This reflects a full list of investments, including those which have been realized, in Muzinich’s Private Debt strategies and is provided for illustrative purposes only. One company (Investment Date: October 2015 in the Industrials industry) has requested their name remain confidential and is therefore not included in the above list. This list is constantly updated and as a result, there can be no assurance that the portfolio will continue to hold the same position in companies described herein. All information provided about the companies is written as of the investment date, unless otherwise noted, and is subject to change. Nothing contained herein should be construed as an offer to buy, sell or transact in any investment and is not intended to constitute investment, legal, tax, accounting or other advice. Past performance is not an indication of future performance. Diversification does not assure a profit or protect against loss.