MUZINICH LOW DURATION FUND | ||||||||
SCHEDULE OF INVESTMENTS at March 31, 2023 (Unaudited) | ||||||||
Principal Amount† | Value | |||||||
CORPORATE BONDS: 79.7% | ||||||||
Airlines: 1.6% | ||||||||
Air France-KLM | ||||||||
EUR 2,600,000 | 3.875%, 7/1/26 | $ | 2,590,509 | |||||
American Airlines Inc/AAdvantage Loyalty IP Ltd | ||||||||
2,045,000 | 5.500%, 4/20/26 | 2,015,171 | ||||||
Cathay Pacific MTN Financing HK Ltd | ||||||||
2,440,000 | 4.875%, 8/17/26 | 2,330,200 | ||||||
Delta Air Lines Inc | ||||||||
1,050,000 | 3.800%, 4/19/23 | 1,049,486 | ||||||
1,110,000 | 7.000%, 5/1/25 | 1,138,121 | ||||||
Delta Air Lines Inc / SkyMiles IP Ltd | ||||||||
2,163,169 | 4.500%, 10/20/25 | 2,127,584 | ||||||
Korean Air Lines Co Ltd | ||||||||
900,000 | 4.750%, 9/23/25 | 893,871 | ||||||
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd | ||||||||
1,126,250 | 6.500%, 6/20/27 | 1,123,733 | ||||||
Singapore Airlines Ltd | ||||||||
1,100,000 | 3.000%, 7/20/26 | 1,050,810 | ||||||
Wizz Air Finance Co BV | ||||||||
EUR 2,300,000 | 1.350%, 1/19/24 | 2,426,314 | ||||||
EUR 625,000 | 1.000%, 1/19/26 | 590,198 | ||||||
17,335,997 | ||||||||
Automotive & Auto Parts: 7.8% | ||||||||
Continental AG | ||||||||
EUR 6,075,000 | 3.625%, 11/30/27 | 6,520,439 | ||||||
Faurecia SE | ||||||||
EUR 1,100,000 | 2.625%, 6/15/25 | 1,146,662 | ||||||
EUR 1,900,000 | 7.250%, 6/15/26 | 2,130,210 | ||||||
EUR 1,100,000 | 2.750%, 2/15/27 | 1,063,749 | ||||||
FCA Bank SPA | ||||||||
EUR 1,750,000 | 0.125%, 11/16/23 | 1,860,588 | ||||||
EUR 6,225,000 | 4.250%, 3/24/24 | 6,775,778 | ||||||
FCE Bank PLC | ||||||||
EUR 2,300,000 | 1.615%, 5/11/23 | 2,489,791 | ||||||
Ford Motor Credit Co LLC | ||||||||
600,000 | 3.810%, 1/9/24 | 593,601 | ||||||
EUR 850,000 | 3.250%, 9/15/25 | 885,601 | ||||||
3,650,000 | 3.375%, 11/13/25 | 3,425,945 | ||||||
EUR 2,500,000 | 4.867%, 8/3/27 | 2,635,346 | ||||||
General Motors Financial Co Inc | ||||||||
1,150,000 | 5.100%, 1/17/24 | 1,146,876 | ||||||
EUR 2,200,000 | 2.200%, 4/1/24 | 2,351,994 | ||||||
2,000,000 | 3.950%, 4/13/24 | 1,971,054 | ||||||
GBP 600,000 | 2.250%, 9/6/24 | 706,778 | ||||||
1,170,000 | 4.350%, 4/9/25 | 1,145,609 | ||||||
Genuine Parts Co | ||||||||
200,000 | 1.750%, 2/1/25 | 188,963 | ||||||
HARLEY DAVIDSON FI | ||||||||
EUR 3,000,000 | 5.125%, 4/5/26 | 3,272,280 | ||||||
Harley-Davidson Financial Services Inc | ||||||||
EUR 1,700,000 | 3.875%, 5/19/23 | 1,843,501 | ||||||
EUR 500,000 | 0.900%, 11/19/24 | 516,854 | ||||||
Hyundai Capital America | ||||||||
1,825,000 | 1.650%, 9/17/26 | 1,615,175 | ||||||
IHO Verwaltungs GmbH | ||||||||
EUR 4,100,000 | 3.625% Cash or 4.000% PIK, 5/15/25 | 4,431,796 | ||||||
EUR 1,600,000 | 3.750% Cash or 4.000% PIK, 9/15/26 | 1,564,204 | ||||||
EUR 2,250,000 | 8.750% Cash or 10.000% PIK, 5/15/28 | 2,498,147 | ||||||
Jaguar Land Rover Automotive PLC | ||||||||
EUR 900,000 | 2.200%, 1/15/24 | 956,367 | ||||||
EUR 2,200,000 | 5.875%, 11/15/24 | 2,352,386 | ||||||
1,100,000 | 7.750%, 10/15/25 | 1,079,705 | ||||||
EUR 625,000 | 4.500%, 7/15/28 | 557,439 | ||||||
Kia Corp | ||||||||
650,000 | 1.000%, 4/16/24 | 622,767 | ||||||
1,330,000 | 2.375%, 2/14/25 | 1,263,035 | ||||||
1,200,000 | 3.250%, 4/21/26 | 1,134,263 | ||||||
Mercedes-Benz Finance North America LLC | ||||||||
550,000 | 4.950%, 3/30/25 | 550,467 | ||||||
550,000 | 4.800%, 3/30/26 | 550,401 | ||||||
Nissan Motor Co Ltd | ||||||||
4,894,000 | 3.043%, 9/15/23 | 4,821,859 | ||||||
2,250,000 | 3.522%, 9/17/25 | 2,130,406 | ||||||
EUR 700,000 | 2.652%, 3/17/26 | 714,186 | ||||||
RCI Banque SA | ||||||||
EUR 2,500,000 | 0.750%, 4/10/23 | 2,710,139 | ||||||
EUR 1,090,000 | 3.110% (3 Month EURIBOR + 0.570%), 11/4/24 1 | 1,170,948 | ||||||
EUR 1,350,000 | 0.500%, 7/14/25 | 1,346,551 | ||||||
Schaeffler AG | ||||||||
EUR 1,100,000 | 2.750%, 10/12/25 | 1,159,267 | ||||||
Stellantis NV | ||||||||
1,000,000 | 5.250%, 4/15/23 | 1,001,035 | ||||||
Toyota Finance Australia Ltd | ||||||||
EUR 1,700,000 | 0.064%, 1/13/25 | 1,734,071 | ||||||
ZF Europe Finance BV | ||||||||
EUR 800,000 | 2.500%, 10/23/27 | 758,337 | ||||||
ZF Finance GmbH | ||||||||
EUR 3,200,000 | 3.000%, 9/21/25 | 3,309,006 | ||||||
82,703,576 | ||||||||
Banking: 16.9% | ||||||||
Abanca Corp Bancaria SA | ||||||||
EUR 500,000 | 4.625% (5 Year Swap Rate EUR + 5.014%), 4/7/30 1,6 | 499,265 | ||||||
ABN AMRO Bank NV | ||||||||
500,000 | 4.750%, 7/28/25 | 483,095 | ||||||
AIB Group PLC | ||||||||
EUR 1,700,000 | 1.875% (5 Year Swap Rate EUR + 2.150%), 11/19/29 1,6 | 1,722,967 | ||||||
EUR 7,100,000 | 2.875% (5 Year Swap Rate EUR + 3.300%), 5/30/31 1,6 | 6,984,269 | ||||||
Australia & New Zealand Banking Group Ltd | ||||||||
2,700,000 | 2.950% (5 Year CMT Rate + 1.288%), 7/22/30 1,6 | 2,495,075 | ||||||
Banco Comercial Portugues SA | ||||||||
EUR 600,000 | 3.871% (5 Year Swap Rate EUR + 4.231%), 3/27/30 1,6 | 496,879 | ||||||
Banco de Sabadell SA | ||||||||
EUR 3,600,000 | 5.375% (5 Year Swap Rate EUR + 5.100%), 12/12/28 1,6 | 3,845,185 | ||||||
EUR 900,000 | 2.500% (5 Year Swap Rate EUR + 2.950%), 4/15/31 1,6 | 813,525 | ||||||
Bank of America Corp | ||||||||
1,100,000 | 4.000%, 1/22/25 | 1,075,352 | ||||||
450,000 | 3.841% (SOFR + 1.110%), 4/25/25 1,6 | 441,838 | ||||||
1,945,000 | 4.827% (SOFR + 1.750%), 7/22/26 1,6 | 1,920,244 | ||||||
900,000 | 4.376% (SOFR + 1.580%), 4/27/28 1,6 | 872,694 | ||||||
Bank of Ireland Group PLC | ||||||||
EUR 1,650,000 | 4.875% (1 Year Swap Rate EUR + 2.050%), 7/16/28 1,6 | 1,795,499 | ||||||
EUR 1,050,000 | 2.375% (5 Year Swap Rate EUR + 2.800%), 10/14/29 1,6 | 1,078,691 | ||||||
EUR 3,910,000 | 1.375% (5 Year Swap Rate EUR + 1.650%), 8/11/31 1,6 | 3,649,223 | ||||||
Barclays PLC | ||||||||
5,000,000 | 1.007% (1 Year CMT Rate + 0.800%), 12/10/24 1,6 | 4,818,674 | ||||||
EUR 1,100,000 | 1.125% (5 Year Swap Rate EUR + 1.550%), 3/22/31 1,6 | 1,030,361 | ||||||
BBVA Bancomer SA | ||||||||
5,150,000 | 4.375%, 4/10/24 | 5,102,620 | ||||||
BPCE SA | ||||||||
1,270,000 | 5.700%, 10/22/23 | 1,260,510 | ||||||
2,510,000 | 5.150%, 7/21/24 | 2,462,296 | ||||||
6,200,000 | 4.500%, 3/15/25 | 5,987,875 | ||||||
Caixa Geral de Depositos SA | ||||||||
EUR 1,200,000 | 5.750% (5 Year Swap Rate EUR + 5.500%), 6/28/28 1,6 | 1,298,458 | ||||||
CaixaBank SA | ||||||||
EUR 3,000,000 | 2.750% (5 Year Swap Rate EUR + 2.350%), 7/14/28 1,6 | 3,223,741 | ||||||
EUR 3,000,000 | 2.250% (5 Year Swap Rate EUR + 1.680%), 4/17/30 1,6 | 3,023,991 | ||||||
EUR 1,800,000 | 6.250% (1 Year Swap Rate EUR + 3.550%), 2/23/33 1,6 | 1,989,798 | ||||||
Ceska sporitelna AS | ||||||||
EUR 1,200,000 | 6.693% (3 Month EURIBOR + 3.700%), 11/14/25 1,6 | 1,329,626 | ||||||
Citigroup Inc | ||||||||
900,000 | 4.140% (SOFR + 1.372%), 5/24/25 1,6 | 884,167 | ||||||
700,000 | 3.700%, 1/12/26 | 677,536 | ||||||
525,000 | 4.658% (SOFR + 1.887%), 5/24/28 1,6 | 518,373 | ||||||
Commerzbank AG | ||||||||
500,000 | 8.125%, 9/19/23 | 492,925 | ||||||
EUR 5,600,000 | 4.000% (5 Year Swap Rate EUR + 4.350%), 12/5/30 1,6 | 5,712,749 | ||||||
Commonwealth Bank of Australia | ||||||||
EUR 2,500,000 | 1.936% (5 Year Swap Rate EUR + 1.450%), 10/3/29 1,6 | 2,596,000 | ||||||
Cooperatieve Rabobank UA | ||||||||
3,800,000 | 4.000% (5 Year Swap Rate USD + 1.892%), 4/10/29 1,6 | 3,686,391 | ||||||
Danske Bank A/S | ||||||||
EUR 6,400,000 | 4.000% (1 Year Swap Rate EUR + 0.950%), 1/12/27 1,6 | 6,935,173 | ||||||
EUR 1,500,000 | 2.500% (5 Year Swap Rate EUR + 2.500%), 6/21/29 1,6 | 1,569,462 | ||||||
EUR 1,000,000 | 1.500% (5 Year Swap Rate EUR + 1.900%), 9/2/30 1,6 | 987,485 | ||||||
Deutsche Bank AG | ||||||||
EUR 1,300,000 | 1.000% (3 Month EURIBOR + 1.600%), 11/19/25 1,6 | 1,303,753 | ||||||
2,700,000 | 3.961% (SOFR + 2.581%), 11/26/25 1,6 | 2,555,198 | ||||||
3,175,000 | 4.296% (5 Year Swap Rate USD + 2.248%), 5/24/28 1,6 | 3,131,797 | ||||||
HSBC Holdings PLC | ||||||||
1,585,000 | 1.162% (SOFR + 0.580%), 11/22/24 1,6 | 1,538,276 | ||||||
EUR 2,550,000 | 3.000%, 6/30/25 | 2,701,507 | ||||||
HSBC USA Inc | ||||||||
3,325,000 | 5.625%, 3/17/25 | 3,336,931 | ||||||
ING Groep NV | ||||||||
EUR 2,300,000 | 4.875% (3 Month EURIBOR + 1.850%), 11/14/27 1,6 | 2,537,842 | ||||||
EUR 500,000 | 3.000% (5 Year Swap Rate EUR + 2.850%), 4/11/28 1,6 | 541,814 | ||||||
EUR 2,700,000 | 2.500% (5 Year Swap Rate EUR + 2.150%), 2/15/29 1,6 | 2,858,736 | ||||||
EUR 900,000 | 1.625% (5 Year Swap Rate EUR + 1.250%), 9/26/29 1,6 | 921,208 | ||||||
Intesa Sanpaolo SPA | ||||||||
3,300,000 | 5.017%, 6/26/24 | 3,168,796 | ||||||
EUR 1,500,000 | 4.808% (3 Month EURIBOR + 1.900%), 9/26/24 1 | 1,633,589 | ||||||
EUR 1,000,000 | 4.375% (5 Year Swap Rate EUR + 4.750%), 7/12/29 1,6 | 1,070,948 | ||||||
KBC Group NV | ||||||||
800,000 | 5.796% (1 Year CMT Rate + 2.100%), 1/19/29 1,6 | 804,959 | ||||||
La Banque Postale SA | ||||||||
EUR 1,100,000 | 0.875% (5 Year Swap Rate EUR + 1.380%), 1/26/31 1,6 | 1,054,538 | ||||||
Landsbankinn HF | ||||||||
EUR 1,950,000 | 0.500%, 5/20/24 | 1,981,838 | ||||||
EUR 1,600,000 | 0.375%, 5/23/25 | 1,513,628 | ||||||
Nationwide Building Society | ||||||||
EUR 2,000,000 | 1.500% (3 Month EURIBOR + 0.930%), 3/8/26 1,6 | 2,048,564 | ||||||
EUR 550,000 | 2.000% (5 Year Swap Rate EUR + 1.500%), 7/25/29 1,6 | 571,250 | ||||||
NatWest Group PLC | ||||||||
EUR 2,000,000 | 2.000%, 3/4/25 | 2,121,664 | ||||||
200,000 | 5.847% (1 Year CMT Rate + 1.350%), 3/2/27 1,6 | 200,551 | ||||||
2,325,000 | 3.754% (5 Year CMT Rate + 2.100%), 11/1/29 1,6 | 2,180,547 | ||||||
NBK SPC Ltd | ||||||||
750,000 | 1.625% (SOFR + 1.050%), 9/15/27 1,6 | 667,755 | ||||||
Nova Ljubljanska Banka dd | ||||||||
EUR 2,100,000 | 6.000% (1 Year Swap Rate EUR + 4.835%), 7/19/25 1,6 | 2,250,130 | ||||||
OTP Bank Nyrt | ||||||||
EUR 2,000,000 | 5.500% (3 Month EURIBOR + 4.265%), 7/13/25 1,6 | 2,161,734 | ||||||
Raiffeisen Bank International AG | ||||||||
EUR 900,000 | 4.125%, 9/8/25 | 959,403 | ||||||
EUR 1,000,000 | 1.500% (5 Year Swap Rate EUR + 2.150%), 3/12/30 1,6 | 896,975 | ||||||
Santander UK Group Holdings PLC | ||||||||
EUR 1,500,000 | 0.391% (1 Year EURIBOR + 0.730%), 2/28/25 1,6 | 1,568,094 | ||||||
Santander UK PLC | ||||||||
4,230,000 | 5.000%, 11/7/23 | 4,182,700 | ||||||
Skandinaviska Enskilda Banken AB | ||||||||
EUR 3,750,000 | 4.000%, 11/9/26 | 4,056,465 | ||||||
EUR 3,000,000 | 1.375% (5 Year Swap Rate EUR + 1.350%), 10/31/28 1,6 | 3,183,462 | ||||||
Societe Generale SA | ||||||||
1,160,000 | 5.000%, 1/17/24 | 1,128,851 | ||||||
EUR 8,500,000 | 1.000% (5 Year Swap Rate EUR + 1.550%), 11/24/30 1,6 | 8,132,790 | ||||||
Standard Chartered PLC | ||||||||
4,690,000 | 6.170% (1 Year CMT Rate + 2.050%), 1/9/27 1,6 | 4,708,737 | ||||||
1,400,000 | 3.516% (5 Year CMT Rate + 1.850%), 2/12/30 1,6 | 1,293,967 | ||||||
EUR 705,000 | 2.500% (5 Year Swap Rate EUR + 2.800%), 9/9/30 1,6 | 717,631 | ||||||
State Bank of India | ||||||||
3,450,000 | 4.375%, 1/24/24 | 3,429,007 | ||||||
UniCredit SPA | ||||||||
EUR 1,600,000 | 4.875% (5 Year EURIBOR + 4.739%), 2/20/29 1,6 | 1,710,363 | ||||||
EUR 450,000 | 2.000% (5 Year Swap Rate EUR + 2.400%), 9/23/29 1,6 | 452,543 | ||||||
Virgin Money UK PLC | ||||||||
EUR 2,000,000 | 2.875% (1 Year Swap Rate EUR + 3.250%), 6/24/25 1,6 | 2,088,385 | ||||||
GBP 2,200,000 | 7.875% (GILT + 7.128%), 12/14/28 1,6 | 2,693,649 | ||||||
GBP 1,050,000 | 5.125% (GILT + 5.250%), 12/11/30 1,6 | 1,200,990 | ||||||
Volksbank Wien AG | ||||||||
EUR 2,800,000 | 5.192% (5 Year EURIBOR + 2.550%), 10/6/27 1,6 | 2,820,755 | ||||||
Westpac Banking Corp | ||||||||
5,245,000 | 2.894% (5 Year CMT Rate + 1.350%), 2/4/30 1,6 | 4,919,729 | ||||||
178,764,061 | ||||||||
Broadcasting: 0.3% | ||||||||
Pinewood Finance Co Ltd | ||||||||
GBP 500,000 | 3.250%, 9/30/25 | 579,350 | ||||||
Warnermedia Holdings Inc | ||||||||
1,200,000 | 3.428%, 3/15/24 | 1,172,810 | ||||||
968,000 | 3.638%, 3/15/25 | 935,198 | ||||||
2,687,358 | ||||||||
Building Materials: 0.8% | ||||||||
CRH Funding BV | ||||||||
EUR 2,400,000 | 1.875%, 1/9/24 | 2,568,841 | ||||||
James Hardie International Finance DAC | ||||||||
EUR 2,655,000 | 3.625%, 10/1/26 | 2,725,919 | ||||||
922,000 | 5.000%, 1/15/28 | 865,577 | ||||||
Standard Industries Inc | ||||||||
EUR 2,000,000 | 2.250%, 11/21/26 | 1,887,678 | ||||||
8,048,015 | ||||||||
Cable/Satellite TV: 1.0% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp | ||||||||
3,250,000 | 5.500%, 5/1/26 | 3,164,752 | ||||||
DISH Network Corp | ||||||||
2,200,000 | 11.750%, 11/15/27 | 2,119,821 | ||||||
ITV PLC | ||||||||
EUR 975,000 | 2.000%, 12/1/23 | 1,046,797 | ||||||
Radiate Holdco LLC / Radiate Finance Inc | ||||||||
500,000 | 4.500%, 9/15/26 | 391,755 | ||||||
United Group BV | ||||||||
EUR 1,000,000 | 6.779% (3 Month EURIBOR + 4.125%), 5/15/25 1 | 1,032,870 | ||||||
EUR 1,400,000 | 3.125%, 2/15/26 | 1,259,473 | ||||||
EUR 1,360,000 | 5.904% (3 Month EURIBOR + 3.250%), 2/15/26 1 | 1,291,409 | ||||||
10,306,877 | ||||||||
Capital Goods: 1.9% | ||||||||
CNH Industrial NV | ||||||||
1,000,000 | 4.500%, 8/15/23 | 995,177 | ||||||
Daimler Truck Finance North America LLC | ||||||||
2,475,000 | 1.625%, 12/13/24 | 2,343,109 | ||||||
1,150,000 | 3.500%, 4/7/25 | 1,114,807 | ||||||
Parker-Hannifin Corp | ||||||||
EUR 1,500,000 | 1.125%, 3/1/25 | 1,541,596 | ||||||
Regal Rexnord Corp | ||||||||
1,640,000 | 6.050%, 2/15/26 | 1,647,695 | ||||||
Traton Finance Luxembourg SA | ||||||||
EUR 4,200,000 | 0.125%, 11/10/24 | 4,307,756 | ||||||
EUR 4,400,000 | 0.125%, 3/24/25 | 4,438,351 | ||||||
EUR 800,000 | 4.125%, 11/22/25 | 872,255 | ||||||
Westinghouse Air Brake Technologies Corp | ||||||||
2,525,000 | 4.400%, 3/15/24 | 2,492,636 | ||||||
19,753,382 | ||||||||
Chemicals: 2.2% | ||||||||
Celanese US Holdings LLC | ||||||||
3,553,000 | 5.900%, 7/5/24 | 3,554,769 | ||||||
INEOS Finance PLC | ||||||||
EUR 3,900,000 | 2.875%, 5/1/26 | 3,955,652 | ||||||
EUR 1,775,000 | 6.625%, 5/15/28 | 1,946,425 | ||||||
INEOS Quattro Finance 2 PLC | ||||||||
EUR 2,400,000 | 2.500%, 1/15/26 | 2,340,208 | ||||||
International Flavors & Fragrances Inc | ||||||||
EUR 4,400,000 | 1.750%, 3/14/24 | 4,672,748 | ||||||
600,000 | 1.230%, 10/1/25 | 536,799 | ||||||
Nutrien Ltd | ||||||||
200,000 | 4.900%, 3/27/28 | 199,836 | ||||||
Orbia Advance Corp SAB de CV | ||||||||
560,000 | 4.000%, 10/4/27 | 522,785 | ||||||
Sinochem Offshore Capital Co Ltd | ||||||||
950,000 | 1.000%, 9/23/24 | 893,665 | ||||||
4,500,000 | 1.500%, 11/24/24 | 4,242,115 | ||||||
Syngenta Finance NV | ||||||||
900,000 | 4.441%, 4/24/23 | 898,940 | ||||||
23,763,942 | ||||||||
Consumer-Products: 0.3% | ||||||||
Haleon UK Capital PLC | ||||||||
970,000 | 3.125%, 3/24/25 | 937,477 | ||||||
Haleon US Capital LLC | ||||||||
381,000 | 3.375%, 3/24/27 | 361,248 | ||||||
Kimberly-Clark de Mexico SAB de CV | ||||||||
1,791,000 | 3.250%, 3/12/25 | 1,737,718 | ||||||
3,036,443 | ||||||||
Containers: 1.0% | ||||||||
Amcor Flexibles North America Inc | ||||||||
850,000 | 4.000%, 5/17/25 | 832,329 | ||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc | ||||||||
EUR 2,000,000 | 2.125%, 8/15/26 | 1,905,171 | ||||||
Ball Corp | ||||||||
EUR 3,000,000 | 0.875%, 3/15/24 | 3,171,102 | ||||||
Berry Global Inc | ||||||||
350,000 | 5.500%, 4/15/28 | 348,863 | ||||||
Crown European Holdings SA | ||||||||
EUR 2,950,000 | 2.875%, 2/1/26 | 3,072,523 | ||||||
Sealed Air Corp/Sealed Air Corp US | ||||||||
825,000 | 6.125%, 2/1/28 | 832,050 | ||||||
Trivium Packaging Finance BV | ||||||||
EUR 500,000 | 6.404% (3 Month EURIBOR + 3.750%), 8/15/26 1 | 533,362 | ||||||
10,695,400 | ||||||||
Diversified Financial Services: 13.0% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | ||||||||
1,520,000 | 4.500%, 9/15/23 | 1,505,877 | ||||||
2,815,000 | 1.150%, 10/29/23 | 2,730,124 | ||||||
1,000,000 | 4.875%, 1/16/24 | 989,080 | ||||||
1,801,000 | 3.150%, 2/15/24 | 1,746,989 | ||||||
3,275,000 | 1.650%, 10/29/24 | 3,061,111 | ||||||
2,039,000 | 2.450%, 10/29/26 | 1,834,205 | ||||||
Air Lease Corp | ||||||||
3,800,000 | 4.250%, 2/1/24 | 3,738,457 | ||||||
2,560,000 | 2.200%, 1/15/27 | 2,270,554 | ||||||
AIR Lease Corp Sukuk Ltd | ||||||||
1,025,000 | 5.850%, 4/1/28 | 1,030,862 | ||||||
Aircastle Ltd | ||||||||
350,000 | 5.000%, 4/1/23 | 350,000 | ||||||
1,200,000 | 4.400%, 9/25/23 | 1,178,859 | ||||||
3,897,000 | 4.125%, 5/1/24 | 3,816,180 | ||||||
2,500,000 | 5.250%, 8/11/25 | 2,444,401 | ||||||
1,930,000 | 4.250%, 6/15/26 | 1,831,189 | ||||||
AnaCap Financial Europe SA SICAV-RAIF | ||||||||
EUR 1,000,000 | 7.482% (3 Month EURIBOR + 5.000%), 8/1/24 1 | 896,063 | ||||||
Ares Capital Corp | ||||||||
1,680,000 | 4.200%, 6/10/24 | 1,624,074 | ||||||
1,525,000 | 4.250%, 3/1/25 | 1,441,498 | ||||||
200,000 | 3.250%, 7/15/25 | 182,799 | ||||||
Aviation Capital Group LLC | ||||||||
2,370,000 | 3.875%, 5/1/23 | 2,360,240 | ||||||
1,500,000 | 5.500%, 12/15/24 | 1,481,355 | ||||||
1,000,000 | 4.125%, 8/1/25 | 952,110 | ||||||
Avolon Holdings Funding Ltd | ||||||||
700,000 | 5.125%, 10/1/23 | 693,784 | ||||||
2,130,000 | 5.500%, 1/15/26 | 2,086,043 | ||||||
1,425,000 | 4.250%, 4/15/26 | 1,340,344 | ||||||
AXA Logistics Europe Master SCA | ||||||||
EUR 575,000 | 0.375%, 11/15/26 | 514,031 | ||||||
BOC Aviation Ltd | ||||||||
3,000,000 | 6.215% (3 Month LIBOR USD + 1.300%), 5/21/25 1 | 2,988,315 | ||||||
Bracken MidCo1 PLC | ||||||||
GBP 775,000 | 6.750% Cash or 8.000% PIK, 11/1/27 | 764,718 | ||||||
Credit Suisse AG | ||||||||
EUR 6,300,000 | 5.500%, 8/20/26 | 6,959,181 | ||||||
Credit Suisse Group AG | ||||||||
EUR 300,000 | 3.288% (3 Month EURIBOR + 1.000%), 1/16/26 1 | 303,380 | ||||||
DAE Funding LLC | ||||||||
3,850,000 | 1.550%, 8/1/24 | 3,621,697 | ||||||
1,492,000 | 2.625%, 3/20/25 | 1,404,851 | ||||||
2,200,000 | 2.625%, 3/20/25 | 2,071,496 | ||||||
DAE Sukuk Difc Ltd | ||||||||
280,000 | 3.750%, 2/15/26 | 269,031 | ||||||
doValue SPA | ||||||||
EUR 1,750,000 | 5.000%, 8/4/25 | 1,836,967 | ||||||
EUR 1,050,000 | 3.375%, 7/31/26 | 999,235 | ||||||
Encore Capital Group Inc | ||||||||
EUR 1,750,000 | 4.875%, 10/15/25 | 1,733,517 | ||||||
GBP 775,000 | 5.375%, 2/15/26 | 857,420 | ||||||
EON International Finance BV | ||||||||
GBP 3,000,000 | 5.625%, 12/6/23 | 3,702,267 | ||||||
Garfunkelux Holdco 3 SA | ||||||||
EUR 2,870,000 | 6.750%, 11/1/25 | 2,393,923 | ||||||
GBP 500,000 | 7.750%, 11/1/25 | 468,534 | ||||||
EUR 300,000 | 8.732% (3 Month EURIBOR + 6.250%), 5/1/26 1 | 274,434 | ||||||
Goldman Sachs Group Inc | ||||||||
2,400,000 | 3.000%, 3/15/24 | 2,343,823 | ||||||
Hoist Finance AB | ||||||||
EUR 2,500,000 | 2.750%, 4/3/23 | 2,711,261 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp | ||||||||
2,360,000 | 6.375%, 12/15/25 | 2,319,595 | ||||||
ICBCIL Finance Co Ltd | ||||||||
1,000,000 | 5.964% (3 Month LIBOR USD + 1.100%), 5/15/23 1 | 1,000,150 | ||||||
ICD Funding Ltd | ||||||||
1,850,000 | 4.625%, 5/21/24 | 1,828,795 | ||||||
Intrum AB | ||||||||
EUR 2,700,000 | 4.875%, 8/15/25 | 2,709,795 | ||||||
EUR 150,000 | 3.500%, 7/15/26 | 136,027 | ||||||
Jerrold Finco PLC | ||||||||
GBP 1,075,000 | 4.875%, 1/15/26 | 1,147,883 | ||||||
LeasePlan Corp NV | ||||||||
EUR 3,000,000 | 0.125%, 9/13/23 | 3,199,482 | ||||||
EUR 400,000 | 0.250%, 9/7/26 | 381,044 | ||||||
Macquarie Bank Ltd | ||||||||
2,100,000 | 4.875%, 6/10/25 | 2,067,425 | ||||||
Mirae Asset Securities Co Ltd | ||||||||
500,000 | 2.125%, 7/30/23 | 493,975 | ||||||
4,780,000 | 2.625%, 7/30/25 | 4,377,070 | ||||||
Mitsubishi HC Capital UK PLC | ||||||||
EUR 425,000 | –%, 10/29/24 7 | 433,208 | ||||||
Morgan Stanley | ||||||||
600,000 | 4.679% (SOFR + 1.669%), 7/17/26 1,6 | 592,286 | ||||||
2,500,000 | 6.138% (SOFR + 1.770%), 10/16/26 1,6 | 2,547,770 | ||||||
Navient Corp | ||||||||
2,750,000 | 6.125%, 3/25/24 | 2,724,920 | ||||||
ORIX Corp | ||||||||
EUR 4,000,000 | 1.919%, 4/20/26 | 4,114,589 | ||||||
Owl Rock Capital Corp | ||||||||
2,705,000 | 4.000%, 3/30/25 | 2,523,179 | ||||||
1,115,000 | 3.750%, 7/22/25 | 1,017,379 | ||||||
Park Aerospace Holdings Ltd | ||||||||
5,320,000 | 5.500%, 2/15/24 | 5,272,858 | ||||||
REC Ltd | ||||||||
800,000 | 5.250%, 11/13/23 | 799,256 | ||||||
2,300,000 | 3.375%, 7/25/24 | 2,238,418 | ||||||
200,000 | 3.500%, 12/12/24 | 193,387 | ||||||
200,000 | 2.250%, 9/1/26 | 179,059 | ||||||
840,000 | 2.750%, 1/13/27 | 759,003 | ||||||
Sherwood Financing PLC | ||||||||
EUR 1,520,000 | 7.279% (3 Month EURIBOR + 4.625%), 11/15/27 1 | 1,542,534 | ||||||
Shriram Finance Ltd | ||||||||
900,000 | 4.150%, 7/18/25 | 831,375 | ||||||
SoftBank Group Corp | ||||||||
750,000 | 3.125%, 1/6/25 | 690,375 | ||||||
1,475,000 | 4.000%, 7/6/26 | 1,277,719 | ||||||
Synchrony Financial | ||||||||
3,750,000 | 4.875%, 6/13/25 | 3,473,255 | ||||||
TP ICAP Finance PLC | ||||||||
GBP 406,000 | 5.250%, 1/26/24 | 492,963 | ||||||
UBS AG | ||||||||
8,475,000 | 5.125%, 5/15/24 | 8,256,133 | ||||||
137,425,186 | ||||||||
Diversified Media: 0.2% | ||||||||
Adevinta ASA | ||||||||
EUR 675,000 | 2.625%, 11/15/25 | 698,654 | ||||||
Tencent Holdings Ltd | ||||||||
1,300,000 | 3.800%, 2/11/25 | 1,274,401 | ||||||
1,973,055 | ||||||||
Energy: 2.5% | ||||||||
Blue Racer Midstream LLC / Blue Racer Finance Corp | ||||||||
2,100,000 | 7.625%, 12/15/25 | 2,080,890 | ||||||
CrownRock LP / CrownRock Finance Inc | ||||||||
2,170,000 | 5.625%, 10/15/25 | 2,123,866 | ||||||
Energean Israel Finance Ltd | ||||||||
2,100,000 | 4.500%, 3/30/24 | 2,059,313 | ||||||
Energy Transfer LP | ||||||||
1,000,000 | 4.250%, 4/1/24 | 987,523 | ||||||
Galaxy Pipeline Assets Bidco Ltd | ||||||||
1,422,272 | 1.750%, 9/30/27 | 1,326,173 | ||||||
Perusahaan Gas Negara Tbk PT | ||||||||
3,351,000 | 5.125%, 5/16/24 | 3,329,219 | ||||||
Plains All American Pipeline LP / PAA Finance Corp | ||||||||
2,176,000 | 4.650%, 10/15/25 | 2,152,783 | ||||||
Ras Laffan Liquefied Natural Gas Co Ltd 3 | ||||||||
377,700 | 5.838%, 9/30/27 | 384,485 | ||||||
550,875 | 6.332%, 9/30/27 | 563,809 | ||||||
Sabine Pass Liquefaction LLC | ||||||||
1,130,000 | 5.750%, 5/15/24 | 1,132,726 | ||||||
USA Compression Partners LP / USA Compression Finance Corp | ||||||||
1,180,000 | 6.875%, 9/1/27 | 1,128,050 | ||||||
Wintershall Dea Finance BV | ||||||||
EUR 8,400,000 | 0.452%, 9/25/23 | 8,961,503 | ||||||
26,230,340 | ||||||||
Food & Drug Retail: 0.5% | ||||||||
Bellis Acquisition Co PLC | ||||||||
GBP 575,000 | 3.250%, 2/16/26 | 583,095 | ||||||
ELO SACA | ||||||||
EUR 2,300,000 | 2.625%, 1/30/24 | 2,461,091 | ||||||
Quatrim SASU | ||||||||
EUR 1,000,000 | 5.875%, 1/15/24 | 989,491 | ||||||
Roadster Finance DAC | ||||||||
EUR 800,000 | 1.625%, 12/9/24 | 774,696 | ||||||
4,808,373 | ||||||||
Food/Beverage/Tobacco: 2.2% | ||||||||
Bright Food Singapore Holdings Pte Ltd | ||||||||
EUR 200,000 | 1.375%, 6/19/24 | 207,308 | ||||||
EUR 4,150,000 | 1.750%, 7/22/25 | 4,099,804 | ||||||
Coca-Cola Europacific Partners PLC | ||||||||
1,600,000 | 1.500%, 1/15/27 | 1,426,502 | ||||||
Coca-Cola Icecek AS | ||||||||
900,000 | 4.215%, 9/19/24 | 883,710 | ||||||
Constellation Brands Inc | ||||||||
225,000 | 3.600%, 5/9/24 | 222,091 | ||||||
175,000 | 4.350%, 5/9/27 | 172,580 | ||||||
Kraft Heinz Foods Co | ||||||||
2,250,000 | 3.000%, 6/1/26 | 2,148,075 | ||||||
EUR 1,300,000 | 2.250%, 5/25/28 | 1,314,345 | ||||||
Louis Dreyfus Co Finance BV | ||||||||
200,000 | 5.250%, 6/13/23 | 198,934 | ||||||
EUR 1,825,000 | 2.375%, 11/27/25 | 1,883,856 | ||||||
Sigma Alimentos SA de CV | ||||||||
EUR 2,150,000 | 2.625%, 2/7/24 | 2,296,768 | ||||||
Sysco Corp | ||||||||
EUR 1,600,000 | 1.250%, 6/23/23 | 1,728,218 | ||||||
2,700,000 | 3.300%, 7/15/26 | 2,591,955 | ||||||
Viterra Finance BV | ||||||||
EUR 4,075,000 | 0.375%, 9/24/25 | 3,992,990 | ||||||
23,167,136 | ||||||||
Gaming: 1.2% | ||||||||
Allwyn International AS | ||||||||
EUR 2,900,000 | 4.125%, 11/20/24 | 3,105,027 | ||||||
Caesars Entertainment Inc | ||||||||
1,000,000 | 6.250%, 7/1/25 | 1,000,896 | ||||||
Cirsa Finance International SARL | ||||||||
EUR 78,431 | 6.250%, 12/20/23 | 85,085 | ||||||
International Game Technology PLC | ||||||||
EUR 2,400,000 | 3.500%, 6/15/26 | 2,519,984 | ||||||
Lottomatica SPA | ||||||||
EUR 1,500,000 | 5.125%, 7/15/25 | 1,608,362 | ||||||
MGM Resorts International | ||||||||
1,250,000 | 6.750%, 5/1/25 | 1,260,754 | ||||||
Playtech PLC | ||||||||
EUR 3,000,000 | 4.250%, 3/7/26 | 3,145,949 | ||||||
12,726,057 | ||||||||
Healthcare: 2.6% | ||||||||
Amgen Inc | ||||||||
500,000 | 5.250%, 3/2/25 | 505,073 | ||||||
500,000 | 5.507%, 3/2/26 | 501,998 | ||||||
Becton Dickinson Euro Finance SARL | ||||||||
EUR 2,000,000 | 1.208%, 6/4/26 | 2,013,835 | ||||||
Cheplapharm Arzneimittel GmbH | ||||||||
EUR 2,800,000 | 4.375%, 1/15/28 | 2,834,244 | ||||||
GE HealthCare Technologies Inc | ||||||||
2,500,000 | 5.550%, 11/15/24 | 2,514,969 | ||||||
GN Store Nord AS | ||||||||
EUR 760,000 | 0.750%, 12/6/23 | 795,346 | ||||||
EUR 2,070,000 | 0.875%, 11/25/24 | 2,046,219 | ||||||
Grifols SA | ||||||||
EUR 1,800,000 | 1.625%, 2/15/25 | 1,842,302 | ||||||
Gruenenthal GmbH | ||||||||
EUR 2,900,000 | 3.625%, 11/15/26 | 2,976,016 | ||||||
HCA Inc | ||||||||
1,980,000 | 5.875%, 2/15/26 | 2,007,734 | ||||||
Kenvue Inc | ||||||||
675,000 | 5.500%, 3/22/25 | 686,119 | ||||||
MPT Operating Partnership LP / MPT Finance Corp | ||||||||
GBP 510,000 | 2.550%, 12/5/23 | 597,015 | ||||||
EUR 2,300,000 | 3.325%, 3/24/25 | 2,077,942 | ||||||
GBP 1,300,000 | 2.500%, 3/24/26 | 1,199,546 | ||||||
Phoenix PIB Dutch Finance BV | ||||||||
EUR 400,000 | 2.375%, 8/5/25 | 413,739 | ||||||
Tenet Healthcare Corp | ||||||||
3,000,000 | 4.875%, 1/1/26 | 2,944,365 | ||||||
UnitedHealth Group Inc | ||||||||
1,467,000 | 4.250%, 1/15/29 | 1,455,559 | ||||||
27,412,021 | ||||||||
Homebuilders/Real Estate: 6.5% | ||||||||
Akelius Residential Property AB | ||||||||
EUR 2,300,000 | 1.125%, 3/14/24 | 2,403,369 | ||||||
EUR 1,625,000 | 1.750%, 2/7/25 | 1,642,771 | ||||||
American Tower Corp | ||||||||
EUR 1,000,000 | 0.450%, 1/15/27 | 947,789 | ||||||
Balder Finland Oyj | ||||||||
EUR 3,380,000 | 1.000%, 1/18/27 | 2,821,714 | ||||||
Blackstone Property Partners Europe Holdings SARL | ||||||||
EUR 3,600,000 | 2.000%, 2/15/24 | 3,766,460 | ||||||
Castellum AB | ||||||||
EUR 500,000 | 2.125%, 11/20/23 | 528,808 | ||||||
CTP NV | ||||||||
EUR 2,233,000 | 0.625%, 11/27/23 | 2,347,161 | ||||||
EUR 400,000 | 0.500%, 6/21/25 | 381,398 | ||||||
DEMIRE Deutsche Mittelstand Real Estate AG | ||||||||
EUR 1,400,000 | 1.875%, 10/15/24 | 1,070,710 | ||||||
DIC Asset AG | ||||||||
EUR 600,000 | 2.250%, 9/22/26 | 416,066 | ||||||
Digital Dutch Finco BV | ||||||||
EUR 4,200,000 | 0.625%, 7/15/25 | 4,145,632 | ||||||
Globalworth Real Estate Investments Ltd | ||||||||
EUR 2,300,000 | 3.000%, 3/29/25 | 2,173,810 | ||||||
Hammerson PLC | ||||||||
GBP 1,434,000 | 3.500%, 10/27/25 | 1,554,180 | ||||||
GBP 2,100,000 | 6.000%, 2/23/26 | 2,385,431 | ||||||
HOWOGE Wohnungsbaugesellschaft mbH | ||||||||
EUR 4,500,000 | –%, 11/1/24 7 | 4,574,678 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp | ||||||||
3,130,000 | 5.250%, 10/1/25 | 2,757,061 | ||||||
Lennar Corp | ||||||||
1,500,000 | 5.875%, 11/15/24 | 1,507,938 | ||||||
MAF Global Securities Ltd | ||||||||
4,500,000 | 4.750%, 5/7/24 | 4,457,610 | ||||||
MasTec Inc | ||||||||
1,180,000 | 4.500%, 8/15/28 | 1,090,454 | ||||||
NE Property BV | ||||||||
EUR 2,700,000 | 1.750%, 11/23/24 | 2,746,001 | ||||||
EUR 1,400,000 | 1.875%, 10/9/26 | 1,300,147 | ||||||
P3 Group SARL | ||||||||
EUR 1,000,000 | 0.875%, 1/26/26 | 933,699 | ||||||
Samhallsbyggnadsbolaget i Norden AB | ||||||||
EUR 650,000 | 1.750%, 1/14/25 | 620,249 | ||||||
SBB Treasury Oyj | ||||||||
EUR 3,340,000 | 3.115% (3 Month EURIBOR + 0.550%), 2/8/24 1 | 3,361,806 | ||||||
Tritax EuroBox PLC | ||||||||
EUR 600,000 | 0.950%, 6/2/26 | 544,807 | ||||||
Trust Fibra Uno | ||||||||
350,000 | 5.250%, 12/15/24 | 342,513 | ||||||
6,050,000 | 5.250%, 1/30/26 | 5,736,578 | ||||||
VICI Properties LP / VICI Note Co Inc | ||||||||
6,200,000 | 5.625%, 5/1/24 | 6,153,500 | ||||||
2,800,000 | 4.500%, 9/1/26 | 2,637,072 | ||||||
210,000 | 4.250%, 12/1/26 | 196,131 | ||||||
Vivion Investments SARL | ||||||||
EUR 1,000,000 | 3.000%, 8/8/24 | 798,629 | ||||||
Webuild SPA | ||||||||
EUR 2,425,000 | 5.875%, 12/15/25 | 2,502,917 | ||||||
EUR 200,000 | 3.875%, 7/28/26 | 189,503 | ||||||
69,036,592 | ||||||||
Hotels: 1.6% | ||||||||
Hyatt Hotels Corp | ||||||||
1,300,000 | 1.300%, 10/1/23 | 1,272,915 | ||||||
3,985,000 | 1.800%, 10/1/24 | 3,773,567 | ||||||
2,550,000 | 5.625%, 4/23/25 | 2,539,007 | ||||||
Marriott International Inc | ||||||||
1,975,000 | 3.600%, 4/15/24 | 1,941,962 | ||||||
2,000,000 | 5.000%, 10/15/27 | 2,004,010 | ||||||
725,000 | 4.900%, 4/15/29 | 717,962 | ||||||
Pterosaur Capital Co Ltd | ||||||||
EUR 2,000,000 | 1.000%, 9/25/24 | 2,013,639 | ||||||
Whitbread Group PLC | ||||||||
GBP 2,000,000 | 3.375%, 10/16/25 | 2,322,793 | ||||||
16,585,855 | ||||||||
Insurance: 0.1% | ||||||||
Galaxy Bidco Ltd | ||||||||
GBP 900,000 | 6.500%, 7/31/26 | 1,000,607 | ||||||
Rothesay Life PLC | ||||||||
GBP 450,000 | 8.000%, 10/30/25 | 569,152 | ||||||
1,569,759 | ||||||||
Leisure: 0.3% | ||||||||
CPUK Finance Ltd | ||||||||
GBP 375,000 | 3.588%, 8/28/25 | 438,009 | ||||||
GBP 510,000 | 6.500%, 8/28/26 | 598,883 | ||||||
Expedia Group Inc | ||||||||
1,500,000 | 6.250%, 5/1/25 | 1,519,178 | ||||||
1,225,000 | 5.000%, 2/15/26 | 1,219,334 | ||||||
3,775,404 | ||||||||
Metals/Mining: 0.7% | ||||||||
Gold Fields Orogen Holdings BVI Ltd | ||||||||
4,400,000 | 5.125%, 5/15/24 | 4,384,329 | ||||||
Novelis Corp | ||||||||
3,000,000 | 3.250%, 11/15/26 1 | 2,744,310 | ||||||
7,128,639 | ||||||||
Paper: 0.5% | ||||||||
Fibria Overseas Finance Ltd | ||||||||
2,400,000 | 5.500%, 1/17/27 | 2,411,736 | ||||||
Inversiones CMPC SA | ||||||||
1,000,000 | 4.375%, 5/15/23 | 998,150 | ||||||
Suzano Austria GmbH | ||||||||
2,100,000 | 6.000%, 1/15/29 | 2,117,472 | ||||||
5,527,358 | ||||||||
Publishing/Printing: 0.3% | ||||||||
Informa PLC | ||||||||
EUR 2,800,000 | 2.125%, 10/6/25 | 2,897,153 | ||||||
Quasi & Foreign Government: 0.9% | ||||||||
African Export-Import Bank | ||||||||
1,620,000 | 4.125%, 6/20/24 | 1,576,665 | ||||||
Eastern & Southern African Trade & Development Bank | ||||||||
4,200,000 | 4.875%, 5/23/24 | 4,055,184 | ||||||
Emirates Development Bank PJSC | ||||||||
420,000 | 1.639%, 6/15/26 | 379,389 | ||||||
Istituto per il Credito Sportivo | ||||||||
EUR 2,800,000 | 5.250%, 10/31/25 | 3,084,424 | ||||||
9,095,662 | ||||||||
Railroads: 0.3% | ||||||||
Getlink SE | ||||||||
EUR 2,725,000 | 3.500%, 10/30/25 | 2,873,346 | ||||||
Services: 2.1% | ||||||||
Almaviva-The Italian Innovation Co SPA | ||||||||
EUR 2,400,000 | 4.875%, 10/30/26 | 2,445,059 | ||||||
Aramark International Finance SARL | ||||||||
EUR 1,500,000 | 3.125%, 4/1/25 | 1,582,190 | ||||||
Arena Luxembourg Finance SARL | ||||||||
EUR 2,000,000 | 1.875%, 2/1/28 | 1,719,703 | ||||||
Arrow Electronics Inc | ||||||||
1,055,000 | 6.125%, 3/1/26 | 1,058,125 | ||||||
Brink's Co | ||||||||
3,200,000 | 5.500%, 7/15/25 | 3,173,424 | ||||||
Leasys SPA | ||||||||
EUR 5,925,000 | 4.375%, 12/7/24 | 6,485,484 | ||||||
Lincoln Financing SARL | ||||||||
EUR 535,853 | 3.625%, 4/1/24 | 578,202 | ||||||
Loxam SAS | ||||||||
EUR 1,560,000 | 3.250%, 1/14/25 | 1,649,264 | ||||||
PeopleCert Wisdom Issuer PLC | ||||||||
EUR 1,500,000 | 5.750%, 9/15/26 | 1,557,538 | ||||||
RAC Bond Co PLC | ||||||||
GBP 476,000 | 4.565%, 5/6/23 | 586,533 | ||||||
Techem Verwaltungsgesellschaft 675 mbH | ||||||||
EUR 1,500,000 | 2.000%, 7/15/25 | 1,521,263 | ||||||
Zenith Finco PLC | ||||||||
GBP 450,000 | 6.500%, 6/30/27 | 423,088 | ||||||
22,779,873 | ||||||||
Steel: 0.7% | ||||||||
ArcelorMittal SA | ||||||||
EUR 2,200,000 | 2.250%, 1/17/24 | 2,363,506 | ||||||
EUR 2,550,000 | 4.875%, 9/26/26 | 2,825,268 | ||||||
thyssenkrupp AG | ||||||||
EUR 2,100,000 | 2.875%, 2/22/24 | 2,253,000 | ||||||
7,441,774 | ||||||||
Super Retail: 0.4% | ||||||||
AA Bond Co Ltd | ||||||||
GBP 985,000 | 4.875%, 7/31/24 | 1,192,051 | ||||||
PVH Corp | ||||||||
EUR 765,000 | 3.625%, 7/15/24 | 824,412 | ||||||
Travis Perkins PLC | ||||||||
GBP 2,000,000 | 4.500%, 9/7/23 | 2,441,947 | ||||||
4,458,410 | ||||||||
Technology: 2.5% | ||||||||
ams-OSRAM AG | ||||||||
EUR 2,550,000 | 6.000%, 7/31/25 | 2,583,703 | ||||||
Cellnex Finance Co SA | ||||||||
EUR 3,800,000 | 2.250%, 4/12/26 | 3,879,430 | ||||||
Clarios Global LP / Clarios US Finance Co | ||||||||
EUR 1,500,000 | 4.375%, 5/15/26 | 1,557,097 | ||||||
Dell Bank International DAC | ||||||||
EUR 4,800,000 | 4.500%, 10/18/27 | 5,321,411 | ||||||
Dell International LLC / EMC Corp | ||||||||
2,300,000 | 6.020%, 6/15/26 | 2,359,931 | ||||||
Gen Digital Inc | ||||||||
1,625,000 | 5.000%, 4/15/25 | 1,597,591 | ||||||
Hewlett Packard Enterprise Co | ||||||||
2,040,000 | 5.900%, 10/1/24 | 2,066,900 | ||||||
Oracle Corp | ||||||||
2,500,000 | 5.800%, 11/10/25 | 2,560,861 | ||||||
Qorvo Inc | ||||||||
1,450,000 | 1.750%, 12/15/24 | 1,347,528 | ||||||
Sage Group PLC | ||||||||
EUR 850,000 | 3.820%, 2/15/28 | 916,249 | ||||||
SK Hynix Inc | ||||||||
2,000,000 | 6.250%, 1/17/26 | 2,019,925 | ||||||
Wipro IT Services LLC | ||||||||
800,000 | 1.500%, 6/23/26 | 719,098 | ||||||
26,929,724 | ||||||||
Telecommunications: 2.9% | ||||||||
Altice Financing SA | ||||||||
EUR 1,500,000 | 2.250%, 1/15/25 | 1,534,460 | ||||||
AT&T Inc | ||||||||
1,780,000 | 5.539%, 2/20/26 | 1,785,507 | ||||||
Bharti Airtel International Netherlands BV | ||||||||
206,000 | 5.350%, 5/20/24 | 206,479 | ||||||
Bharti Airtel Ltd | ||||||||
1,100,000 | 4.375%, 6/10/25 | 1,081,364 | ||||||
CK Hutchison Holdings Ltd | ||||||||
EUR 1,750,000 | 0.375%, 10/17/23 | 1,866,407 | ||||||
eircom Finance DAC | ||||||||
EUR 1,600,000 | 2.625%, 2/15/27 | 1,560,661 | ||||||
Global Switch Holdings Ltd | ||||||||
EUR 2,625,000 | 1.500%, 1/31/24 | 2,788,721 | ||||||
iliad SA | ||||||||
EUR 1,000,000 | 2.375%, 6/17/26 | 998,130 | ||||||
LCPR Senior Secured Financing DAC | ||||||||
540,000 | 6.750%, 10/15/27 | 503,682 | ||||||
Matterhorn Telecom SA | ||||||||
EUR 1,600,000 | 3.125%, 9/15/26 | 1,612,875 | ||||||
PLT VII Finance SARL | ||||||||
EUR 475,000 | 4.625%, 1/5/26 | 485,004 | ||||||
PPF Telecom Group BV | ||||||||
EUR 1,600,000 | 3.500%, 5/20/24 | 1,713,066 | ||||||
EUR 5,100,000 | 2.125%, 1/31/25 | 5,246,980 | ||||||
RCS & RDS SA | ||||||||
EUR 2,400,000 | 3.250%, 2/5/28 | 2,198,334 | ||||||
Rogers Communications Inc | ||||||||
844,000 | 2.950%, 3/15/25 | 812,883 | ||||||
Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC | ||||||||
287,500 | 4.738%, 3/20/25 | 285,339 | ||||||
Telecom Italia SPA | ||||||||
1,430,000 | 5.303%, 5/30/24 | 1,402,751 | ||||||
T-Mobile USA Inc | ||||||||
2,510,000 | 2.250%, 2/15/26 | 2,337,027 | ||||||
Verizon Communications Inc | ||||||||
2,600,000 | 4.125%, 3/16/27 | 2,576,822 | ||||||
30,996,492 | ||||||||
Transportation Excluding Air/Rail: 2.3% | ||||||||
Autostrade per l'Italia SPA | ||||||||
EUR 3,200,000 | 1.750%, 2/1/27 | 3,159,604 | ||||||
DP World Crescent Ltd | ||||||||
500,000 | 3.908%, 5/31/23 | 498,807 | ||||||
DP World Ltd | ||||||||
EUR 4,200,000 | 2.375%, 9/25/26 | 4,308,817 | ||||||
Firstgroup PLC | ||||||||
GBP 1,375,000 | 6.875%, 9/18/24 | 1,703,742 | ||||||
Gatwick Funding Ltd | ||||||||
GBP 1,700,000 | 5.250%, 1/23/24 | 2,095,776 | ||||||
GBP 200,000 | 6.125%, 3/2/26 | 252,799 | ||||||
GXO Logistics Inc | ||||||||
2,175,000 | 1.650%, 7/15/26 | 1,913,945 | ||||||
Heathrow Funding Ltd | ||||||||
GBP 1,125,000 | 7.125%, 2/14/24 | 1,402,275 | ||||||
Mundys SPA | ||||||||
EUR 4,000,000 | 1.875%, 7/13/27 | 3,851,787 | ||||||
Pelabuhan Indonesia Persero PT | ||||||||
200,000 | 4.250%, 5/5/25 | 195,044 | ||||||
Penske Truck Leasing Co Lp / PTL Finance Corp | ||||||||
775,000 | 5.550%, 5/1/28 | 773,504 | ||||||
Q-Park Holding I BV | ||||||||
EUR 1,500,000 | 1.500%, 3/1/25 | 1,503,542 | ||||||
EUR 1,800,000 | 2.000%, 3/1/27 | 1,633,290 | ||||||
Stagecoach Group Ltd | ||||||||
GBP 650,000 | 4.000%, 9/29/25 | 757,077 | ||||||
24,050,009 | ||||||||
Utilities: 1.6% | ||||||||
Adani Green Energy Up | ||||||||
950,000 | 6.250%, 12/10/24 | 895,135 | ||||||
Drax Finco PLC | ||||||||
EUR 4,000,000 | 2.625%, 11/1/25 | 4,135,194 | ||||||
EON SE | ||||||||
EUR 5,775,000 | 3.500%, 1/12/28 | 6,285,091 | ||||||
Hero Asia Investment Ltd | ||||||||
200,000 | 1.500%, 11/18/23 | 195,583 | ||||||
Tabreed Sukuk Spc Ltd | ||||||||
750,000 | 5.500%, 10/31/25 | 759,375 | ||||||
Thames Water Utilities Finance PLC | ||||||||
GBP 1,271,000 | 2.375%, 5/3/23 | 1,563,738 | ||||||
Vena Energy Capital Pte Ltd | ||||||||
3,300,000 | 3.133%, 2/26/25 | 3,096,654 | ||||||
16,930,770 | ||||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $853,084,386) | 842,914,039 | |||||||
FOREIGN GOVERNMENT NOTES/BONDS: 7.2% | ||||||||
Airlines: 0.2% | ||||||||
Air France-KLM | ||||||||
EUR 2,000,000 | 7.250%, 5/31/26 | 2,208,897 | ||||||
Automotive & Auto Parts: 1.3% | ||||||||
RCI Banque SA | ||||||||
EUR 2,200,000 | 1.375%, 3/8/24 | 2,330,815 | ||||||
EUR 1,750,000 | 4.125%, 12/1/25 | 1,898,295 | ||||||
EUR 4,500,000 | 4.625%, 7/13/26 | 4,906,136 | ||||||
Valeo | ||||||||
EUR 700,000 | 1.500%, 6/18/25 | 716,225 | ||||||
EUR 3,600,000 | 5.375%, 5/28/27 | 3,892,781 | ||||||
13,744,252 | ||||||||
Banking: 2.1% | ||||||||
Argenta Spaarbank NV | ||||||||
EUR 2,600,000 | 5.375% (1 Year Swap Rate EUR + 2.750%), 11/29/27 1,6 | 2,779,559 | ||||||
BNP Paribas SA | ||||||||
EUR 1,600,000 | 2.375% (5 Year Swap Rate EUR + 1.850%), 11/20/30 1,6 | 1,622,087 | ||||||
Commerzbank AG | ||||||||
EUR 3,000,000 | 0.500%, 8/28/23 | 3,216,147 | ||||||
Credit Agricole SA | ||||||||
EUR 2,300,000 | 1.625% (5 Year Swap Rate EUR + 1.900%), 6/5/30 1,6 | 2,320,918 | ||||||
Deutsche Bank AG | ||||||||
EUR 1,500,000 | 4.000%, 11/29/27 | 1,600,194 | ||||||
Hamburg Commercial Bank AG | ||||||||
EUR 3,600,000 | 6.250%, 11/18/24 | 3,918,635 | ||||||
EUR 1,400,000 | 0.500% (3 Month EURIBOR + 0.900%), 9/22/26 1,6 | 1,329,980 | ||||||
KBC Group NV | ||||||||
EUR 2,200,000 | 4.375% (3 Month EURIBOR + 1.700%), 11/23/27 1,6 | 2,388,807 | ||||||
Societe Generale SA | ||||||||
EUR 2,200,000 | 1.125% (5 Year Swap Rate EUR + 1.600%), 6/30/31 1,6 | 2,054,550 | ||||||
Tatra Banka as | ||||||||
EUR 900,000 | 5.952% (3 Month EURIBOR + 2.650%), 2/17/26 1,6 | 965,503 | ||||||
22,196,380 | ||||||||
Capital Goods: 0.2% | ||||||||
Traton Finance Luxembourg SA | ||||||||
EUR 2,200,000 | 4.125%, 1/18/25 | 2,390,288 | ||||||
Containers: 0.2% | ||||||||
ProGroup AG | ||||||||
EUR 2,000,000 | 3.000%, 3/31/26 | 2,028,855 | ||||||
Diversified Financial Services: 2.1% | ||||||||
Aareal Bank AG | ||||||||
EUR 2,100,000 | 4.500%, 7/25/25 | 2,224,183 | ||||||
ALD SA | ||||||||
EUR 6,400,000 | 4.750%, 10/13/25 | 7,040,354 | ||||||
EUR 4,900,000 | 4.250%, 1/18/27 | 5,298,572 | ||||||
Arval Service Lease SA | ||||||||
EUR 4,200,000 | 4.125%, 4/13/26 | 4,560,850 | ||||||
EUR 2,300,000 | 4.750%, 5/22/27 | 2,550,537 | ||||||
21,674,496 | ||||||||
Homebuilders/Real Estate: 0.3% | ||||||||
Kojamo Oyj | ||||||||
EUR 2,000,000 | 1.625%, 10/17/23 | 2,129,477 | ||||||
Vonovia SE | ||||||||
EUR 1,300,000 | 4.750%, 5/23/27 | 1,379,734 | ||||||
3,509,211 | ||||||||
Hotels: 0.3% | ||||||||
Accor SA | ||||||||
EUR 2,900,000 | 3.000%, 2/4/26 | 3,017,484 | ||||||
Quasi & Foreign Government: 0.2% | ||||||||
Airport Authority | ||||||||
2,000,000 | 4.875%, 1/12/26 | 2,026,884 | ||||||
Services: 0.1% | ||||||||
Ocado Group PLC | ||||||||
GBP 575,000 | 3.875%, 10/8/26 | 532,269 | ||||||
Telecommunications: 0.2% | ||||||||
iliad SA | ||||||||
EUR 2,200,000 | 5.375%, 6/14/27 | 2,374,708 | ||||||
TOTAL FOREIGN GOVERNMENT NOTES/BONDS | ||||||||
(Cost $73,111,444) | 75,703,724 | |||||||
COLLATERALIZED LOAN OBLIGATIONS: 2.5% | ||||||||
Collaterized Debt Obligations: 2.5% | ||||||||
Ares European CLO XV DAC | ||||||||
EUR 750,000 | 3.238% (3 Month EURIBOR + 0.950%), 1/15/36 1 | 779,535 | ||||||
Aurium CLO IX DAC | ||||||||
EUR 500,000 | 3.418% (3 Month EURIBOR + 0.950%), 10/28/34 1 | 519,470 | ||||||
Aurium Clo VIII DAC | ||||||||
EUR 780,000 | 3.758% (3 Month EURIBOR + 0.850%), 6/23/34 1 | 811,676 | ||||||
Barings Euro CLO 2019-1 DAC | ||||||||
EUR 500,000 | 3.248% (3 Month EURIBOR + 0.960%), 10/15/34 1 | 519,555 | ||||||
Capital Four CLO II DAC | ||||||||
EUR 1,000,000 | 3.338% (3 Month EURIBOR + 1.050%), 1/15/34 1 | 1,055,544 | ||||||
Capital Four CLO III DAC | ||||||||
EUR 2,000,000 | 3.308% (3 Month EURIBOR + 1.020%), 10/15/34 1 | 2,096,478 | ||||||
Carlyle Global Market Strategies Euro CLO 2015-1 DAC | ||||||||
EUR 500,000 | 3.248% (3 Month EURIBOR + 0.960%), 1/16/33 1 | 526,663 | ||||||
CVC Cordatus Loan Fund VIII DAC | ||||||||
EUR 1,000,000 | 3.138% (3 Month EURIBOR + 0.850%), 7/15/34 1 | 1,043,143 | ||||||
Dunedin Park CLO DAC | ||||||||
EUR 500,000 | 3.683% (3 Month EURIBOR + 0.980%), 11/20/34 1 | 519,513 | ||||||
Euro-Galaxy VII CLO DAC | ||||||||
EUR 3,750,000 | 3.279% (3 Month EURIBOR + 0.830%), 7/25/35 1 | 3,902,053 | ||||||
Hayfin Emerald CLO I DAC | ||||||||
EUR 1,000,000 | 3.108% (3 Month EURIBOR + 0.820%), 4/17/34 1 | 1,046,565 | ||||||
Hayfin Emerald CLO X DAC | ||||||||
EUR 750,000 | 3.809% (3 Month EURIBOR + 1.695%), 4/15/35 1 | 808,483 | ||||||
Penta CLO 6 DAC | ||||||||
EUR 3,000,000 | 3.419% (3 Month EURIBOR + 0.970%), 7/25/34 1 | 3,137,998 | ||||||
Penta CLO 7 DAC | ||||||||
EUR 500,000 | 3.399% (3 Month EURIBOR + 0.950%), 1/25/33 1 | 528,183 | ||||||
RRE 2 Loan Management DAC | ||||||||
EUR 500,000 | 3.148% (3 Month EURIBOR + 0.860%), 7/15/35 1 | 526,118 | ||||||
RRE 6 Loan Management DAC | ||||||||
EUR 3,500,000 | 3.158% (3 Month EURIBOR + 0.870%), 4/15/35 1 | 3,669,458 | ||||||
RRE Loan Management | ||||||||
EUR 3,450,000 | 4.853% (3 Month EURIBOR + 1.750%), 10/15/35 1 | 3,703,978 | ||||||
St Paul's CLO IX DAC | ||||||||
EUR 500,000 | 3.282% (3 Month EURIBOR + 0.940%), 7/20/35 1 | 519,486 | ||||||
Tikehau CLO II BV | ||||||||
EUR 800,000 | 3.839% (3 Month EURIBOR + 0.990%), 9/7/35 1 | 837,574 | ||||||
26,551,473 | ||||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS | ||||||||
(Cost $27,351,222) | 26,551,473 | |||||||
CONVERTIBLE BONDS: 4.4% | ||||||||
Banking: 3.2% | ||||||||
Abanca Corp Bancaria SA | ||||||||
EUR 700,000 | 6.125% (5 Year Swap Rate EUR + 5.927%), 1/18/29 1,6 | 736,421 | ||||||
Alpha Bank SA | ||||||||
EUR 3,050,000 | 7.500% (1 Year Swap Rate EUR + 5.084%), 6/16/27 1,6 | 3,272,776 | ||||||
Australia & New Zealand Banking Group Ltd | ||||||||
EUR 800,000 | 1.125% (5 Year Swap Rate EUR + 1.400%), 11/21/29 1,6 | 817,202 | ||||||
Banco Santander SA | ||||||||
EUR 7,700,000 | 3.750%, 1/16/26 | 8,351,345 | ||||||
ING Groep NV | ||||||||
EUR 700,000 | 2.125% (5 Year Swap Rate EUR + 2.400%), 5/26/31 1,6 | 695,425 | ||||||
Luminor Bank AS | ||||||||
EUR 1,500,000 | 5.000% (3 Month EURIBOR + 3.760%), 8/29/24 1,6 | 1,614,280 | ||||||
National Australia Bank Ltd | ||||||||
GBP 500,000 | 1.699% (GILT + 1.400%), 9/15/31 1,6 | 515,650 | ||||||
OTP Bank Nyrt | ||||||||
EUR 4,025,000 | 7.350% (3 Month EURIBOR + 4.523%), 3/4/26 1,6 | 4,363,559 | ||||||
Raiffeisen Schweiz Genossenschaft | ||||||||
EUR 4,500,000 | 5.230%, 11/1/27 | 5,087,207 | ||||||
Standard Chartered PLC | ||||||||
2,310,000 | 5.200%, 1/26/24 | 2,286,740 | ||||||
Swedbank AB | ||||||||
EUR 2,700,000 | 3.750%, 11/14/25 | 2,926,926 | ||||||
EUR 3,000,000 | 1.500% (5 Year Swap Rate EUR + 1.280%), 9/18/28 1,6 | 3,206,175 | ||||||
33,873,706 | ||||||||
Diversified Financial Services: 0.9% | ||||||||
Credit Suisse AG | ||||||||
9,525,000 | 6.500%, 8/8/23 | 9,155,906 | ||||||
Healthcare: 0.3% | ||||||||
Organon & Co / Organon Foreign Debt Co-Issuer BV | ||||||||
EUR 4,000,000 | 2.875%, 4/30/28 | 3,829,091 | ||||||
TOTAL CONVERTIBLE BONDS | ||||||||
(Cost $45,975,814) | 46,858,703 | |||||||
BANK LOANS: 4.4% | ||||||||
Airlines: 0.4% | ||||||||
AAdvantage Loyalty (American Airlines) (AMR) TL | ||||||||
3,000,000 | 9.558% (3 Month LIBOR + 4.750%), 4/20/28 1,2 | 3,050,835 | ||||||
British Airways TL | ||||||||
GBP 700,000 | 4.750% (6 Month LIBOR + 4.650%), 2/21/26 1,2 | 891,848 | ||||||
3,942,683 | ||||||||
Automotive & Auto Parts: 0.2% | ||||||||
First Brands Group TL (12/22) | ||||||||
1,995,000 | 10.246% (6 Month SOFR + 5.000%), 3/30/27 1,2 | 1,920,188 | ||||||
Cable/Satellite TV: 0.5% | ||||||||
DIRECTV Financing TL | ||||||||
2,851,648 | 9.840% (1 Month LIBOR + 5.000%), 8/2/27 1,2 | 2,750,871 | ||||||
Virgin Media 6/21 (T/L B) | ||||||||
EUR 3,000,000 | 6.109% (1 Month EURIBOR + 3.463%), 7/15/29 1,2 | 3,144,472 | ||||||
5,895,343 | ||||||||
Capital Goods: 0.0% 7 | ||||||||
Ali Group TL B (Welbilt) | ||||||||
473,000 | 6.922% (1 Month SOFR + 2.000%), 7/22/29 1,2 | 466,969 | ||||||
Chemicals: 0.2% | ||||||||
Ineos Finance EUR 800MM 2027-II TL | ||||||||
EUR 1,300,000 | 6.905% (1 Month EURIBOR + 4.000%), 11/8/27 1,2 | 1,406,331 | ||||||
LSF11 Skyscraper Performance (EUR) TL B4 | ||||||||
EUR 1,000,000 | 6.405% (3 Month EURIBOR + 3.500%), 9/30/27 1,2 | 1,082,569 | ||||||
2,488,900 | ||||||||
Containers: 0.2% | ||||||||
Irel AcquiCo TL (11/19) | ||||||||
EUR 2,000,000 | 6.272%, 5/31/26 1,2,3,4 | 2,089,895 | ||||||
Diversified Financial Services: 0.1% | ||||||||
Citadel Securities TL B (01/21) | ||||||||
482,594 | 7.422% (1 Month SOFR + 2.500%), 2/2/28 1,2 | 479,026 | ||||||
Trans Union TL B6 | ||||||||
365,635 | 7.090% (1 Month LIBOR + 2.250%), 12/1/28 1,2 | 363,501 | ||||||
842,527 | ||||||||
Environmental: 0.1% | ||||||||
Clean Harbors TL (9/21) | ||||||||
370,313 | 6.840% (1 Month LIBOR + 2.000%),10/8/28 1,2 | 372,395 | ||||||
Covanta Holding Corporation TL B | ||||||||
595,552 | 7.118% (1 Month SOFR + 2.500%),11/30/28 1,2 | 593,813 | ||||||
Covanta Holding Corporation TL C | ||||||||
48,432 | 7.307% (1 Month SOFR + 2.500%), 11/30/28 1,2 | 48,291 | ||||||
1,014,499 | ||||||||
Healthcare: 0.1% | ||||||||
Elanco Animal Health TL B | ||||||||
446,314 | 6.412% (1 Month LIBOR + 1.750%), 8/1/27 1,2 | 437,350 | ||||||
ICON Luxembourg TL B | ||||||||
197,023 | 7.410% (3 Month SOFR + 2.250%), 7/1/28 1,2 | 196,791 | ||||||
PRA Health Sciences (Indigo Merger) TL B | ||||||||
57,133 | 7.000% (3 Month LIBOR + 2.250%), 7/1/28 1,2 | 57,066 | ||||||
691,207 | ||||||||
Services: 1.0% | ||||||||
Assystem New TL B | ||||||||
EUR 3,000,000 | 7.540% (6 Month EURIBOR + 4.250%), 9/8/24 1,2 | 2,885,167 | ||||||
Fugue Finance TL (Nord Anglia/Bach Fin) | ||||||||
EUR 2,000,000 | 7.443% (3 Month EURIBOR + 4.750%), 1/26/28 1,2 | 2,157,101 | ||||||
Odyssee Investment Bidco TL B | ||||||||
EUR 2,000,000 | -%, 10/14/28 1,2,3,4,5 | 2,088,127 | ||||||
Summer (BC) Bidco ADDITIONAL B2 TL (6/21) (Kantar) | ||||||||
197,000 | 9.659% (3 Month LIBOR + 4.500%), 12/4/26 1,2 | 186,576 | ||||||
Summer (BC) Bidco B (Kantar) TL B3 | ||||||||
EUR 3,200,000 | 7.051% (3 Month EURIBOR + 4.250%), 12/4/26 1,2 | 3,285,320 | ||||||
10,602,291 | ||||||||
Technology: 0.1% | ||||||||
GFK TL B (4/21) | ||||||||
EUR 800,000 | 5.452% (3 Month EURIBOR + 3.250%), 5/10/28 1,2 | 866,524 | ||||||
Telecommunications: 1.0% | ||||||||
Crown Subsea TL (4/21) (SubCom) | ||||||||
3,023,406 | 9.530% (1 Month SOFR + 4.750%), 4/27/27 1,2 | 2,988,455 | ||||||
Lorca Finco Rolled TL B1 (MasMovil) | ||||||||
EUR 2,000,000 | 6.769% (6 Month EURIBOR + 4.200%), 9/18/27 1,2 | 2,135,509 | ||||||
WP/AP Telcom TL (EUR) (T-Mobile Netherlands) | ||||||||
EUR 1,750,000 | 6.915% (3 Month EURIBOR + 3.900%), 3/31/29 1,2 | 1,859,935 | ||||||
Ziggo (Vodafone) TLH | ||||||||
EUR 3,000,000 | 6.102% (6 Month EURIBOR + 3.000%), 1/31/29 1,2 | 3,074,880 | ||||||
10,058,779 | ||||||||
Transportation Excluding Air/Rail: 0.5% | ||||||||
First Student Bidco TL B | ||||||||
2,331,818 | 8.998% (3 Month SOFR + 4.000%), 7/21/28 1,2 | 2,284,459 | ||||||
First Student Bidco TL B (First Transit) | ||||||||
379,158 | 7.726% (3 Month LIBOR + 3.000%), 7/21/28 1,2 | 364,128 | ||||||
First Student Bidco TL C | ||||||||
162,338 | 8.998% (3 Month SOFR + 4.000%), 7/21/28 1,2 | 159,041 | ||||||
First Student Bidco TL C (First Transit) | ||||||||
141,733 | 7.726% (3 Month LIBOR + 3.000%), 7/21/28 1,2 | 136,115 | ||||||
Silk Bidco TL B (Hurtigruten) | ||||||||
EUR 2,000,000 | 7.197% (6 Month EURIBOR + 4.000%), 2/22/25 1,2 | 2,012,363 | ||||||
4,956,106 | ||||||||
TOTAL BANK LOANS | ||||||||
(Cost $46,261,950) | 45,835,911 | |||||||
TOTAL INVESTMENTS IN SECURITIES: 98.2% | ||||||||
(Cost $1,045,784,816) | 1,037,863,850 | |||||||
Other Assets in Excess of Liabilities: 1.8% | 19,225,833 | |||||||
TOTAL NET ASSETS: 100.0% | $ | 1,057,089,683 | ||||||
† In USD unless otherwise indicated. | ||||||||
CMT - Constant Maturity Treasury Rate | ||||||||
EUR - Euro | ||||||||
EURIBOR - Euro Interbank Offered Rate | ||||||||
GILT - United Kingdom Government Bond | ||||||||
GBP - Great Britain Pound | ||||||||
LIBOR - London Interbank Offered Rate | ||||||||
PIK - Payment-in-Kind - represents the security may pay interest in additional par. | ||||||||
SOFR - Secured Overnight Financing Rate | ||||||||
USD - United States Dollars | ||||||||
1 | Variable rate security; rate shown is the rate in effect on March 31, 2023. An index may have a negative rate. Interest rate may also be subject to a cap or floor. | |||||||
2 | Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”) or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. | |||||||
3 | Denotes investments purchased on a when-issued or delayed delivery basis. | |||||||
4 | All or a portion of the loan may be unfunded. | |||||||
5 | Zero coupon security. | |||||||
6 | Fixed-to-variable or fixed-to-float bond; rate shown is the rate in effect on March 31, 2023. An index may have a negative rate. Interest rate may also be subject to a cap or floor. | |||||||
7 | Does not round to 0.0% of net assets. | |||||||
8 | Security is fair valued under the Board of Trustees and is categorized as a Level 3 security. Significant unobservable inputs were used to determine fair value. |
SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at March 31, 2023 (Unaudited) | | ||||||||||
The Muzinich Low Duration Fund (the "Fund") had the following forward foreign currency exchange contracts outstanding with the U.S. Bank N.A: |
U.S. Dollar Value at | U.S. Dollar Value at | Unrealized Appreciation | |||||||||||||
Settlement Date | Currency to be Delivered | March 31, 2023 | Currency to be Received | March 31, 2023 | (Depreciation) | ||||||||||
4/25/2023 | USD 14,028,775 | $ | 14,028,775 | EUR 13,000,000 | $ | 14,118,221 | $ | 89,447 | |||||||
4/25/2023 | EUR 301,000,000 | 326,891,128 | USD 327,766,004 | 327,766,004 | 874,876 | ||||||||||
6/20/2023 | USD 6,493,042 | 6,493,042 | EUR 6,000,000 | 6,537,390 | 44,348 | ||||||||||
6/20/2023 | EUR 271,000,000 | 295,272,105 | USD 289,373,258 | 289,373,258 | (5,898,847 | ) | |||||||||
4/25/2023 | USD 4,834,996 | 4,834,996 | GBP 4,000,000 | 4,936,963 | 101,967 | ||||||||||
4/25/2023 | GBP 35,400,000 | 43,692,118 | USD 43,852,958 | 43,852,958 | 160,840 | ||||||||||
$ | 691,212,164 | $ | 686,584,794 | $ | (4,627,369 | ) |
SCHEDULE OF FUTURES CONTRACTS at March 31, 2023 (Unaudited) | ||||||||||||||||
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The Fund had the following futures contracts outstanding with Morgan Stanley & Co., Inc. | ||||||||||||||||
Unrealized | ||||||||||||||||
Number of | Notional | Appreciation | Notional | |||||||||||||
Short Futures Contracts Outstanding | Contracts | Amount | (Depreciation) | Value | ||||||||||||
EURO-SCHATZ FUT Jun23 | (1,179 | ) | $ | (135,653,764 | ) | $ | 508,869 | $ | (135,144,895 | ) | ||||||
$ | (135,653,764 | ) | $ | 508,869 | $ | (135,144,895 | ) |
Summary of Fair Value Exposure at March 31, 2023 (Unaudited) |
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. | | |||||||||||
U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | ||||||||||||
• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | ||||||||||||
• Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data. | ||||||||||||
• Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | ||||||||||||
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023. See the Schedule of Investments for the industry breakout. |
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Corporate Bonds | $ | – | $ | 842,914,039 | $ | – | $ | 842,914,039 | ||||||||
Convertible Bonds | – | 46,858,703 | – | 46,858,703 | ||||||||||||
Bank Loans | – | 44,944,063 | 891,848 | 45,835,911 | ||||||||||||
Foreign Government Notes/Bonds | – | 75,703,724 | – | 75,703,724 | ||||||||||||
Collateralized Loan Obligations | – | 26,551,473 | – | 26,551,473 | ||||||||||||
Total Assets | $ | – | $ | 1,036,972,002 | $ | 891,848 | $ | 1,037,863,850 | ||||||||
Other Financial Instruments1: | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | – | $ | (4,627,369 | ) | $ | – | $ | (4,627,369 | ) | ||||||
Futures Contracts | 508,869 | – | – | 508,869 | ||||||||||||
Total Other Financial Instruments | $ | 508,869 | $ | (4,627,369 | ) | $ | – | $ | (4,118,500 | ) | ||||||
1 Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments and are presented at the net unrealized appreciation/(depreciation) on the investment. |
The following is a reconciliation of the Fund’s Level 3 assets for which significant unobservable inputs were used to determine fair value: | ||||||||
Bank Loans | ||||||||
Balance as of December 31, 2022 | $ | 852,199 | ||||||
Acquisitions | - | |||||||
Dispositions | - | |||||||
Accrued discounts/premiums | 4,586 | |||||||
Realized gain (loss) | - | |||||||
Change in unrealized appreciation/depreciation | 35,063 | |||||||
Transfer in and/or out of Level 3 | - | |||||||
Balance as of March 31, 2023 | $ | 891,848 | ||||||
Change in unrealized appreciation/depreciation for Level 3 investments held at March 31, 2023 | $ | 35,063 | ||||||
Type of Security | Fair Value at March 31, 2023 | Valuation Techniques | Unobservable Input | Input Value(s) | ||||
Bank Loans | $ | 891,848 | Comparable Securities | Adjustment to yield | 94 bps | |||
Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Increases in the adjustment to yield would decrease price and decreases in the adjustment to yield would increase price. | ||||||||
Muzinich & Co., Inc., as Advisor to the Fund and the Fund's Valuation Designee under Rule 2a-5 of the Investment Company Act of 1940, oversees valuation techniques. |