{"id":"5140e7e1-021e-4930-991a-e38f7099bb70","block_type":"box","text":"Total Fair","page_number":353,"box":{"x":849,"y":251,"width":66,"height":8}},{"id":"13cd00b9-d9a4-4f8b-877d-9a5f667438fc","block_type":"box","text":"Value","page_number":353,"box":{"x":877,"y":263,"width":37,"height":8}},{"id":"b66db631-3cc4-4bd0-a2b0-bf1c3c8801f9","block_type":"box","text":"US$","page_number":353,"box":{"x":889,"y":275,"width":25,"height":10}},{"id":"fe697e1f-8d36-4bec-a91d-f99e56d21093","block_type":"box","text":"Corporate bonds - 444,961,454 - 444,961,454","page_number":353,"box":{"x":80,"y":305,"width":835,"height":10}},{"id":"205e38af-b771-424f-81b9-0e204a3bc3a6","block_type":"box","text":"Forward foreign currency exchange contracts - (314,829) - (314,829)","page_number":353,"box":{"x":81,"y":321,"width":833,"height":10}},{"id":"cd2d18e3-3ec8-4227-9036-b7e077bfd3d9","block_type":"box","text":"Total financial assets and financial liabilities","page_number":353,"box":{"x":80,"y":337,"width":305,"height":8}},{"id":"7daf43d9-f0c8-49a9-aeed-44d8dbd1aa13","block_type":"box","text":"at fair value through profit or loss","page_number":353,"box":{"x":80,"y":349,"width":234,"height":10}},{"id":"4462e137-4220-4fb8-a654-a7aa115cce2c","block_type":"box","text":"- 444,646,625 - 444,646,625","page_number":353,"box":{"x":518,"y":349,"width":396,"height":10}},{"id":"7733d289-3f36-4541-9e5d-d95a98c1a3fb","block_type":"box","text":"Muzinich Europeyield Fund","page_number":353,"box":{"x":80,"y":421,"width":190,"height":10}},{"id":"f45a205e-1b5b-4cb8-99a8-226c292568a6","block_type":"box","text":"Level 1","page_number":353,"box":{"x":472,"y":408,"width":48,"height":8}},{"id":"668fb3cb-897f-4098-97c7-07f521fbc012","block_type":"box","text":"€","page_number":353,"box":{"x":514,"y":421,"width":8,"height":8}},{"id":"02583479-b5ee-46cd-915c-dbd1dd92b278","block_type":"box","text":"Level 2","page_number":353,"box":{"x":603,"y":408,"width":50,"height":8}},{"id":"cb4d94a0-9ba7-4223-bc49-8a69415b9354","block_type":"box","text":"€","page_number":353,"box":{"x":645,"y":421,"width":8,"height":8}},{"id":"f135acaa-d0e2-4e1e-8058-bbbbc3e4c71e","block_type":"box","text":"Level 3","page_number":353,"box":{"x":734,"y":408,"width":49,"height":8}},{"id":"2245e02e-3c13-4bfd-9f32-a367a6d40755","block_type":"box","text":"€","page_number":353,"box":{"x":776,"y":421,"width":8,"height":8}},{"id":"74325944-5521-4481-bdda-3da5ccfbd6c8","block_type":"box","text":"Total Fair","page_number":353,"box":{"x":849,"y":396,"width":66,"height":8}},{"id":"a08e229d-d6b5-4559-b539-2942629ed818","block_type":"box","text":"Value","page_number":353,"box":{"x":877,"y":408,"width":37,"height":8}},{"id":"45bea628-d0e8-42c1-9d29-4c5d17443e05","block_type":"box","text":"€","page_number":353,"box":{"x":907,"y":421,"width":8,"height":8}},{"id":"d2e35647-85a7-400c-8afb-b00e3a30fbe9","block_type":"box","text":"Corporate bonds - 837,506,400 - 837,506,400","page_number":353,"box":{"x":80,"y":450,"width":835,"height":10}},{"id":"fe89f3fd-9cfc-4468-98db-b3be8080347d","block_type":"box","text":"Corporate loans - 60,037,641 - 60,037,641","page_number":353,"box":{"x":80,"y":466,"width":832,"height":10}},{"id":"59d795d0-df1e-4d2d-a67d-3e38aebf62fc","block_type":"box","text":"Investment Funds - 10,018,000 - 10,018,000","page_number":353,"box":{"x":81,"y":482,"width":834,"height":10}},{"id":"0ba0b006-ab97-4a4c-8e4a-83be23c5b26a","block_type":"box","text":"Open futures contracts (12,000) - - (12,000)","page_number":353,"box":{"x":80,"y":498,"width":834,"height":10}},{"id":"4d515c14-b398-48ee-9ba4-751595fbcdcb","block_type":"box","text":"Forward foreign currency exchange contracts - 201,610 - 201,610","page_number":353,"box":{"x":81,"y":514,"width":834,"height":10}},{"id":"60ccc0af-735d-48aa-bc95-0f5039816579","block_type":"box","text":"Interest rate swaps - 149,171 - 149,171","page_number":353,"box":{"x":81,"y":530,"width":831,"height":10}},{"id":"009b43e9-3e32-4edb-808d-9446d335c03b","block_type":"box","text":"Total financial assets and financial liabilities","page_number":353,"box":{"x":80,"y":546,"width":305,"height":8}},{"id":"5d723820-ec30-4615-9bbd-b1d5b5ffeb0d","block_type":"box","text":"at fair value through profit or loss","page_number":353,"box":{"x":80,"y":559,"width":234,"height":10}},{"id":"5fd7fc23-f81e-460f-9beb-b5262b6933f3","block_type":"box","text":"(12,000) 907,912,822 - 907,900,822","page_number":353,"box":{"x":462,"y":559,"width":452,"height":10}},{"id":"0ec850b2-45ad-4fa4-be6d-6416d3c8716d","block_type":"box","text":"Muzinich Global High Yield Fund","page_number":353,"box":{"x":80,"y":630,"width":225,"height":10}},{"id":"3a028854-0f1d-4eed-a412-61483efb22c3","block_type":"box","text":"Level 1","page_number":353,"box":{"x":472,"y":617,"width":48,"height":9}},{"id":"6fd69f63-3163-4e5e-b867-e728b15beb98","block_type":"box","text":"US$","page_number":353,"box":{"x":497,"y":629,"width":24,"height":10}},{"id":"41814d83-27a6-4d50-8772-89c69f08100d","block_type":"box","text":"Level 2","page_number":353,"box":{"x":603,"y":617,"width":50,"height":9}},{"id":"d8dbdf62-7cd6-4107-9208-80bb49d593b0","block_type":"box","text":"US$","page_number":353,"box":{"x":628,"y":629,"width":24,"height":10}},{"id":"abb32ba2-d69a-49c1-aef6-309083f079d7","block_type":"box","text":"Level 3","page_number":353,"box":{"x":734,"y":617,"width":49,"height":9}},{"id":"ccf27439-c848-4268-a112-0ef4c1f57602","block_type":"box","text":"US$","page_number":353,"box":{"x":759,"y":629,"width":24,"height":10}},{"id":"265aa745-c713-4a48-9ad5-fcd90b58cd41","block_type":"box","text":"Total Fair","page_number":353,"box":{"x":849,"y":605,"width":66,"height":8}},{"id":"f7753833-7612-46ee-90dc-a422645d2a1a","block_type":"box","text":"Value","page_number":353,"box":{"x":877,"y":617,"width":37,"height":9}},{"id":"6247eb4e-3e90-44a5-8485-b4f701f2d5e1","block_type":"box","text":"US$","page_number":353,"box":{"x":889,"y":629,"width":25,"height":10}},{"id":"3f62f2d2-1f6a-4840-a64e-3c14ce1de01b","block_type":"box","text":"Corporate bonds - 195,758,024 - 195,758,024","page_number":353,"box":{"x":80,"y":659,"width":835,"height":10}},{"id":"6a8e5024-8d17-4ece-894f-deb621482ab9","block_type":"box","text":"Corporate loans - 1,354,690 - 1,354,690","page_number":353,"box":{"x":80,"y":675,"width":835,"height":10}},{"id":"1035e50a-1ff0-4411-a8f2-2fca8ee6c42e","block_type":"box","text":"Government issues - 580,500 - 580,500","page_number":353,"box":{"x":80,"y":691,"width":835,"height":10}},{"id":"64c86f83-c9e2-4132-8a4f-9b5e411d2d36","block_type":"box","text":"Forward foreign currency exchange contracts - 4,034,937 - 4,034,937","page_number":353,"box":{"x":81,"y":707,"width":834,"height":10}},{"id":"293cbf86-2198-4ffc-97ed-59f21db7f7e8","block_type":"box","text":"Total financial assets and financial liabilities","page_number":353,"box":{"x":80,"y":723,"width":305,"height":8}},{"id":"a58e970b-c50e-4047-9ee4-5bcd73f0de43","block_type":"box","text":"at fair value through profit or loss","page_number":353,"box":{"x":80,"y":736,"width":234,"height":10}},{"id":"5064ced8-b3e9-4135-913b-c8a769518efe","block_type":"box","text":"- 201,728,151 - 201,728,151","page_number":353,"box":{"x":518,"y":736,"width":394,"height":10}},{"id":"7bf49932-3705-42db-bf41-0d6617d6c20e","block_type":"box","text":"Muzinich Enhancedyield Short-Term Fund","page_number":353,"box":{"x":80,"y":807,"width":292,"height":10}},{"id":"bd8b3a73-d389-4ecb-abf5-a21f16e61d03","block_type":"box","text":"Level 1","page_number":353,"box":{"x":472,"y":795,"width":48,"height":8}},{"id":"82f531d3-aa9f-4504-8885-d8f1b9b3101d","block_type":"box","text":"€","page_number":353,"box":{"x":514,"y":807,"width":8,"height":8}},{"id":"5529fb64-1f72-495a-a997-7fda78fbbac6","block_type":"box","text":"Level 2","page_number":353,"box":{"x":603,"y":795,"width":50,"height":8}},{"id":"fd7b32e3-35de-49a0-8924-6109f704bf4a","block_type":"box","text":"€","page_number":353,"box":{"x":645,"y":807,"width":8,"height":8}},{"id":"cfe98d1c-bf80-4738-816d-8885715bb6a9","block_type":"box","text":"Level 3","page_number":353,"box":{"x":734,"y":795,"width":49,"height":8}},{"id":"551f0d22-cf43-4723-862d-194f08a24e16","block_type":"box","text":"€","page_number":353,"box":{"x":776,"y":807,"width":8,"height":8}},{"id":"9f5ee5f6-2478-4e1a-bca0-81553e25d3b3","block_type":"box","text":"Total Fair","page_number":353,"box":{"x":849,"y":782,"width":66,"height":8}},{"id":"5cb02f73-daec-4de5-aeb3-ad660d7bd2d3","block_type":"box","text":"Value","page_number":353,"box":{"x":877,"y":795,"width":37,"height":8}},{"id":"f1ac07bd-f527-49df-9784-30fde6d2f2d8","block_type":"box","text":"€","page_number":353,"box":{"x":907,"y":807,"width":8,"height":8}},{"id":"fa52bce6-6b61-46e9-9a4e-41fb1f1ce2d9","block_type":"box","text":"Corporate bonds - 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cont/d…","page_number":419,"box":{"x":79,"y":105,"width":712,"height":15}},{"id":"a6601d6d-1dfd-48dc-8e84-52116a3ce071","block_type":"box","text":"418","page_number":419,"box":{"x":487,"y":969,"width":20,"height":7}},{"id":"baf7c373-111d-4d92-a416-db726cc5b116","block_type":"box","text":"The Muzinich Americayield Fund, Muzinich Europeyield Fund, Muzinich Enhancedyield Short-Term Fund,","page_number":420,"box":{"x":80,"y":157,"width":833,"height":11}},{"id":"59727416-137d-4682-b43d-0b7f8c4e2b48","block_type":"box","text":"Muzinich ShortDurationHighYield Fund, Muzinich EmergingMarketsShortDuration Fund, Muzinich Global","page_number":420,"box":{"x":80,"y":172,"width":835,"height":11}},{"id":"69ffa5ec-7aec-478c-8a09-dfbe44f4a3f6","block_type":"box","text":"Tactical Credit Fund, Muzinich Asia Credit Opportunities Fund, Muzinich Global Short Duration 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Accumulation S Units 118.42 117.85 115.42 108.66 110.69 121.46 115.82 110.58 108.84 108.82","page_number":420,"box":{"x":80,"y":397,"width":834,"height":10}},{"id":"b5a1483a-2077-46cd-877a-5a8be80edf5d","block_type":"box","text":"Hedged CHF Income H Units 76.29 78.74 81.24 83.27 87.20 101.34 100.99 - - -","page_number":420,"box":{"x":80,"y":413,"width":834,"height":10}},{"id":"84a457eb-8486-49b4-a8f3-c8113cea5225","block_type":"box","text":"Hedged CHF Income R Units - - 67.82 69.60 73.00 84.48 84.56 86.23 91.48 94.21","page_number":420,"box":{"x":80,"y":429,"width":833,"height":10}},{"id":"7d8892bc-2241-4b47-834f-5fa8db9891bd","block_type":"box","text":"Hedged Euro Accumulation A Units 339.48 336.12 322.22 298.39 299.81 329.47 314.89 301.21 296.80 296.71","page_number":420,"box":{"x":80,"y":445,"width":833,"height":10}},{"id":"8b419d56-186e-424f-bed8-318440fb17b1","block_type":"box","text":"Hedged Euro Accumulation H Units 130.14 128.66 122.91 113.43 113.36 124.27 118.44 112.82 110.45 110.35","page_number":420,"box":{"x":80,"y":461,"width":834,"height":10}},{"id":"ff2d4530-2e61-440c-a1a9-22f9c7d14e11","block_type":"box","text":"Hedged Euro Accumulation P Units 112.31 111.46 107.82 100.53 102.24 112.99 108.69 104.95 104.93 105.08","page_number":420,"box":{"x":80,"y":477,"width":834,"height":10}},{"id":"bbf0b12d-ca60-4a77-b6f0-e857c9fc5564","block_type":"box","text":"Hedged Euro Accumulation R Units 301.88 299.38 288.57 268.42 271.75 299.70 287.57 276.60 274.97 275.18","page_number":420,"box":{"x":80,"y":493,"width":834,"height":10}},{"id":"83df5141-f096-4920-a86b-25ae45b556bf","block_type":"box","text":"Hedged Euro Discretionary A Units - - - 266.18 273.44 300.49 287.19 278.03 277.82 277.72","page_number":420,"box":{"x":80,"y":509,"width":834,"height":10}},{"id":"a5ebec14-0fc6-4886-96f4-3ae59a8010a0","block_type":"box","text":"Hedged Euro Income A Units 92.50 94.09 95.32 94.24 98.35 113.93 113.58 115.60 121.94 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-","page_number":420,"box":{"x":80,"y":589,"width":834,"height":11}},{"id":"0f71e462-ea2d-4c01-b999-429168099e93","block_type":"box","text":"Hedged GBP Accumulation A Units","page_number":420,"box":{"x":80,"y":605,"width":205,"height":11}},{"id":"0051f4ab-0707-4466-bfc9-7e532514c5ee","block_type":"box","text":"-----","page_number":420,"box":{"x":455,"y":610,"width":205,"height":1}},{"id":"3a6db0cc-15a1-40ca-b2d1-6a1a3991722d","block_type":"box","text":"200.40 190.63 181.74 175.61 175.04","page_number":420,"box":{"x":672,"y":606,"width":243,"height":7}},{"id":"26fc7cb1-2f17-42e1-8325-b80ecf205acb","block_type":"box","text":"Hedged GBP Accumulation S Units - - - 127.35 124.15 135.21 128.07 121.50 116.45 115.96","page_number":420,"box":{"x":80,"y":621,"width":834,"height":11}},{"id":"c0431bbe-9946-4674-aa4c-0e4763da41aa","block_type":"box","text":"Hedged GBP Income A Units - - - 78.01 81.43 93.49 93.07 93.70 97.56 99.73","page_number":420,"box":{"x":80,"y":637,"width":834,"height":11}},{"id":"cb48e77b-1016-4b67-80b8-3b97279b914d","block_type":"box","text":"Hedged GBP Income S Units 86.84 87.54 86.93 83.52 86.21 99.20 98.65 99.40 103.38 105.88","page_number":420,"box":{"x":80,"y":653,"width":834,"height":11}},{"id":"d93169b7-b0f6-4f33-975c-881dd5cd77c7","block_type":"box","text":"Hedged SEK Accumulation R Units - - - 107.56 110.38 121.38 116.13 111.35 110.63 110.76","page_number":420,"box":{"x":80,"y":669,"width":834,"height":11}},{"id":"0b64d995-89c5-47fb-9456-51b3e769c7d0","block_type":"box","text":"Hedged US$ Accumulation A Units 382.36 375.00 351.69 320.46 309.18 336.91 319.60 298.48 280.47 277.93","page_number":420,"box":{"x":80,"y":685,"width":834,"height":11}},{"id":"07e63e8f-1b52-4c72-9239-e5b18e57669e","block_type":"box","text":"Hedged US$ Accumulation G Units - - - 108.42 102.78 -","page_number":420,"box":{"x":80,"y":701,"width":631,"height":11}},{"id":"582a5709-f0fe-4d11-928a-976a4faed6d4","block_type":"box","text":"----","page_number":420,"box":{"x":759,"y":706,"width":155,"height":1}},{"id":"666bf4f1-78d2-437d-ad20-a99031b790d7","block_type":"box","text":"Hedged US$ Accumulation H Units 165.76 162.28 151.66 137.72 132.26 143.74 135.90 126.48 118.36 116.90","page_number":420,"box":{"x":80,"y":717,"width":835,"height":11}},{"id":"a74a53c2-2ba5-4ff9-9e94-e31ce8c2e250","block_type":"box","text":"Hedged US$ Accumulation R Units 337.88 332.20 313.11 286.71 278.49 304.76 290.29 272.58 257.50 256.34","page_number":420,"box":{"x":80,"y":733,"width":835,"height":11}},{"id":"668a8ca4-7568-4ec4-9f92-dbcb0c706271","block_type":"box","text":"Hedged US$ Accumulation S Units 177.92 174.10 162.55 147.47 141.46 153.62 145.11 134.91 126.10 124.43","page_number":420,"box":{"x":80,"y":749,"width":834,"height":11}},{"id":"9ebca1e0-9f86-417f-bd02-10db473fafb4","block_type":"box","text":"Hedged US$ Income A Units 85.41 86.04 85.30 81.42 83.19 95.16 94.35 92.74 93.80 95.56","page_number":420,"box":{"x":80,"y":765,"width":834,"height":11}},{"id":"df069a20-8234-45d0-bec6-cd2b9d1c7576","block_type":"box","text":"Hedged US$ Income H Units 93.29 93.98 93.17 88.93 90.77 100.00 - - - -","page_number":420,"box":{"x":80,"y":781,"width":834,"height":11}},{"id":"c8bbe514-0a7e-49ae-ad06-d20810ba74a2","block_type":"box","text":"Hedged US$ Income R Units 86.98 87.62 86.87 83.01 84.86 96.92 96.06 94.48 95.71 97.36","page_number":420,"box":{"x":80,"y":797,"width":834,"height":11}},{"id":"1d8eed4f-ee9d-43cd-99b6-b4209172764d","block_type":"box","text":"Hedged US$ Monthly IRD Income R Units 101.30 101.95 103.08","page_number":420,"box":{"x":80,"y":813,"width":480,"height":11}},{"id":"19f9e67b-dd4f-4cda-b163-09cbbc49d43c","block_type":"box","text":"-------","page_number":420,"box":{"x":607,"y":818,"width":307,"height":1}},{"id":"d99c5ad1-a376-4db1-9d05-a26109e097da","block_type":"box","text":"Muzinich Americayield Fund","page_number":420,"box":{"x":80,"y":862,"width":197,"height":10}},{"id":"d2a8a274-df3e-438e-a75c-1adde6aaef09","block_type":"box","text":"Highest issue and lowest redemption prices","page_number":420,"box":{"x":81,"y":874,"width":305,"height":10}},{"id":"54d08404-d1ab-4485-8da7-2347d25f440f","block_type":"box","text":"Lowest redemption prices during the financial period","page_number":420,"box":{"x":81,"y":887,"width":375,"height":10}},{"id":"385a95f8-7389-4a7c-93a7-9c8e8b9f066a","block_type":"box","text":"2026 2025 2024 2023 2022 2021 2020 2019 2018 2017","page_number":420,"box":{"x":425,"y":908,"width":490,"height":8}},{"id":"e3bf3388-4836-4077-8463-ac878e92bad6","block_type":"box","text":"Hedged CHF Accumulation H Units 106.11 101.83 99.75 95.14 93.43 107.33 99.97 - - -","page_number":420,"box":{"x":80,"y":924,"width":834,"height":10}},{"id":"57f5acf5-77d0-4b0a-b0d2-3443b274c5d2","block_type":"box","text":"Muzinich Funds","page_number":420,"box":{"x":695,"y":48,"width":219,"height":16}},{"id":"c2c949df-7721-464a-8d51-717d4f82e847","block_type":"box","text":"Appendix III – Additional Information regarding Hong Kong registered Funds","page_number":420,"box":{"x":79,"y":105,"width":801,"height":15}},{"id":"c045ed9a-5b0e-4553-aae3-c7e28c50f95c","block_type":"box","text":"419","page_number":420,"box":{"x":487,"y":969,"width":20,"height":7}},{"id":"c7b21bd9-e067-4647-9042-fc5b3bfc6ea5","block_type":"box","text":"Muzinich Americayield Fund","page_number":421,"box":{"x":80,"y":162,"width":197,"height":10}},{"id":"3d17d491-794b-4645-abbb-2d392498afd2","block_type":"box","text":"Highest issue and lowest redemption prices","page_number":421,"box":{"x":81,"y":174,"width":305,"height":10}},{"id":"f9478d89-0d26-4616-9729-d98fcad8dfc6","block_type":"box","text":"Lowest redemption prices during the financial period","page_number":421,"box":{"x":81,"y":187,"width":375,"height":10}},{"id":"0ac65081-a48f-4c91-87e0-a900fd257205","block_type":"box","text":"2026 2025 2024 2023 2022 2021 2020 2019 2018 2017","page_number":421,"box":{"x":425,"y":208,"width":490,"height":8}},{"id":"aff74a5d-4fda-41f8-b39f-2e97a3ff91aa","block_type":"box","text":"Hedged CHF Accumulation R Units 131.81 127.54 126.38 120.65 119.55 139.49 109.88 124.19 127.22 127.87","page_number":421,"box":{"x":80,"y":224,"width":835,"height":10}},{"id":"a077a9f0-1c4d-4a88-9122-274ddd894b59","block_type":"box","text":"Hedged CHF Accumulation S Units 115.31 110.55 108.15 103.14 101.18 116.02 90.80 101.41 103.81 102.38","page_number":421,"box":{"x":80,"y":240,"width":834,"height":10}},{"id":"e1c63bd2-ea1a-47aa-a342-a241d3f1c954","block_type":"box","text":"Hedged CHF Income H Units 74.28 75.47 78.50 76.91 79.68 98.74 81.14 - - -","page_number":421,"box":{"x":80,"y":256,"width":834,"height":10}},{"id":"9619e4a4-5a0e-41b3-b253-82c4b24fae05","block_type":"box","text":"Hedged CHF Income R Units - - 65.70 64.16 66.51 82.27 68.09 80.49 84.48 90.72","page_number":421,"box":{"x":80,"y":272,"width":834,"height":10}},{"id":"70837425-b18d-4f9e-9d31-4977c6803e20","block_type":"box","text":"Hedged Euro Accumulation A Units 330.91 311.88 296.98 281.44 273.69 315.43 247.22 276.33 282.94 279.41","page_number":421,"box":{"x":80,"y":288,"width":833,"height":10}},{"id":"cb42efcd-0a8c-4c85-8f65-0ac7438ee7ed","block_type":"box","text":"Hedged Euro Accumulation H Units 126.81 119.11 112.88 106.71 103.61 118.65 92.73 103.20 105.62 103.58","page_number":421,"box":{"x":80,"y":304,"width":834,"height":10}},{"id":"cec406c3-5bb7-4a27-8e14-72708e4af170","block_type":"box","text":"Hedged Euro Accumulation P Units 109.45 103.96 100.07 95.29 93.09 108.88 85.83 96.97 99.33 99.69","page_number":421,"box":{"x":80,"y":320,"width":834,"height":10}},{"id":"33bc9917-dbb3-4e2b-a1d6-916fe1794727","block_type":"box","text":"Hedged Euro Accumulation R Units 294.27 278.70 267.18 254.10 247.67 288.06 226.55 254.82 260.98 260.31","page_number":421,"box":{"x":80,"y":336,"width":833,"height":10}},{"id":"2b3fe512-95c4-4655-8c43-0c1d06152577","block_type":"box","text":"Hedged Euro Discretionary A Units - - - 257.44 249.62 287.69 225.48 258.73 264.87 261.53","page_number":421,"box":{"x":80,"y":352,"width":834,"height":10}},{"id":"54f1a638-32bf-4654-882e-3b3eb58a4046","block_type":"box","text":"Hedged Euro Income A Units 90.16 89.66 90.31 88.14 89.78 111.13 91.50 107.58 113.16 120.22","page_number":421,"box":{"x":80,"y":368,"width":834,"height":10}},{"id":"4b6ab982-260a-4b1b-a2f8-4676550c2c72","block_type":"box","text":"Hedged Euro Income H Units 67.35 66.96 67.37 65.84 67.05 82.93 68.34 80.26 84.56 89.69","page_number":421,"box":{"x":80,"y":384,"width":834,"height":10}},{"id":"0510fc9c-8ba0-47a0-9c4f-9294c56bfa29","block_type":"box","text":"Hedged Euro Income P Units - - 74.60 74.01 73.46 90.76 74.85 88.16 92.41 98.54","page_number":421,"box":{"x":80,"y":400,"width":835,"height":10}},{"id":"b8cf336d-3ac4-4fbe-b0ec-cf022d943417","block_type":"box","text":"Hedged Euro Income R Units - - - 72.67 74.04 91.54 75.45 88.79 93.26 100.00","page_number":421,"box":{"x":80,"y":416,"width":835,"height":10}},{"id":"dba8cb9a-fca8-4b6e-ac09-3f64dcbc88ca","block_type":"box","text":"Hedged Euro Income S Units - - - 78.36 79.80 98.68 81.33 99.13 - -","page_number":421,"box":{"x":80,"y":432,"width":834,"height":10}},{"id":"468014db-ea46-4a57-a95b-c204bc7782f6","block_type":"box","text":"Hedged GBP Accumulation A Units","page_number":421,"box":{"x":80,"y":448,"width":205,"height":10}},{"id":"6443fe67-efad-420c-a6e5-1b4c63f60b2d","block_type":"box","text":"-----","page_number":421,"box":{"x":455,"y":452,"width":205,"height":1}},{"id":"93d287a3-3eff-467c-b2c8-2424d0e05edb","block_type":"box","text":"190.97 149.35 165.06 168.74 163.79","page_number":421,"box":{"x":673,"y":448,"width":241,"height":8}},{"id":"c296aa47-06a8-4f9e-90c3-241fba8a1186","block_type":"box","text":"Hedged GBP Accumulation S Units - - - 118.18 113.98 128.31 100.04 109.94 112.34 108.04","page_number":421,"box":{"x":80,"y":464,"width":835,"height":10}},{"id":"40d0046a-b725-4ace-a6d1-52dfef83d9ce","block_type":"box","text":"Hedged GBP Income A Units - - - 75.41 74.65 91.01 74.81 86.89 91.28 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-","page_number":428,"box":{"x":80,"y":527,"width":834,"height":11}},{"id":"e12efdb8-abb4-41bf-a9a8-3a79df561b89","block_type":"box","text":"Hedged US$ Accumulation R Units 134.79 132.81 125.47 116.28 113.35 122.72 119.26 114.60 107.53 107.23","page_number":428,"box":{"x":80,"y":543,"width":834,"height":11}},{"id":"a0cf89f7-504e-4ec5-a811-f0a20af39bbe","block_type":"box","text":"Hedged US$ Accumulation S Units 152.25 149.54 140.43 129.38 124.98 134.73 130.31 124.47 115.64 114.99","page_number":428,"box":{"x":80,"y":559,"width":834,"height":11}},{"id":"07f2884d-1705-436f-b309-04de4d191d82","block_type":"box","text":"Hedged US$ Income G Units 93.68 94.07 92.46 88.69 89.86 102.07 - - - -","page_number":428,"box":{"x":80,"y":575,"width":834,"height":11}},{"id":"35bc0f76-8b82-49e1-8871-c8fd119bb373","block_type":"box","text":"Hedged US$ Income R Monthly Units 95.23 95.10 93.71 89.87 92.41 103.52 102.85 102.19 - -","page_number":428,"box":{"x":80,"y":591,"width":834,"height":11}},{"id":"79b5f36a-8b20-4848-85f0-04c054bd88b3","block_type":"box","text":"Hedged US$ Income R Units - - - 87.47 89.67 100.81 - - - -","page_number":428,"box":{"x":80,"y":607,"width":834,"height":11}},{"id":"66f043c5-59c6-42ba-801f-7a2935f018f4","block_type":"box","text":"Muzinich EmergingMarketsShortDuration Fund","page_number":428,"box":{"x":80,"y":656,"width":324,"height":10}},{"id":"52e5e548-aa9f-4ac0-91cb-a3ff8d10033f","block_type":"box","text":"Highest issue and lowest redemption prices","page_number":428,"box":{"x":81,"y":669,"width":305,"height":10}},{"id":"1556751c-05e6-4b1b-a057-0bd59a11ca49","block_type":"box","text":"Lowest redemption prices during the financial period","page_number":428,"box":{"x":81,"y":681,"width":375,"height":10}},{"id":"c27a66bf-40ba-413a-b039-6092e622c620","block_type":"box","text":"2026 2025 2024 2023 2022 2021 2020 2019 2018 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105.70","page_number":428,"box":{"x":80,"y":766,"width":835,"height":10}},{"id":"776dba08-c59f-40c6-b87d-e5e0bc66a572","block_type":"box","text":"Hedged Euro Accumulation G1 Units 111.25 107.09 100.13 96.33 92.74","page_number":428,"box":{"x":80,"y":782,"width":581,"height":10}},{"id":"1b2fd815-7202-42da-89d8-50d7dc815b39","block_type":"box","text":"-----","page_number":428,"box":{"x":708,"y":786,"width":206,"height":1}},{"id":"215885e4-99db-4671-9a15-e38d9b6711c9","block_type":"box","text":"Hedged Euro Accumulation H Units 110.85 106.87 100.12 96.46 92.88 106.80 90.47 99.08 99.05 99.01","page_number":428,"box":{"x":80,"y":798,"width":833,"height":10}},{"id":"e503aa57-1bcf-457f-bef4-137f582bf8a0","block_type":"box","text":"Hedged Euro Accumulation P Units 102.78 99.89 94.67 91.99 88.63 102.73 88.27 97.72 97.71 99.34","page_number":428,"box":{"x":80,"y":814,"width":835,"height":10}},{"id":"ab3ba751-db13-4b21-b43d-00a9e2439fb4","block_type":"box","text":"Hedged Euro Accumulation R Units 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