MUZINICH CREDIT OPPORTUNITIES FUND | ||||||||
SCHEDULE OF INVESTMENTS at March 31, 2023 (Unaudited) | ||||||||
Principal Amount† | Value | |||||||
CORPORATE BONDS: 71.8% | ||||||||
Aerospace/Defense: 1.0% | ||||||||
Embraer Netherlands Finance BV | ||||||||
900,000 | 5.050%, 6/15/25 | $ | 874,089 | |||||
Rolls-Royce PLC | ||||||||
EUR 525,000 | 1.625%, 5/9/28 | 474,531 | ||||||
TransDigm Inc | ||||||||
1,525,000 | 8.000%, 12/15/25 | 1,556,427 | ||||||
2,905,047 | ||||||||
Airlines: 2.3% | ||||||||
American Airlines Inc/AAdvantage Loyalty IP Ltd | ||||||||
550,000 | 5.500%, 4/20/26 | 541,977 | ||||||
425,000 | 5.750%, 4/20/29 | 408,201 | ||||||
Delta Air Lines Inc | ||||||||
1,250,000 | 7.375%, 1/15/26 | 1,301,925 | ||||||
easyJet FinCo BV | ||||||||
EUR 900,000 | 1.875%, 3/3/28 | 855,491 | ||||||
Emirates Airline | ||||||||
430,440 | 4.500%, 2/6/25 | 424,241 | ||||||
Korean Air Lines Co Ltd | ||||||||
620,000 | 4.750%, 9/23/25 | 615,778 | ||||||
Singapore Airlines Ltd | ||||||||
1,836,000 | 3.000%, 7/20/26 | 1,753,897 | ||||||
Wizz Air Finance Co BV | ||||||||
EUR 550,000 | 1.350%, 1/19/24 | 580,206 | ||||||
EUR 650,000 | 1.000%, 1/19/26 | 613,805 | ||||||
7,095,521 | ||||||||
Automotive & Auto Parts: 4.7% | ||||||||
Autoliv Inc | ||||||||
EUR 500,000 | 4.250%, 3/15/28 | 546,430 | ||||||
Continental AG | ||||||||
EUR 650,000 | 3.625%, 11/30/27 | 697,660 | ||||||
Ford Motor Credit Co LLC | ||||||||
775,000 | 3.370%, 11/17/23 | 761,262 | ||||||
1,275,000 | 3.810%, 1/9/24 | 1,261,402 | ||||||
1,050,000 | 2.300%, 2/10/25 | 974,631 | ||||||
General Motors Financial Co Inc | ||||||||
EUR 650,000 | 0.850%, 2/26/26 | 641,281 | ||||||
Hyundai Capital America | ||||||||
1,698,000 | 1.650%, 9/17/26 | 1,502,777 | ||||||
IHO Verwaltungs GmbH | ||||||||
EUR 800,000 | 3.625% Cash or 4.000% PIK, 5/15/25 | 864,741 | ||||||
EUR 400,000 | 3.750% Cash or 5.000% PIK, 9/15/26 | 391,051 | ||||||
Kia Corp | ||||||||
470,000 | 3.250%, 4/21/26 | 444,253 | ||||||
Mercedes-Benz Finance Canada Inc | ||||||||
EUR 825,000 | 3.000%, 2/23/27 | 882,410 | ||||||
Nissan Motor Co Ltd | ||||||||
850,000 | 4.810%, 9/17/30 | 768,115 | ||||||
PACCAR Financial Europe BV | ||||||||
EUR 750,000 | 3.250%, 11/29/25 | 809,873 | ||||||
RCI Banque SA | ||||||||
EUR 490,000 | 1.625%, 5/26/26 | 489,007 | ||||||
Schaeffler AG | ||||||||
EUR 900,000 | 2.750%, 10/12/25 | 948,491 | ||||||
Valeo | ||||||||
EUR 800,000 | 1.000%, 8/3/28 | 693,464 | ||||||
Volkswagen Financial Services NV | ||||||||
EUR 500,000 | 3.750%, 11/25/24 | 539,584 | ||||||
Volkswagen International Finance NV | ||||||||
EUR 400,000 | 3.500% (5 Year Swap Rate EUR + 3.746%), 6/17/25 1,3,4 | 409,827 | ||||||
EUR 600,000 | 4.125%, 11/15/25 | 654,753 | ||||||
14,281,012 | ||||||||
Banking: 6.0% | ||||||||
ABN AMRO Bank NV | ||||||||
800,000 | 3.324% (5 Year CMT Rate + 1.900%), 3/13/37 1,4 | 613,761 | ||||||
AIB Group PLC | ||||||||
EUR 900,000 | 2.875% (5 Year Swap Rate EUR + 3.300%), 5/30/31 1,4 | 885,330 | ||||||
Australia & New Zealand Banking Group Ltd | ||||||||
EUR 900,000 | 5.101% (5 Year Swap Rate EUR + 2.150%), 2/3/33 1,4 | 977,300 | ||||||
Banco Bradesco SA | ||||||||
909,000 | 3.200%, 1/27/25 | 867,754 | ||||||
Banco Daycoval SA | ||||||||
850,000 | 4.250%, 12/13/24 | 806,225 | ||||||
Bancolombia SA | ||||||||
500,000 | 6.909% (5 Year CMT Rate + 2.929%), 10/18/27 1,4 | 457,875 | ||||||
Barclays PLC | ||||||||
1,210,000 | 3.564% (5 Year CMT Rate + 2.900%), 9/23/35 1,4 | 953,570 | ||||||
BBVA Bancomer SA | ||||||||
1,282,000 | 1.875%, 9/18/25 | 1,171,113 | ||||||
BNP Paribas SA | ||||||||
1,270,000 | 2.588% (5 Year CMT Rate + 2.050%), 8/12/35 1,4 | 976,145 | ||||||
CaixaBank SA | ||||||||
EUR 900,000 | 6.250% (1 Year Swap Rate EUR + 3.550%), 2/23/33 1,4 | 994,899 | ||||||
Danske Bank A/S | ||||||||
EUR 750,000 | 1.500% (5 Year Swap Rate EUR + 1.900%), 9/2/30 1,4 | 740,614 | ||||||
Emirates NBD Bank PJSC | ||||||||
1,050,000 | 5.625%, 10/21/27 | 1,080,128 | ||||||
Global Bank Corp | ||||||||
800,000 | 5.250% (3 Month LIBOR USD + 3.300%), 4/16/29 1 | 721,100 | ||||||
Hamburg Commercial Bank AG 7 | ||||||||
EUR 250,000 | 4.875%, 3/17/25 | 271,386 | ||||||
HSBC Holdings PLC | ||||||||
EUR 450,000 | 3.000%, 6/30/25 | 476,737 | ||||||
EUR 570,000 | 6.364% (5 Year Swap Rate EUR + 3.300%), 11/16/32 1,4 | 645,488 | ||||||
NatWest Group PLC | ||||||||
EUR 810,000 | 1.043% (5 Year Swap Rate EUR + 1.270%), 9/14/32 1,4 | 721,517 | ||||||
420,000 | 3.032% (5 Year CMT Rate + 2.350%), 11/28/35 1,4 | 320,382 | ||||||
QNB Finance Ltd | ||||||||
2,115,000 | 2.625%, 5/12/25 | 2,014,301 | ||||||
Standard Chartered PLC | ||||||||
EUR 900,000 | 1.200% (5 Year Swap Rate EUR + 1.550%), 9/23/31 1,4 | 839,550 | ||||||
United Overseas Bank Ltd | ||||||||
900,000 | 3.863% (5 Year CMT Rate + 1.450%), 10/7/32 1,4 | 849,606 | ||||||
Westpac Banking Corp | ||||||||
960,000 | 2.668% (5 Year CMT Rate + 1.750%), 11/15/35 1,4 | 748,371 | ||||||
18,133,152 | ||||||||
Broadcasting: 1.0% | ||||||||
Sirius XM Radio Inc | ||||||||
525,000 | 5.000%, 8/1/27 | 492,083 | ||||||
TEGNA Inc | ||||||||
1,125,000 | 4.750%, 3/15/26 | 1,068,529 | ||||||
Warnermedia Holdings Inc | ||||||||
1,675,000 | 3.788%, 3/15/25 | 1,622,158 | ||||||
3,182,770 | ||||||||
Building Materials: 0.7% | ||||||||
Builders FirstSource Inc | ||||||||
500,000 | 4.250%, 2/1/32 | 436,493 | ||||||
CRH Funding BV | ||||||||
EUR 750,000 | 1.875%, 1/9/24 | 802,763 | ||||||
Standard Industries Inc | ||||||||
900,000 | 5.000%, 2/15/27 | 858,501 | ||||||
2,097,757 | ||||||||
Cable/Satellite TV: 1.0% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp | ||||||||
1,175,000 | 5.500%, 5/1/26 | 1,144,180 | ||||||
1,075,000 | 4.750%, 2/1/32 | 904,190 | ||||||
DISH Network Corp | ||||||||
1,075,000 | 11.750%, 11/15/27 | 1,035,822 | ||||||
3,084,192 | ||||||||
Capital Goods: 1.9% | ||||||||
AGCO International Holdings BV | ||||||||
EUR 275,000 | 0.800%, 10/6/28 | 246,814 | ||||||
Carrier Global Corp | ||||||||
1,525,000 | 2.722%, 2/15/30 | 1,333,989 | ||||||
Johnson Controls International PLC | ||||||||
EUR 358,000 | 1.375%, 2/25/25 | 373,292 | ||||||
Regal Rexnord Corp | ||||||||
1,350,000 | 6.050%, 4/15/28 | 1,350,868 | ||||||
1,350,000 | 6.400%, 4/15/33 | 1,351,510 | ||||||
Traton Finance Luxembourg SA | ||||||||
EUR 700,000 | 0.125%, 11/10/24 | 717,959 | ||||||
EUR 400,000 | 4.125%, 11/22/25 | 436,128 | ||||||
5,810,560 | ||||||||
Chemicals: 2.5% | ||||||||
Alpek SAB de CV | ||||||||
1,771,000 | 4.250%, 9/18/29 | 1,595,175 | ||||||
Braskem Netherlands Finance BV | ||||||||
900,000 | 4.500%, 1/31/30 | 765,206 | ||||||
Equate Petrochemical BV | ||||||||
700,000 | 4.250%, 11/3/26 | 680,716 | ||||||
INEOS Finance PLC | ||||||||
EUR 325,000 | 6.625%, 5/15/28 | 356,388 | ||||||
MEGlobal Canada ULC | ||||||||
310,000 | 5.000%, 5/18/25 | 307,238 | ||||||
750,000 | 5.000%, 5/18/25 | 743,317 | ||||||
Orbia Advance Corp SAB de CV | ||||||||
1,400,000 | 4.000%, 10/4/27 | 1,306,963 | ||||||
Sherwin-Williams Co | ||||||||
1,225,000 | 3.450%, 6/1/27 | 1,172,329 | ||||||
875,000 | 2.900%, 3/15/52 | 561,694 | ||||||
7,489,026 | ||||||||
Consumer-Products: 0.5% | ||||||||
Mattel Inc | ||||||||
1,125,000 | 3.375%, 4/1/26 | 1,060,054 | ||||||
Newell Brands Inc | ||||||||
325,000 | 6.625%, 9/15/29 | 328,152 | ||||||
1,388,206 | ||||||||
Containers: 2.2% | ||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc | ||||||||
EUR 1,525,000 | 2.125%, 8/15/26 | 1,451,758 | ||||||
EUR 825,000 | 2.125%, 8/15/26 | 785,883 | ||||||
Ball Corp | ||||||||
1,500,000 | 4.000%, 11/15/23 | 1,484,210 | ||||||
DS Smith PLC | ||||||||
EUR 525,000 | 0.875%, 9/12/26 | 512,171 | ||||||
Graphic Packaging International LLC | ||||||||
1,525,000 | 0.821%, 4/15/24 | 1,453,841 | ||||||
Sealed Air Corp/Sealed Air Corp US | ||||||||
225,000 | 6.125%, 2/1/28 | 226,923 | ||||||
SIG Combibloc PurchaseCo SARL | ||||||||
EUR 775,000 | 2.125%, 6/18/25 | 812,124 | ||||||
6,726,910 | ||||||||
Diversified Financial Services: 2.8% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | ||||||||
175,000 | 3.300%, 1/30/32 | 145,255 | ||||||
AXA Logistics Europe Master SCA | ||||||||
EUR 500,000 | 0.375%, 11/15/26 | 446,983 | ||||||
DAE Funding LLC | ||||||||
1,400,000 | 3.375%, 3/20/28 | 1,264,262 | ||||||
Grupo de Inversiones Suramericana SA | ||||||||
1,500,000 | 5.500%, 4/29/26 | 1,423,117 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp | ||||||||
775,000 | 6.375%, 12/15/25 | 761,731 | ||||||
ICD Funding Ltd | ||||||||
1,900,000 | 3.223%, 4/28/26 | 1,782,417 | ||||||
Lion/Polaris Lux 4 SA | ||||||||
959,000 | 3.250%, 9/30/40 | 758,405 | ||||||
MDGH GMTN RSC Ltd | ||||||||
880,000 | 2.875%, 11/7/29 | 795,304 | ||||||
790,000 | 3.700%, 11/7/49 | 644,192 | ||||||
Navient Corp | ||||||||
500,000 | 6.125%, 3/25/24 | 495,440 | ||||||
8,517,106 | ||||||||
Diversified Media: 0.6% | ||||||||
Match Group Holdings II LLC | ||||||||
1,025,000 | 5.625%, 2/15/29 | 964,931 | ||||||
WPP Finance 2016 | ||||||||
EUR 700,000 | 1.375%, 3/20/25 | 723,691 | ||||||
1,688,622 | ||||||||
Energy: 6.4% | ||||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
2,475,000 | 5.125%, 6/30/27 | 2,478,298 | ||||||
Cheniere Energy Partners LP | ||||||||
1,000,000 | 4.500%, 10/1/29 | 934,955 | ||||||
Diamondback Energy Inc | ||||||||
700,000 | 6.250%, 3/15/33 | 740,678 | ||||||
Ecopetrol SA | ||||||||
670,000 | 4.125%, 1/16/25 | 652,587 | ||||||
Enterprise Products Operating LLC | ||||||||
975,000 | 3.200%, 2/15/52 | 692,545 | ||||||
EQT Corp | ||||||||
1,100,000 | 6.125%, 2/1/25 2 | 1,107,642 | ||||||
Galaxy Pipeline Assets Bidco Ltd | ||||||||
1,390,179 | 1.750%, 9/30/27 | 1,296,250 | ||||||
Leviathan Bond Ltd | ||||||||
910,000 | 5.750%, 6/30/23 | 908,635 | ||||||
775,000 | 6.125%, 6/30/25 | 756,594 | ||||||
MPLX LP | ||||||||
575,000 | 5.000%, 3/1/33 | 562,875 | ||||||
Oleoducto Central SA | ||||||||
924,000 | 4.000%, 7/14/27 | 798,834 | ||||||
Petronas Capital Ltd | ||||||||
900,000 | 2.480%, 1/28/32 | 767,100 | ||||||
700,000 | 4.550%, 4/21/50 | 648,958 | ||||||
Qatar Energy | ||||||||
500,000 | 3.300%, 7/12/51 | 373,825 | ||||||
QatarEnergy | ||||||||
900,000 | 2.250%, 7/12/31 | 765,859 | ||||||
Repsol International Finance BV | ||||||||
EUR 1,075,000 | 3.750% (5 Year Swap Rate EUR + 4.000%), 3/11/26 1,3,4 | 1,100,624 | ||||||
Rockies Express Pipeline LLC | ||||||||
2,425,000 | 3.600%, 5/15/25 | 2,270,316 | ||||||
TotalEnergies SE | ||||||||
EUR 750,000 | 2.625% (5 Year Swap Rate EUR + 2.148%), 2/26/25 1,3,4 | 771,814 | ||||||
Wintershall Dea Finance 2 BV | ||||||||
EUR 1,000,000 | 2.499% (5 Year Swap Rate EUR + 2.924%), 4/20/26 1,3,4 | 914,082 | ||||||
Wintershall Dea Finance BV | ||||||||
EUR 900,000 | 1.332%, 9/25/28 | 817,842 | ||||||
19,360,313 | ||||||||
Environmental: 0.2% | ||||||||
GFL Environmental Inc | ||||||||
800,000 | 3.750%, 8/1/25 | 769,620 | ||||||
Food & Drug Retail: 1.0% | ||||||||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | ||||||||
1,825,000 | 7.500%, 3/15/26 | 1,890,399 | ||||||
750,000 | 6.500%, 2/15/28 | 752,666 | ||||||
Roadster Finance DAC | ||||||||
EUR 525,000 | 1.625%, 12/9/24 | 508,395 | ||||||
3,151,460 | ||||||||
Food/Beverage/Tobacco: 4.9% | ||||||||
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc | ||||||||
2,300,000 | 4.900%, 2/1/46 | 2,246,727 | ||||||
BRF SA | ||||||||
850,000 | 4.750%, 5/22/24 | 825,915 | ||||||
Constellation Brands Inc | ||||||||
1,960,000 | 2.250%, 8/1/31 | 1,609,894 | ||||||
Indofood BCP Sukses | ||||||||
1,510,000 | 3.398%, 6/9/31 | 1,261,108 | ||||||
Kraft Heinz Foods Co | ||||||||
1,775,000 | 4.875%, 10/1/49 | 1,644,589 | ||||||
Louis Dreyfus Co Finance BV | ||||||||
EUR 1,575,000 | 2.375%, 11/27/25 | 1,625,794 | ||||||
Minerva Luxembourg SA | ||||||||
770,000 | 5.875%, 1/19/28 | 714,331 | ||||||
Molson Coors Beverage Co | ||||||||
1,925,000 | 3.000%, 7/15/26 | 1,818,349 | ||||||
Sigma Alimentos S.A. de CV | ||||||||
1,048,000 | 4.125%, 5/2/26 | 1,001,044 | ||||||
Sysco Corp | ||||||||
925,000 | 3.150%, 12/14/51 | 645,504 | ||||||
Viterra Finance BV | ||||||||
EUR 1,575,000 | 0.375%, 9/24/25 | 1,543,303 | ||||||
14,936,558 | ||||||||
Gaming: 0.8% | ||||||||
Caesars Entertainment Inc | ||||||||
2,400,000 | 6.250%, 7/1/25 | 2,402,152 | ||||||
Healthcare: 6.4% | ||||||||
Amgen Inc | ||||||||
700,000 | 5.250%, 3/2/33 | 719,068 | ||||||
600,000 | 5.600%, 3/2/43 | 616,734 | ||||||
1,425,000 | 5.650%, 3/2/53 | 1,475,800 | ||||||
Bayer AG | ||||||||
EUR 400,000 | 4.500% (5 Year Swap Rate EUR + 3.751%), 3/25/82 1,4 | 403,147 | ||||||
Becton Dickinson Euro Finance SARL | ||||||||
EUR 600,000 | 1.208%, 6/4/26 | 604,150 | ||||||
Centene Corp | ||||||||
375,000 | 4.625%, 12/15/29 | 355,864 | ||||||
CVS Health Corp | ||||||||
1,600,000 | 1.300%, 8/21/27 | 1,391,769 | ||||||
1,125,000 | 5.250%, 2/21/33 | 1,145,399 | ||||||
GE HealthCare Technologies Inc | ||||||||
750,000 | 5.650%, 11/15/27 | 775,009 | ||||||
GN Store Nord AS | ||||||||
EUR 500,000 | 0.875%, 11/25/24 | 494,256 | ||||||
HCA Inc | ||||||||
1,500,000 | 5.000%, 3/15/24 | 1,491,679 | ||||||
1,950,000 | 3.625%, 3/15/32 | 1,714,251 | ||||||
875,000 | 4.625%, 3/15/52 | 727,477 | ||||||
IQVIA Inc | ||||||||
EUR 450,000 | 2.250%, 1/15/28 | 433,864 | ||||||
Service Corp International | ||||||||
600,000 | 3.375%, 8/15/30 | 513,540 | ||||||
600,000 | 4.000%, 5/15/31 | 528,540 | ||||||
Tenet Healthcare Corp | ||||||||
1,575,000 | 4.625%, 7/15/24 | 1,555,265 | ||||||
Thermo Fisher Scientific Inc | ||||||||
EUR 600,000 | 0.750%, 9/12/24 | 626,341 | ||||||
UnitedHealth Group Inc | ||||||||
775,000 | 4.500%, 4/15/33 | 770,324 | ||||||
2,166,000 | 5.050%, 4/15/53 | 2,183,194 | ||||||
Utah Acquisition Sub Inc | ||||||||
EUR 600,000 | 2.250%, 11/22/24 | 633,406 | ||||||
Werfenlife SA | ||||||||
EUR 300,000 | 0.500%, 10/28/26 | 286,666 | ||||||
19,445,743 | ||||||||
Homebuilders/Real Estate: 4.7% | ||||||||
Akelius Residential Property AB | ||||||||
EUR 900,000 | 1.750%, 2/7/25 | 909,843 | ||||||
Aroundtown SA | ||||||||
EUR 1,200,000 | 0.375%, 4/15/27 | 874,849 | ||||||
Balder Finland Oyj | ||||||||
EUR 975,000 | 1.000%, 1/18/27 | 813,956 | ||||||
Blackstone Property Partners Europe Holdings SARL | ||||||||
EUR 625,000 | 2.000%, 2/15/24 | 653,899 | ||||||
EUR 900,000 | 1.000%, 10/20/26 | 802,904 | ||||||
Castellum Helsinki Finance Holding Abp | ||||||||
EUR 800,000 | 2.000%, 3/24/25 | 788,907 | ||||||
Crown Castle Inc | ||||||||
1,350,000 | 3.650%, 9/1/27 | 1,279,984 | ||||||
CTP NV | ||||||||
EUR 1,025,000 | 0.625%, 9/27/26 | 884,803 | ||||||
Digital Dutch Finco BV | ||||||||
EUR 1,100,000 | 0.625%, 7/15/25 | 1,085,761 | ||||||
Fastighets AB Balder | ||||||||
EUR 485,000 | 2.873% (5 Year Swap Rate EUR + 3.188%), 6/2/81 1,4 | 357,536 | ||||||
Heimstaden Bostad Treasury BV | ||||||||
EUR 1,600,000 | 1.000%, 4/13/28 | 1,291,081 | ||||||
Logicor Financing SARL | ||||||||
EUR 1,000,000 | 0.750%, 7/15/24 | 1,009,610 | ||||||
EUR 200,000 | 1.500%, 7/13/26 | 180,106 | ||||||
Samhallsbyggnadsbolaget i Norden AB | ||||||||
EUR 1,050,000 | 1.125%, 9/4/26 | 827,780 | ||||||
SBB Treasury Oyj | ||||||||
EUR 400,000 | 3.115% (3 Month EURIBOR + 0.550%), 2/8/24 1 | 402,612 | ||||||
Tritax EuroBox PLC | ||||||||
EUR 975,000 | 0.950%, 6/2/26 | 885,311 | ||||||
VIA Outlets BV | ||||||||
EUR 1,375,000 | 1.750%, 11/15/28 | 1,166,379 | ||||||
14,215,321 | ||||||||
Hotels: 0.5% | ||||||||
Hilton Domestic Operating Co Inc | ||||||||
900,000 | 5.375%, 5/1/25 | 900,562 | ||||||
Whitbread Group PLC | ||||||||
GBP 700,000 | 3.375%, 10/16/25 | 812,978 | ||||||
1,713,540 | ||||||||
Leisure: 1.1% | ||||||||
Booking Holdings Inc | ||||||||
EUR 625,000 | 4.000%, 11/15/26 | 689,222 | ||||||
Expedia Group Inc | ||||||||
825,000 | 5.000%, 2/15/26 | 821,184 | ||||||
1,100,000 | 4.625%, 8/1/27 | 1,078,130 | ||||||
Royal Caribbean Cruises Ltd | ||||||||
825,000 | 11.500%, 6/1/25 | 880,444 | ||||||
3,468,980 | ||||||||
Metals/Mining: 1.0% | ||||||||
AngloGold Ashanti Holdings PLC | ||||||||
1,188,000 | 3.750%, 10/1/30 | 1,038,515 | ||||||
Corp Nacional del Cobre de Chile | ||||||||
350,000 | 3.150%, 1/14/30 | 314,061 | ||||||
400,000 | 3.750%, 1/15/31 | 368,385 | ||||||
Gold Fields Orogen Holdings BVI Ltd | ||||||||
1,185,000 | 6.125%, 5/15/29 | 1,197,994 | ||||||
2,918,955 | ||||||||
Paper: 0.5% | ||||||||
Inversiones CMPC SA | ||||||||
1,515,000 | 4.375%, 4/4/27 | 1,441,010 | ||||||
Publishing/Printing: 0.2% | ||||||||
Informa PLC | ||||||||
EUR 700,000 | 2.125%, 10/6/25 | 724,288 | ||||||
Restaurants: 2.0% | ||||||||
1011778 BC ULC / New Red Finance Inc | ||||||||
1,200,000 | 5.750%, 4/15/25 | 1,196,646 | ||||||
McDonald's Corp | ||||||||
EUR 600,000 | 2.375%, 11/27/24 | 640,612 | ||||||
Starbucks Corp | ||||||||
1,700,000 | 4.000%, 11/15/28 | 1,653,865 | ||||||
925,000 | 4.800%, 2/15/33 | 934,777 | ||||||
1,325,000 | 3.500%, 11/15/50 | 1,022,125 | ||||||
Yum! Brands Inc | ||||||||
750,000 | 3.875%, 11/1/23 | 741,431 | ||||||
6,189,456 | ||||||||
Services: 1.6% | ||||||||
ISS Finance BV | ||||||||
EUR 525,000 | 1.250%, 7/7/25 | 536,548 | ||||||
ISS Global A/S | ||||||||
EUR 850,000 | 0.875%, 6/18/26 | 832,244 | ||||||
Ritchie Bros Holdings Inc | ||||||||
150,000 | 7.750%, 3/15/31 | 157,390 | ||||||
Verisure Holding AB | ||||||||
EUR 1,300,000 | 3.875%, 7/15/26 | 1,311,448 | ||||||
WASH Multifamily Acquisition Inc | ||||||||
475,000 | 5.750%, 4/15/26 | 449,996 | ||||||
WESCO Distribution Inc | ||||||||
1,525,000 | 7.125%, 6/15/25 | 1,551,688 | ||||||
4,839,314 | ||||||||
Steel: 1.2% | ||||||||
ABJA Investment Co Pte Ltd | ||||||||
812,000 | 5.450%, 1/24/28 | 787,855 | ||||||
ArcelorMittal SA | ||||||||
725,000 | 6.800%, 11/29/32 | 761,012 | ||||||
GUSAP III LP | ||||||||
1,200,000 | 4.250%, 1/21/30 | 1,103,916 | ||||||
Usiminas International SARL | ||||||||
982,000 | 5.875%, 7/18/26 | 931,535 | ||||||
3,584,318 | ||||||||
Super Retail: 1.4% | ||||||||
Dollar General Corp | ||||||||
1,325,000 | 5.000%, 11/1/32 | 1,327,763 | ||||||
Hanesbrands Inc | ||||||||
500,000 | 9.000%, 2/15/31 | 512,353 | ||||||
Lowe's Cos Inc | ||||||||
1,525,000 | 3.750%, 4/1/32 | 1,408,835 | ||||||
Target Corp | ||||||||
1,050,000 | 4.500%, 9/15/32 | 1,052,130 | ||||||
4,301,081 | ||||||||
Technology: 1.6% | ||||||||
Broadcom Inc | ||||||||
1,525,000 | 4.150%, 4/15/32 | 1,389,852 | ||||||
Cellnex Finance Co SA | ||||||||
EUR 400,000 | 2.250%, 4/12/26 | 408,361 | ||||||
Dell Bank International DAC | ||||||||
EUR 650,000 | 4.500%, 10/18/27 | 720,608 | ||||||
Oracle Corp | ||||||||
725,000 | 4.900%, 2/6/33 | 709,768 | ||||||
725,000 | 3.600%, 4/1/50 | 512,493 | ||||||
1,100,000 | 3.950%, 3/25/51 | 820,564 | ||||||
SK Hynix Inc | ||||||||
200,000 | 6.375%, 1/17/28 | 201,059 | ||||||
4,762,705 | ||||||||
Telecommunications: 6.0% | ||||||||
Altice France SA | ||||||||
EUR 1,050,000 | 5.875%, 2/1/27 | 1,008,755 | ||||||
Bharti Airtel Ltd | ||||||||
1,100,000 | 3.250%, 6/3/31 | 950,160 | ||||||
eircom Finance DAC | ||||||||
EUR 425,000 | 3.500%, 5/15/26 | 438,474 | ||||||
PPF Telecom Group BV | ||||||||
EUR 195,000 | 3.250%, 9/29/27 | 194,293 | ||||||
Rogers Communications Inc | ||||||||
3,725,000 | 2.950%, 3/15/25 | 3,587,664 | ||||||
Sitios Latinoamerica SAB de CV | ||||||||
1,783,000 | 5.375%, 4/4/32 | 1,607,990 | ||||||
Sprint LLC | ||||||||
2,138,000 | 7.875%, 9/15/23 | 2,155,666 | ||||||
1,025,000 | 7.625%, 3/1/26 | 1,085,393 | ||||||
Telefonica Europe BV | ||||||||
EUR 1,200,000 | 3.875% (8 Year Swap Rate EUR + 2.967%), 6/22/26 1,3,4 | 1,206,080 | ||||||
T-Mobile USA Inc | ||||||||
1,125,000 | 2.250%, 2/15/26 | 1,047,472 | ||||||
1,700,000 | 3.875%, 4/15/30 | 1,595,543 | ||||||
1,800,000 | 2.550%, 2/15/31 | 1,525,286 | ||||||
1,375,000 | 3.300%, 2/15/51 | 973,893 | ||||||
Virgin Media Secured Finance PLC | ||||||||
GBP 400,000 | 4.250%, 1/15/30 | 402,530 | ||||||
Ziggo BV | ||||||||
EUR 500,000 | 2.875%, 1/15/30 | 446,932 | ||||||
18,226,131 | ||||||||
Transportation Excluding Air/Rail: 1.5% | ||||||||
Autostrade per l'Italia SPA | ||||||||
EUR 1,000,000 | 1.750%, 2/1/27 | 987,376 | ||||||
DP World Ltd | ||||||||
EUR 1,395,000 | 2.375%, 9/25/26 | 1,431,143 | ||||||
Gatwick Funding Ltd | ||||||||
GBP 250,000 | 6.125%, 3/2/26 | 315,999 | ||||||
Go-Ahead Group Ltd | ||||||||
GBP 800,000 | 2.500%, 7/6/24 | 943,068 | ||||||
Heathrow Funding Ltd | ||||||||
GBP 325,000 | 7.125%, 2/14/24 | 405,102 | ||||||
Stagecoach Group Ltd | ||||||||
GBP 505,000 | 4.000%, 9/29/25 | 588,190 | ||||||
4,670,878 | ||||||||
Utilities: 1.6% | ||||||||
Acquirente Unico SPA | ||||||||
EUR 850,000 | 2.800%, 2/20/26 | 888,893 | ||||||
Enel SPA | ||||||||
EUR 850,000 | 2.250% (5 Year Swap Rate EUR + 2.679%), 12/10/26 1,3,4 | 791,838 | ||||||
EUR 150,000 | 6.375% (5 Year Swap Rate EUR + 3.486%), 4/16/28 1,3,4 | 164,099 | ||||||
EON SE | ||||||||
EUR 850,000 | 3.500%, 1/12/28 | 925,078 | ||||||
National Central Cooling Co PJSC | ||||||||
1,600,000 | 2.500%, 10/21/27 | 1,438,077 | ||||||
Redexis Gas Finance BV | ||||||||
EUR 500,000 | 1.875%, 5/28/25 | 518,763 | ||||||
4,726,748 | ||||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $225,830,488) | 218,248,452 | |||||||
CONVERTIBLE BONDS: 1.3% | ||||||||
Banking: 1.3% | ||||||||
Bank Leumi Le-Israel BM | ||||||||
1,330,000 | 3.275% (5 Year CMT Rate + 1.631%), 1/29/31 1,4 | 1,160,944 | ||||||
Bank of Ireland Group PLC | ||||||||
EUR 675,000 | 6.750% (5 Year Swap Rate EUR + 4.150%), 3/1/33 1,4 | 745,587 | ||||||
Toronto-Dominion Bank | ||||||||
EUR 1,325,000 | 3.631%, 12/13/29 | 1,386,554 | ||||||
Virgin Money UK PLC | ||||||||
EUR 525,000 | 4.625% (1 Year Swap Rate EUR + 1.750%), 10/29/28 1 | 543,520 | ||||||
3,836,605 | ||||||||
TOTAL CONVERTIBLE BONDS | ||||||||
(Cost $3,960,610) | 3,836,605 | |||||||
U.S. GOVERNMENT NOTES/BONDS: 14.8% | ||||||||
Sovereign: 14.8% | ||||||||
United States Treasury Note/Bond | ||||||||
8,500,000 | 2.875%, 5/15/32 | 8,083,301 | ||||||
18,000,000 | 3.500%, 2/15/33 | 18,015,469 | ||||||
9,300,000 | 4.000%, 11/15/52 | 9,831,844 | ||||||
9,000,000 | 3.625%, 2/15/53 | 8,899,453 | ||||||
44,830,067 | ||||||||
TOTAL U.S. GOVERNMENT NOTES/BONDS | ||||||||
(Cost $44,285,675) | 44,830,067 | |||||||
BANK LOANS: 0.4% | ||||||||
Capital Goods: 0.2% | ||||||||
Alison US TL B-1 (Alstom) | ||||||||
514,468 | 10.325% (3 Month LIBOR + 5.500%), 8/29/24 1,2 | 243,086 | ||||||
Alison US TL B-2 (Alstom) (Arvos Midco SARL) | ||||||||
514,468 | 10.325% (3 Month LIBOR + 5.500%), 8/29/24 1,2 | 243,086 | ||||||
486,172 | ||||||||
Technology: 0.2% | ||||||||
Triton Solar US TL B | ||||||||
777,920 | 10.998% (3 Month SOFR + 6.000%), 10/31/24 1,2 | 669,011 | ||||||
Telecommunications: 0.0% 6 | ||||||||
Constant Contact TL | ||||||||
12 | 8.806% (3 Month LIBOR + 4.000%), 2/10/28 1,2 | 11 | ||||||
TOTAL BANK LOANS | ||||||||
(Cost $1,764,722) | 1,155,194 | |||||||
U.S. TREASURY BILLS: 5.1% | ||||||||
Sovereign: 5.1% | ||||||||
United States Treasury Bill | ||||||||
6,000,000 | 4.074%, 05/09/23 7 | 5,972,685 | ||||||
4,000,000 | 4.133%, 05/18/23 7 | 3,976,671 | ||||||
3,000,000 | 4.103%, 04/25/23 7 | 2,991,640 | ||||||
2,500,000 | 4.564%, 05/11/23 7 | 2,487,874 | ||||||
15,428,870 | ||||||||
TOTAL U.S. TREASURY BILLS | ||||||||
(Cost $15,432,064) | 15,428,870 | |||||||
FOREIGN GOVERNMENT NOTES/BONDS: 4.0% | ||||||||
Airlines: 0.3% | ||||||||
Air France-KLM | ||||||||
EUR 900,000 | 7.250%, 5/31/26 | 994,004 | ||||||
Automotive & Auto Parts: 0.2% | ||||||||
RCI Banque SA | ||||||||
EUR 675,000 | 4.125%, 12/1/25 | 732,199 | ||||||
Banking: 2.0% | ||||||||
Argenta Spaarbank NV | ||||||||
EUR 700,000 | 5.375% (1 Year Swap Rate EUR + 2.750%), 11/29/27 1 | 748,343 | ||||||
BPCE SA | ||||||||
EUR 1,100,000 | 4.000%, 11/29/32 | 1,195,422 | ||||||
Commerzbank AG | ||||||||
EUR 800,000 | 6.500% (5 Year EURIBOR + 4.300%), 12/6/32 1,4 | 860,695 | ||||||
Credit Agricole SA | ||||||||
EUR 1,000,000 | 1.625% (5 Year Swap Rate EUR + 1.900%), 6/5/30 1,4 | 1,009,094 | ||||||
Deutsche Bank AG | ||||||||
EUR 500,000 | 4.000%, 11/29/27 | 533,398 | ||||||
KBC Group NV | ||||||||
EUR 600,000 | 4.375% (3 Month EURIBOR + 1.700%), 11/23/27 1 | 651,493 | ||||||
Societe Generale SA | ||||||||
EUR 1,200,000 | 1.125% (5 Year Swap Rate EUR + 1.600%), 6/30/31 1,4 | 1,120,664 | ||||||
6,119,109 | ||||||||
Diversified Financial Services: 0.7% | ||||||||
ALD SA | ||||||||
EUR 1,200,000 | 4.750%, 10/13/25 | 1,320,066 | ||||||
Arval Service Lease SA | ||||||||
EUR 700,000 | 4.750%, 5/22/27 | 776,251 | ||||||
2,096,317 | ||||||||
Energy: 0.2% | ||||||||
Pertamina Persero PT | ||||||||
700,000 | 3.650%, 7/30/29 | 651,000 | ||||||
Homebuilders/Real Estate: 0.6% | ||||||||
VGP NV | ||||||||
EUR 900,000 | 1.625%, 1/17/27 | 761,599 | ||||||
Vonovia SE | ||||||||
EUR 600,000 | 4.750%, 5/23/27 | 636,801 | ||||||
EUR 300,000 | 5.000%, 11/23/30 | 304,830 | ||||||
1,703,230 | ||||||||
TOTAL FOREIGN GOVERNMENT NOTES/BONDS | ||||||||
(Cost $11,858,617) | 12,295,859 | |||||||
TOTAL INVESTMENTS IN SECURITIES: 97.4% | ||||||||
(Cost $303,132,176) | 295,795,047 | |||||||
Other Assets in Excess of Liabilities: 2.6% | 7,988,530 | |||||||
TOTAL NET ASSETS: 100.0% | $ | 303,783,577 | ||||||
† In USD unless otherwise indicated | ||||||||
CMT - Constant Maturity Treasury Rate | ||||||||
EUR - Euro | ||||||||
EURIBOR - Euro Interbank Offered Rate | ||||||||
GBP - Great Britain Pound | ||||||||
LIBOR - London Interbank Offered Rate | ||||||||
PIK - Payment-in-Kind - represents the security may pay interest in additional par. | ||||||||
SOFR - Secured Overnight Financing Rate | ||||||||
USD - United States Dollar | ||||||||
1 | Variable rate security; rate shown is the rate in effect on March 31, 2023. An index may have a negative rate. Interest rate may also be subject to a cap or floor. | |||||||
2 | Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. | |||||||
3 | Perpetual call date security. Date shown is next call date. | |||||||
4 | Fixed-to-variable or fixed-to-float bond; rate shown is the rate in effect on March 31, 2023. An index may have a negative rate. Interest rate may also be subject to a cap or floor. | |||||||
5 | Zero coupon security. | |||||||
6 | Does not round to 0.0% of net assets. | |||||||
7 | Rate represents the yield to maturity from purchase price. |
SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at March 31, 2023 (Unaudited) |
The Muzinich Credit Opportunities Fund (the "Fund") had the following forward foreign currency exchange contracts outstanding with the U.S. Bank N.A. | |||||||||||||||
U.S. Dollar Value at | U.S. Dollar Value at | Unrealized Appreciation | |||||||||||||
Settlement Date | Currency to be Delivered | March 31, 2023 | Currency to be Received | March 31, 2023 | (Depreciation) | ||||||||||
6/16/2023 | EUR 88,800,000 | $ | 96,731,938 | USD 94,119,919 | $ | 94,119,919 | $ | (2,612,019 | ) | ||||||
6/16/2023 | USD 17,373,920 | 17,373,920 | EUR 16,000,000 | 17,429,178 | 55,258 | ||||||||||
6/16/2023 | USD 370,938 | 370,938 | GBP 300,000 | 370,652 | (286 | ) | |||||||||
6/16/2023 | GBP 3,200,000 | 3,953,620 | USD 3,854,230 | 3,854,230 | (99,390 | ) | |||||||||
$ | 118,430,416 | $ | 115,773,979 | $ | (2,656,437 | ) | |||||||||
SCHEDULE OF FUTURES CONTRACTS at March 31, 2023 (Unaudited) |
The Fund had the following futures contracts outstanding with Morgan Stanley & Co., Inc. | |||||||||||||||
Unrealized | |||||||||||||||
Number of | Notional | Appreciation | Notional | ||||||||||||
Short Futures Contracts Outstanding | Contracts | Amount | (Depreciation) | Value | |||||||||||
EURO-SCHATZ FUT Jun23 | (525) | $ | (59,784,721 | ) | $ | (394,304 | ) | $ | (60,179,025 | ) | |||||
$ | (59,784,721 | ) | $ | (394,304 | ) | $ | (60,179,025 | ) | |||||||
Summary of Fair Value Exposure at March 31, 2023 (Unaudited) | ||||||
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. | ||||||
U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | ||||||
• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | ||||||
• Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data. | ||||||
• Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | ||||||
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023. See the Schedule of Investments for the industry breakout. |
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Corporate Bonds | $ | – | $ | 218,248,452 | $ | – | $ | 218,248,452 | ||||||||
Convertible Bonds | – | 3,836,605 | – | 3,836,605 | ||||||||||||
U.S. Government Notes/Bonds | – | 44,830,067 | – | 44,830,067 | ||||||||||||
Bank Loans | – | 1,155,194 | – | 1,155,194 | ||||||||||||
U.S. Treasury Bills | – | 15,428,870 | – | 15,428,870 | ||||||||||||
Foreign Government Notes/Bonds | – | 12,295,859 | – | 12,295,859 | ||||||||||||
Total Assets | $ | – | $ | 295,795,047 | $ | – | $ | 295,795,047 | ||||||||
Other Financial Instruments1: | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | – | $ | (2,656,437 | ) | $ | – | $ | (2,656,437 | ) | ||||||
Futures Contracts | (394,304 | ) | – | – | (394,304 | ) | ||||||||||
Total Other Financial Instruments | $ | (394,304 | ) | $ | (2,656,437 | ) | $ | – | $ | (3,050,741 | ) | |||||
1 Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments and are presented at the net unrealized appreciation/(depreciation) on the investment. |