Muzinich Low Duration Fund | |||||||
SCHEDULE OF INVESTMENTS at September 30, 2023 (Unaudited) | |||||||
Principal Amount † | Value | ||||||
CORPORATE BONDS: 81.2% | |||||||
Agency: 0.3% | |||||||
Istituto per il Credito Sportivo | |||||||
$ | 2,800,000 | 5.250%, 10/31/2025 | $ | 2,988,977 | |||
Airlines: 1.2% | |||||||
American Airlines Inc/AAdvantage Loyalty IP Ltd | |||||||
1,874,583 | 5.500%, 04/20/2026 1 | 1,832,542 | |||||
Cathay Pacific MTN Financing HK Ltd | |||||||
2,440,000 | 4.875%, 08/17/2026 | 2,339,690 | |||||
Delta Air Lines Inc | |||||||
1,110,000 | 7.000%, 05/01/2025 1 | 1,122,532 | |||||
Delta Air Lines Inc / SkyMiles IP Ltd | |||||||
1,769,507 | 4.500%, 10/20/2025 1 | 1,719,544 | |||||
Korean Air Lines Co Ltd | |||||||
900,000 | 4.750%, 09/23/2025 | 881,354 | |||||
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd | |||||||
993,750 | 6.500%, 06/20/2027 1 | 985,783 | |||||
Singapore Airlines Ltd | |||||||
1,100,000 | 3.000%, 07/20/2026 | 1,030,206 | |||||
Wizz Air Finance Co BV | |||||||
2,300,000 | 1.350%, 01/19/2024 | 2,403,504 | |||||
625,000 | 1.000%, 01/19/2026 | 582,787 | |||||
12,897,942 | |||||||
Automotive & Auto Parts: 5.9% | |||||||
Benteler International AG | |||||||
1,400,000 | 9.375%, 05/15/2028 | 1,505,066 | |||||
Continental AG | |||||||
910,000 | 4.000%, 03/01/2027 | 958,705 | |||||
6,075,000 | 3.625%, 11/30/2027 | 6,283,037 | |||||
Ford Motor Credit Co LLC | |||||||
600,000 | 3.810%, 01/09/2024 | 593,679 | |||||
850,000 | 3.250%, 09/15/2025 | 867,620 | |||||
3,650,000 | 3.375%, 11/13/2025 | 3,395,449 | |||||
2,500,000 | 4.867%, 08/03/2027 | 2,613,628 | |||||
Forvia SE | |||||||
1,100,000 | 2.625%, 06/15/2025 | 1,123,679 | |||||
1,900,000 | 7.250%, 06/15/2026 | 2,075,657 | |||||
1,100,000 | 2.750%, 02/15/2027 | 1,050,428 | |||||
General Motors Financial Co Inc | |||||||
1,150,000 | 5.100%, 01/17/2024 | 1,146,471 | |||||
2,000,000 | 3.950%, 04/13/2024 | 1,973,455 | |||||
600,000 | 2.250%, 09/06/2024 | 705,590 | |||||
1,170,000 | 4.350%, 04/09/2025 | 1,137,944 | |||||
Genuine Parts Co | |||||||
200,000 | 1.750%, 02/01/2025 | 188,666 | |||||
Harley-Davidson Financial Services Inc | |||||||
3,000,000 | 5.125%, 04/05/2026 | 3,209,435 | |||||
Hyundai Capital America | |||||||
3,000,000 | 5.800%, 06/26/2025 | 2,988,842 | |||||
1,825,000 | 1.650%, 09/17/2026 1 | 1,611,646 | |||||
IHO Verwaltungs GmbH | |||||||
1,600,000 | 3.750%, 4.50, 09/15/2026 | 1,592,616 | |||||
2,250,000 | 8.750%, 9.50, 05/15/2028 | 2,459,455 | |||||
Jaguar Land Rover Automotive PLC | |||||||
900,000 | 2.200%, 01/15/2024 | 943,580 | |||||
2,200,000 | 5.875%, 11/15/2024 | 2,330,658 | |||||
1,100,000 | 7.750%, 10/15/2025 1 | 1,103,583 | |||||
1,625,000 | 4.500%, 07/15/2028 | 1,510,474 | |||||
Kia Corp | |||||||
650,000 | 1.000%, 04/16/2024 | 632,930 | |||||
1,990,000 | 2.375%, 02/14/2025 | 1,898,910 | |||||
1,200,000 | 3.250%, 04/21/2026 | 1,126,263 | |||||
3,000,000 | 1.750%, 10/16/2026 | 2,656,249 | |||||
Mercedes-Benz Finance North America LLC | |||||||
550,000 | 4.950%, 03/30/2025 1 | 545,456 | |||||
550,000 | 4.800%, 03/30/2026 1 | 540,628 | |||||
Nissan Motor Acceptance Co LLC | |||||||
1,000,000 | 6.950%, 09/15/2026 | 1,007,962 | |||||
Nissan Motor Co Ltd | |||||||
2,250,000 | 3.522%, 09/17/2025 1 | 2,127,195 | |||||
700,000 | 2.652%, 03/17/2026 | 706,180 | |||||
ZF Europe Finance BV | |||||||
800,000 | 2.500%, 10/23/2027 | 740,119 | |||||
ZF Finance GmbH | |||||||
3,200,000 | 3.000%, 09/21/2025 | 3,237,158 | |||||
58,588,413 | |||||||
Banking: 18.5% | |||||||
ABN AMRO Bank NV | |||||||
500,000 | 4.750%, 07/28/2025 | 484,743 | |||||
AIB Group PLC | |||||||
1,700,000 | 1.875% (5 Year Swap Rate EUR + 2.150%), 11/19/2029 2 | 1,711,386 | |||||
7,100,000 | 2.875% (5 Year Swap Rate EUR + 3.300%), 05/30/2031 2 | 6,944,091 | |||||
Australia & New Zealand Banking Group Ltd | |||||||
2,700,000 | 2.950% (5 Year CMT Rate + 1.288%), 07/22/2030 1,2 | 2,505,434 | |||||
Banco de Sabadell SA | |||||||
3,600,000 | 5.375% (5 Year Swap Rate EUR + 5.100%), 12/12/2028 2 | 3,805,815 | |||||
900,000 | 2.500% (5 Year Swap Rate EUR + 2.950%), 04/15/2031 2 | 847,934 | |||||
Bank of America Corp | |||||||
1,100,000 | 4.000%, 01/22/2025 | 1,070,827 | |||||
450,000 | 3.841% (US Secured Overnight Financing Rate + 1.110%), 04/25/2025 2 | 443,706 | |||||
1,945,000 | 4.827% (US Secured Overnight Financing Rate + 1.750%), 07/22/2026 2 | 1,896,979 | |||||
900,000 | 4.376% (US Secured Overnight Financing Rate + 1.580%), 04/27/2028 2 | 850,186 | |||||
Bank of Ireland Group PLC | |||||||
1,650,000 | 4.875% (1 Year EUR Swap Rate + 2.050%), 07/16/2028 2 | 1,757,333 | |||||
1,050,000 | 2.375% (5 Year Swap Rate EUR + 2.800%), 10/14/2029 2 | 1,071,191 | |||||
3,910,000 | 1.375% (5 Year Swap Rate EUR + 1.650%), 08/11/2031 2 | 3,675,714 | |||||
Barclays PLC | |||||||
5,000,000 | 1.007% (1 Year CMT Rate + .800%), 12/10/2024 2 | 4,946,004 | |||||
2,000,000 | 7.325% (1 Year CMT Rate + 3.050%), 11/02/2026 2 | 2,030,895 | |||||
1,400,000 | 5.829% (US Secured Overnight Financing Rate + 2.210%), 05/09/2027 2 | 1,375,560 | |||||
1,100,000 | 1.125% (5 Year Swap Rate EUR + 1.550%), 03/22/2031 2 | 1,028,157 | |||||
BBVA Bancomer SA | |||||||
5,150,000 | 4.375%, 04/10/2024 | 5,095,701 | |||||
BNP Paribas SA | |||||||
3,000,000 | 2.591% (US Secured Overnight Financing Rate + 1.228%), 01/20/2028 2 | 2,674,478 | |||||
BPCE SA | |||||||
1,270,000 | 5.700%, 10/22/2023 1 | 1,268,812 | |||||
2,510,000 | 5.150%, 07/21/2024 1 | 2,470,664 | |||||
6,200,000 | 4.500%, 03/15/2025 1 | 5,981,752 | |||||
CaixaBank SA | |||||||
2,375,000 | 6.684% (US Secured Overnight Financing Rate + 2.080%), 09/13/2027 1,2 | 2,375,286 | |||||
3,000,000 | 2.250% (5 Year Swap Rate EUR + 1.680%), 04/17/2030 2 | 2,997,171 | |||||
1,800,000 | 6.250% (5 Year Swap Rate EUR + 3.550%), 02/23/2033 2 | 1,909,743 | |||||
Ceska sporitelna AS | |||||||
1,200,000 | 6.693% (3 Month EURIBOR + 3.700%), 11/14/2025 2 | 1,288,729 | |||||
1,700,000 | 5.943% (3 Month EURIBOR + 2.400%), 06/29/2027 2 | 1,817,445 | |||||
Citigroup Inc | |||||||
900,000 | 4.140% (US Secured Overnight Financing Rate + 1.372%), 05/24/2025 2 | 887,447 | |||||
Commonwealth Bank of Australia | |||||||
2,500,000 | 1.936% (5 Year Swap Rate EUR + 1.450%), 10/03/2029 2 | 2,543,597 | |||||
Cooperatieve Rabobank UA | |||||||
3,800,000 | 4.000% (5 Year Swap Rate USD + 1.892%), 04/10/2029 2 | 3,734,366 | |||||
Credit Agricole SA | |||||||
5,500,000 | 1.907% (US Secured Overnight Financing Rate + 1.676%), 06/16/2026 1,2 | 5,115,248 | |||||
Danske Bank A/S | |||||||
2,400,000 | 6.259% (1 Year CMT Rate + 1.180%), 09/22/2026 1,2 | 2,401,068 | |||||
4,400,000 | 4.000% (1 Year EUR Swap Rate + .950%), 01/12/2027 2 | 4,609,689 | |||||
1,500,000 | 2.500% (5 Year Swap Rate EUR + 2.500%), 06/21/2029 2 | 1,554,051 | |||||
1,000,000 | 1.500% (5 Year Swap Rate EUR + 1.900%), 09/02/2030 2 | 981,201 | |||||
2,000,000 | 1.000% (5 Year Swap Rate EUR + 1.400%), 05/15/2031 2 | 1,898,885 | |||||
Deutsche Bank AG | |||||||
200,000 | 1.000% (3 Month EURIBOR + 1.600%), 11/19/2025 2 | 202,424 | |||||
2,700,000 | 3.961% (US Secured Overnight Financing Rate + 2.581%), 11/26/2025 2 | 2,608,843 | |||||
2,500,000 | 6.119% (US Secured Overnight Financing Rate + 3.190%), 07/14/2026 2 | 2,474,181 | |||||
1,650,000 | 7.146% (US Secured Overnight Financing Rate + 2.520%), 07/13/2027 2 | 1,662,024 | |||||
HSBC Holdings PLC | |||||||
1,585,000 | 1.162% (US Secured Overnight Financing Rate + .580%), 11/22/2024 2 | 1,570,166 | |||||
HSBC USA Inc | |||||||
3,325,000 | 5.625%, 03/17/2025 | 3,306,526 | |||||
ING Groep NV | |||||||
2,700,000 | 2.500% (5 Year Swap Rate EUR + 2.150%), 02/15/2029 2 | 2,818,927 | |||||
900,000 | 1.625% (5 Year Swap Rate EUR + 1.250%), 09/26/2029 2 | 913,207 | |||||
Intesa Sanpaolo SPA | |||||||
7,300,000 | 5.017%, 06/26/2024 1 | 7,130,952 | |||||
1,600,000 | 3.250%, 09/23/2024 1 | 1,550,780 | |||||
1,000,000 | 4.375% (5 Year Swap Rate EUR + 4.750%), 07/12/2029 2 | 1,046,784 | |||||
Islandsbanki HF | |||||||
1,625,000 | 7.375%, 05/17/2026 | 1,777,268 | |||||
KBC Group NV | |||||||
3,300,000 | 5.796% (1 Year CMT Rate + 2.100%), 01/19/2029 1,2 | 3,225,816 | |||||
Landsbankinn HF | |||||||
1,950,000 | 0.500%, 05/20/2024 | 2,004,351 | |||||
1,600,000 | 0.375%, 05/23/2025 | 1,566,906 | |||||
Lloyds Banking Group PLC | |||||||
5,500,000 | 5.985% (1 Year CMT Rate + 1.480%), 08/07/2027 2 | 5,455,492 | |||||
Nationwide Building Society | |||||||
2,000,000 | 1.500% (3 Month EURIBOR + .930%), 03/08/2026 2 | 2,022,147 | |||||
625,000 | 4.000%, 09/14/2026 1 | 580,349 | |||||
3,550,000 | 2.000% (5 Year Swap Rate EUR + 1.500%), 07/25/2029 2 | 3,637,916 | |||||
NatWest Group PLC | |||||||
200,000 | 5.847% (1 Year CMT Rate + 1.350%), 03/02/2027 2 | 197,500 | |||||
2,325,000 | 3.754% (5 Year CMT Rate + 2.100%), 11/01/2029 2 | 2,214,493 | |||||
NBK SPC Ltd | |||||||
750,000 | 1.625% (US Secured Overnight Financing Rate + 1.050%), 09/15/2027 2 | 666,705 | |||||
Nordea Bank Abp | |||||||
2,000,000 | 1.000% (5 Year Swap Rate EUR + 1.300%), 06/27/2029 2 | 2,043,635 | |||||
Nova Ljubljanska Banka dd | |||||||
2,100,000 | 6.000% (1 Year EUR Swap Rate + 4.835%), 07/19/2025 2 | 2,228,986 | |||||
1,100,000 | 7.125% (1 Year EUR Swap Rate + 3.606%), 06/27/2027 2 | 1,199,983 | |||||
Permanent TSB Group Holdings PLC | |||||||
2,525,000 | 6.625% (EURIBOR ICE Swap Rate + 3.500%), 04/25/2028 2 | 2,704,549 | |||||
Raiffeisen Bank International AG | |||||||
900,000 | 4.125%, 09/08/2025 | 940,267 | |||||
1,000,000 | 1.500% (5 Year Swap Rate EUR + 2.150%), 03/12/2030 2 | 925,522 | |||||
Santander UK Group Holdings PLC | |||||||
1,500,000 | 0.391% (EURIBOR ICE Swap Rate + .730%), 02/28/2025 2 | 1,557,837 | |||||
Santander UK PLC | |||||||
4,230,000 | 5.000%, 11/07/2023 1 | 4,221,502 | |||||
Skandinaviska Enskilda Banken AB | |||||||
3,750,000 | 4.000%, 11/09/2026 | 3,938,818 | |||||
SNB Funding Ltd | |||||||
2,000,000 | 2.750%, 10/02/2024 | 1,927,490 | |||||
Societe Generale SA | |||||||
1,160,000 | 5.000%, 01/17/2024 | 1,153,126 | |||||
Standard Chartered PLC | |||||||
4,690,000 | 6.170% (1 Year CMT Rate + 2.050%), 01/09/2027 2 | 4,668,427 | |||||
1,400,000 | 3.516% (5 Year CMT Rate + 1.850%), 02/12/2030 2 | 1,316,781 | |||||
705,000 | 2.500% (5 Year Swap Rate EUR + 2.800%), 09/09/2030 2 | 704,135 | |||||
State Bank of India | |||||||
3,450,000 | 4.375%, 01/24/2024 | 3,431,663 | |||||
UniCredit SPA | |||||||
450,000 | 2.000% (5 Year Swap Rate EUR + 2.400%), 09/23/2029 2 | 455,442 | |||||
1,600,000 | 2.731% (5 Year Swap Rate EUR + 2.800%), 01/15/2032 2 | 1,491,746 | |||||
Virgin Money UK PLC | |||||||
2,000,000 | 2.875% (1 Year EUR Swap Rate + 3.250%), 06/24/2025 2 | 2,069,785 | |||||
2,200,000 | 7.875% (UK Government Bonds 5 Year Note Generic Bid Yield + 7.128%), 12/14/2028 2 | 2,680,916 | |||||
2,050,000 | 5.125% (UK Government Bonds 5 Year Note Generic Bid Yield + 5.250%), 12/11/2030 2 | 2,352,577 | |||||
Volksbank Wien AG | |||||||
2,800,000 | 5.192% (5 Year Swap Rate EUR + 2.550%), 10/06/2027 2 | 2,904,055 | |||||
Westpac Banking Corp | |||||||
5,245,000 | 2.894% (5 Year CMT Rate + 1.350%), 02/04/2030 2 | 4,946,371 | |||||
186,548,658 | |||||||
Broadcasting: 1.1% | |||||||
Netflix Inc | |||||||
4,000,000 | 4.875%, 04/15/2028 | 3,879,960 | |||||
Pinewood Finance Co Ltd | |||||||
500,000 | 3.250%, 09/30/2025 | 573,874 | |||||
Take-Two Interactive Software Inc | |||||||
206,000 | 5.000%, 03/28/2026 | 202,236 | |||||
Warnermedia Holdings Inc | |||||||
5,968,000 | 3.638%, 03/15/2025 | 5,758,135 | |||||
10,414,205 | |||||||
Building Materials: 0.5% | |||||||
James Hardie International Finance DAC | |||||||
2,655,000 | 3.625%, 10/01/2026 | 2,705,133 | |||||
922,000 | 5.000%, 01/15/2028 1 | 861,326 | |||||
Standard Industries Inc | |||||||
2,000,000 | 2.250%, 11/21/2026 | 1,872,785 | |||||
5,439,244 | |||||||
Cable/Satellite TV: 0.9% | |||||||
CCO Holdings LLC / CCO Holdings Capital Corp | |||||||
3,250,000 | 5.500%, 05/01/2026 1 | 3,142,728 | |||||
DISH Network Corp | |||||||
2,200,000 | 11.750%, 11/15/2027 | 2,219,840 | |||||
ITV PLC | |||||||
975,000 | 2.000%, 12/01/2023 | 1,027,034 | |||||
United Group BV | |||||||
1,400,000 | 3.125%, 02/15/2026 | 1,356,927 | |||||
1,360,000 | 7.031% (3 Month EURIBOR + 3.250%), 02/15/2026 2 | 1,419,835 | |||||
9,166,364 | |||||||
Capital Goods: 2.1% | |||||||
Caterpillar Financial Services Corp | |||||||
2,750,000 | 3.742%, 09/04/2026 | 2,899,765 | |||||
Daimler Truck Finance North America LLC | |||||||
2,475,000 | 1.625%, 12/13/2024 1 | 2,352,556 | |||||
1,150,000 | 3.500%, 04/07/2025 1 | 1,110,708 | |||||
Ingersoll Rand Inc | |||||||
1,475,000 | 5.400%, 08/14/2028 | 1,451,479 | |||||
Regal Rexnord Corp | |||||||
1,640,000 | 6.050%, 02/15/2026 1 | 1,621,837 | |||||
Traton Finance Luxembourg SA | |||||||
4,200,000 | 0.125%, 11/10/2024 | 4,238,721 | |||||
4,400,000 | 0.125%, 03/24/2025 | 4,361,598 | |||||
800,000 | 4.125%, 11/22/2025 | 837,987 | |||||
Westinghouse Air Brake Technologies Corp | |||||||
2,525,000 | 4.150%, 03/15/2024 | 2,501,462 | |||||
21,376,113 | |||||||
Chemicals: 2.0% | |||||||
Celanese US Holdings LLC | |||||||
1,950,000 | 6.350%, 11/15/2028 | 1,928,764 | |||||
INEOS Finance PLC | |||||||
3,900,000 | 2.875%, 05/01/2026 | 3,837,240 | |||||
1,775,000 | 6.625%, 05/15/2028 | 1,845,112 | |||||
INEOS Quattro Finance 2 PLC | |||||||
2,400,000 | 2.500%, 01/15/2026 | 2,316,735 | |||||
International Flavors & Fragrances Inc | |||||||
4,400,000 | 1.750%, 03/14/2024 | 4,596,222 | |||||
600,000 | 1.230%, 10/01/2025 1 | 538,130 | |||||
Orbia Advance Corp SAB de CV | |||||||
1,020,000 | 4.000%, 10/04/2027 | 937,636 | |||||
Sinochem Offshore Capital Co Ltd | |||||||
4,500,000 | 1.500%, 11/24/2024 | 4,273,405 | |||||
20,273,244 | |||||||
Consumer-Products: 0.4% | |||||||
Haleon UK Capital PLC | |||||||
2,370,000 | 3.125%, 03/24/2025 | 2,277,303 | |||||
Haleon US Capital LLC | |||||||
381,000 | 3.375%, 03/24/2027 | 353,676 | |||||
Kimberly-Clark de Mexico SAB de CV | |||||||
1,791,000 | 3.250%, 03/12/2025 | 1,719,521 | |||||
4,350,500 | |||||||
Containers: 0.9% | |||||||
Amcor Flexibles North America Inc | |||||||
850,000 | 4.000%, 05/17/2025 | 822,477 | |||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc | |||||||
2,000,000 | 2.125%, 08/15/2026 | 1,880,805 | |||||
Ball Corp | |||||||
3,000,000 | 0.875%, 03/15/2024 | 3,120,203 | |||||
Berry Global Inc | |||||||
350,000 | 5.500%, 04/15/2028 1 | 338,374 | |||||
Crown European Holdings SA | |||||||
2,950,000 | 2.875%, 02/01/2026 | 2,982,895 | |||||
Trivium Packaging Finance BV | |||||||
500,000 | 7.531% (3 Month EURIBOR + 3.750%), 08/15/2026 2 | 522,380 | |||||
9,667,134 | |||||||
Diversified Financial Services: 13.0% | |||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | |||||||
2,815,000 | 1.150%, 10/29/2023 | 2,804,404 | |||||
1,000,000 | 4.875%, 01/16/2024 | 996,102 | |||||
1,801,000 | 3.150%, 02/15/2024 | 1,780,710 | |||||
3,275,000 | 1.650%, 10/29/2024 | 3,117,109 | |||||
2,039,000 | 2.450%, 10/29/2026 | 1,827,832 | |||||
800,000 | 6.100%, 01/15/2027 | 796,573 | |||||
Air Lease Corp | |||||||
3,800,000 | 4.250%, 02/01/2024 | 3,773,910 | |||||
2,560,000 | 2.200%, 01/15/2027 | 2,269,489 | |||||
AIR Lease Corp Sukuk Ltd | |||||||
1,025,000 | 5.850%, 04/01/2028 | 1,021,849 | |||||
Aircastle Ltd | |||||||
3,897,000 | 4.125%, 05/01/2024 | 3,842,201 | |||||
4,430,000 | 5.250%, 08/11/2025 1 | 4,317,280 | |||||
Ares Capital Corp | |||||||
1,680,000 | 4.200%, 06/10/2024 | 1,649,933 | |||||
1,525,000 | 4.250%, 03/01/2025 | 1,467,091 | |||||
200,000 | 3.250%, 07/15/2025 | 187,446 | |||||
3,875,000 | 7.000%, 01/15/2027 | 3,877,805 | |||||
Aviation Capital Group LLC | |||||||
1,500,000 | 5.500%, 12/15/2024 1 | 1,475,392 | |||||
1,000,000 | 4.125%, 08/01/2025 1 | 951,881 | |||||
4,500,000 | 3.500%, 11/01/2027 1 | 3,979,234 | |||||
Avolon Holdings Funding Ltd | |||||||
700,000 | 5.125%, 10/01/2023 1 | 700,000 | |||||
2,130,000 | 5.500%, 01/15/2026 1 | 2,063,117 | |||||
1,425,000 | 4.250%, 04/15/2026 1 | 1,340,210 | |||||
AXA Logistics Europe Master SCA | |||||||
575,000 | 0.375%, 11/15/2026 | 532,961 | |||||
Blue Owl Capital Corp | |||||||
2,705,000 | 4.000%, 03/30/2025 | 2,573,483 | |||||
1,115,000 | 3.750%, 07/22/2025 | 1,045,384 | |||||
BOC Aviation Ltd | |||||||
3,000,000 | 6.941% (3 Month LIBOR USD + 1.300%), 05/21/2025 2 | 2,997,148 | |||||
BOC Aviation USA Corp | |||||||
1,000,000 | 1.625%, 04/29/2024 | 974,514 | |||||
Credit Suisse AG | |||||||
6,300,000 | 5.500%, 08/20/2026 | 6,855,281 | |||||
DAE Funding LLC | |||||||
3,850,000 | 1.550%, 08/01/2024 | 3,688,261 | |||||
5,192,000 | 2.625%, 03/20/2025 | 4,886,420 | |||||
DAE Sukuk Difc Ltd | |||||||
280,000 | 3.750%, 02/15/2026 | 262,625 | |||||
doValue SPA | |||||||
1,750,000 | 5.000%, 08/04/2025 | 1,783,137 | |||||
1,050,000 | 3.375%, 07/31/2026 | 960,225 | |||||
Encore Capital Group Inc | |||||||
1,750,000 | 4.875%, 10/15/2025 | 1,806,533 | |||||
775,000 | 5.375%, 02/15/2026 | 872,003 | |||||
Garfunkelux Holdco 3 SA | |||||||
2,870,000 | 6.750%, 11/01/2025 | 2,345,899 | |||||
500,000 | 7.750%, 11/01/2025 | 464,957 | |||||
Goldman Sachs Group Inc | |||||||
2,400,000 | 3.000%, 03/15/2024 | 2,367,290 | |||||
1,931,000 | 5.798% (US Secured Overnight Financing Rate + 1.075%), 08/10/2026 2 | 1,917,080 | |||||
GTCR W-2 Merger Sub LLC / GTCR W Dutch Finance Sub BV | |||||||
625,000 | 8.500%, 01/15/2031 | 780,632 | |||||
ICD Funding Ltd | |||||||
1,850,000 | 4.625%, 05/21/2024 | 1,828,557 | |||||
Intrum AB | |||||||
2,700,000 | 4.875%, 08/15/2025 | 2,600,564 | |||||
150,000 | 3.500%, 07/15/2026 | 126,077 | |||||
Jerrold Finco PLC | |||||||
1,075,000 | 4.875%, 01/15/2026 | 1,231,876 | |||||
LeasePlan Corp NV | |||||||
400,000 | 0.250%, 09/07/2026 | 375,027 | |||||
Macquarie Bank Ltd | |||||||
2,100,000 | 4.875%, 06/10/2025 1 | 2,044,890 | |||||
Macquarie Group Ltd | |||||||
5,000,000 | 6.207%, 11/22/2024 1 | 5,000,010 | |||||
Mirae Asset Securities Co Ltd | |||||||
4,780,000 | 2.625%, 07/30/2025 | 4,408,535 | |||||
Mitsubishi HC Capital UK PLC | |||||||
425,000 | 0.000%, 10/29/2024 | 427,389 | |||||
Morgan Stanley | |||||||
600,000 | 4.679% (US Secured Overnight Financing Rate + 1.669%), 07/17/2026 2 | 584,708 | |||||
2,500,000 | 6.138% (US Secured Overnight Financing Rate + 1.770%), 10/16/2026 2 | 2,503,258 | |||||
Nasdaq Inc | |||||||
850,000 | 5.350%, 06/28/2028 | 835,091 | |||||
Navient Corp | |||||||
2,750,000 | 6.125%, 03/25/2024 | 2,737,792 | |||||
ORIX Corp | |||||||
4,000,000 | 1.919%, 04/20/2026 | 4,004,415 | |||||
Park Aerospace Holdings Ltd | |||||||
5,320,000 | 5.500%, 02/15/2024 1 | 5,294,389 | |||||
Power Finance Corp Ltd | |||||||
2,000,000 | 3.250%, 09/16/2024 | 1,945,180 | |||||
REC Ltd | |||||||
800,000 | 5.250%, 11/13/2023 | 798,824 | |||||
2,300,000 | 3.375%, 07/25/2024 | 2,248,710 | |||||
200,000 | 2.250%, 09/01/2026 | 180,224 | |||||
2,840,000 | 2.750%, 01/13/2027 | 2,551,372 | |||||
Sherwood Financing PLC | |||||||
1,520,000 | 8.406% (3 Month EURIBOR + 4.625%), 11/15/2027 2 | 1,569,496 | |||||
Shriram Finance Ltd | |||||||
900,000 | 4.150%, 07/18/2025 | 850,591 | |||||
SoftBank Group Corp | |||||||
750,000 | 3.125%, 01/06/2025 | 710,906 | |||||
1,475,000 | 4.000%, 07/06/2026 | 1,340,406 | |||||
Synchrony Financial | |||||||
3,750,000 | 4.875%, 06/13/2025 | 3,597,075 | |||||
131,148,763 | |||||||
Diversified Media: 0.3% | |||||||
Prosus NV | |||||||
3,600,000 | 3.257%, 01/19/2027 | 3,190,889 | |||||
Energy: 1.6% | |||||||
Blue Racer Midstream LLC / Blue Racer Finance Corp | |||||||
2,100,000 | 7.625%, 12/15/2025 1 | 2,109,797 | |||||
CrownRock LP / CrownRock Finance Inc | |||||||
2,170,000 | 5.625%, 10/15/2025 1 | 2,137,439 | |||||
Energy Transfer LP | |||||||
1,000,000 | 4.250%, 04/01/2024 | 991,142 | |||||
MPLX LP | |||||||
2,308,000 | 4.875%, 12/01/2024 | 2,276,161 | |||||
ONEOK Inc | |||||||
775,000 | 5.550%, 11/01/2026 | 770,859 | |||||
Plains All American Pipeline LP / PAA Finance Corp | |||||||
2,176,000 | 4.650%, 10/15/2025 | 2,113,915 | |||||
Sabine Pass Liquefaction LLC | |||||||
147,000 | 5.750%, 05/15/2024 | 146,716 | |||||
USA Compression Partners LP / USA Compression Finance Corp | |||||||
1,180,000 | 6.875%, 09/01/2027 | 1,145,264 | |||||
Williams Cos Inc | |||||||
3,000,000 | 4.550%, 06/24/2024 | 2,968,186 | |||||
1,375,000 | 5.400%, 03/02/2026 | 1,364,864 | |||||
16,024,343 | |||||||
Food & Drug Retail: 0.2% | |||||||
Bellis Acquisition Co PLC | |||||||
575,000 | 3.250%, 02/16/2026 | 611,502 | |||||
Roadster Finance DAC | |||||||
800,000 | 1.625%, 12/09/2024 | 799,538 | |||||
1,411,040 | |||||||
Food/Beverage/Tobacco: 2.3% | |||||||
Bacardi Ltd / Bacardi-Martini BV | |||||||
500,000 | 5.250%, 01/15/2029 1 | 484,141 | |||||
Bright Food Singapore Holdings Pte Ltd | |||||||
200,000 | 1.375%, 06/19/2024 | 204,883 | |||||
4,150,000 | 1.750%, 07/22/2025 | 4,051,141 | |||||
Coca-Cola Europacific Partners PLC | |||||||
1,600,000 | 1.500%, 01/15/2027 1 | 1,400,257 | |||||
Coca-Cola Icecek AS | |||||||
900,000 | 4.215%, 09/19/2024 | 876,366 | |||||
Conagra Brands Inc | |||||||
1,425,000 | 5.300%, 10/01/2026 | 1,411,445 | |||||
Constellation Brands Inc | |||||||
225,000 | 3.600%, 05/09/2024 | 221,758 | |||||
175,000 | 4.350%, 05/09/2027 | 167,556 | |||||
Kraft Heinz Foods Co | |||||||
2,250,000 | 3.000%, 06/01/2026 | 2,110,411 | |||||
1,300,000 | 2.250%, 05/25/2028 | 1,276,617 | |||||
Louis Dreyfus Co Finance BV | |||||||
1,825,000 | 2.375%, 11/27/2025 | 1,849,691 | |||||
Mondelez International Holdings Netherlands BV | |||||||
1,500,000 | 0.750%, 09/24/2024 1 | 1,427,660 | |||||
Sigma Alimentos SA de CV | |||||||
2,150,000 | 2.625%, 02/07/2024 | 2,258,197 | |||||
Sysco Corp | |||||||
2,700,000 | 3.300%, 07/15/2026 | 2,536,339 | |||||
Viterra Finance BV | |||||||
4,075,000 | 0.375%, 09/24/2025 | 3,982,038 | |||||
24,258,500 | |||||||
Gaming: 0.7% | |||||||
Caesars Entertainment Inc | |||||||
1,000,000 | 6.250%, 07/01/2025 1 | 987,786 | |||||
International Game Technology PLC | |||||||
2,400,000 | 3.500%, 06/15/2026 | 2,428,368 | |||||
MGM Resorts International | |||||||
1,250,000 | 6.750%, 05/01/2025 | 1,244,711 | |||||
Playtech PLC | |||||||
3,000,000 | 4.250%, 03/07/2026 | 3,077,235 | |||||
7,738,100 | |||||||
Healthcare: 3.5% | |||||||
Amgen Inc | |||||||
800,000 | 1.900%, 02/21/2025 | 761,155 | |||||
500,000 | 5.250%, 03/02/2025 | 496,408 | |||||
500,000 | 5.507%, 03/02/2026 | 497,220 | |||||
Cheplapharm Arzneimittel GmbH | |||||||
2,800,000 | 4.375%, 01/15/2028 | 2,707,366 | |||||
CVS Health Corp | |||||||
1,250,000 | 5.000%, 01/30/2029 | 1,210,371 | |||||
GE HealthCare Technologies Inc | |||||||
2,500,000 | 5.550%, 11/15/2024 | 2,488,655 | |||||
GN Store Nord AS | |||||||
1,660,000 | 0.750%, 12/06/2023 | 1,738,310 | |||||
2,070,000 | 0.875%, 11/25/2024 | 2,052,743 | |||||
Grifols SA | |||||||
2,000,000 | 1.625%, 02/15/2025 | 2,044,151 | |||||
Gruenenthal GmbH | |||||||
2,900,000 | 3.625%, 11/15/2026 | 2,918,243 | |||||
HCA Inc | |||||||
1,900,000 | 5.375%, 02/01/2025 | 1,880,937 | |||||
2,980,000 | 5.875%, 02/15/2026 | 2,964,930 | |||||
2,104,000 | 5.200%, 06/01/2028 | 2,035,349 | |||||
IQVIA Inc | |||||||
1,675,000 | 5.700%, 05/15/2028 1 | 1,629,423 | |||||
Kenvue Inc | |||||||
675,000 | 5.500%, 03/22/2025 1 | 673,630 | |||||
MPT Operating Partnership LP / MPT Finance Corp | |||||||
510,000 | 2.550%, 12/05/2023 | 606,070 | |||||
2,300,000 | 3.325%, 03/24/2025 | 2,146,865 | |||||
1,300,000 | 2.500%, 03/24/2026 | 1,211,398 | |||||
Pfizer Investment Enterprises Pte Ltd | |||||||
350,000 | 4.450%, 05/19/2026 | 342,143 | |||||
Phoenix PIB Dutch Finance BV | |||||||
400,000 | 2.375%, 08/05/2025 | 404,683 | |||||
Tenet Healthcare Corp | |||||||
3,000,000 | 4.875%, 01/01/2026 | 2,877,040 | |||||
Werfen SA | |||||||
1,800,000 | 4.625%, 06/06/2028 | 1,877,848 | |||||
35,564,938 | |||||||
Homebuilders/Real Estate: 6.6% | |||||||
Akelius Residential Property AB | |||||||
4,300,000 | 1.125%, 03/14/2024 | 4,468,990 | |||||
Aldar Sukuk Ltd | |||||||
1,200,000 | 4.750%, 09/29/2025 | 1,173,934 | |||||
American Tower Corp | |||||||
1,000,000 | 0.450%, 01/15/2027 | 930,214 | |||||
2,200,000 | 5.250%, 07/15/2028 | 2,129,137 | |||||
Aroundtown SA | |||||||
1,100,000 | 0.625%, 07/09/2025 | 1,034,774 | |||||
Balder Finland Oyj | |||||||
3,380,000 | 1.000%, 01/18/2027 | 2,873,388 | |||||
Blackstone Property Partners Europe Holdings SARL | |||||||
3,600,000 | 2.000%, 02/15/2024 | 3,759,080 | |||||
Castellum AB | |||||||
500,000 | 2.125%, 11/20/2023 | 525,511 | |||||
CTP NV | |||||||
2,233,000 | 0.625%, 11/27/2023 | 2,343,110 | |||||
400,000 | 0.500%, 06/21/2025 | 386,233 | |||||
DIC Asset AG | |||||||
600,000 | 2.250%, 09/22/2026 | 347,814 | |||||
Digital Dutch Finco BV | |||||||
2,100,000 | 0.625%, 07/15/2025 | 2,055,504 | |||||
Fastighets AB Balder | |||||||
250,000 | 1.875%, 03/14/2025 | 246,538 | |||||
1,100,000 | 1.875%, 01/23/2026 | 1,024,227 | |||||
Globalworth Real Estate Investments Ltd | |||||||
2,300,000 | 3.000%, 03/29/2025 | 2,075,162 | |||||
GLP Capital LP / GLP Financing II Inc | |||||||
1,410,000 | 3.350%, 09/01/2024 | 1,371,048 | |||||
Hammerson PLC | |||||||
1,434,000 | 3.500%, 10/27/2025 | 1,626,271 | |||||
Heimstaden Bostad Treasury BV | |||||||
800,000 | 4.235% (3 Month EURIBOR + .550%), 01/19/2024 2 | 842,968 | |||||
1,500,000 | 0.250%, 10/13/2024 | 1,483,277 | |||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp | |||||||
3,130,000 | 5.250%, 10/01/2025 1 | 3,016,268 | |||||
MasTec Inc | |||||||
1,180,000 | 4.500%, 08/15/2028 1 | 1,062,350 | |||||
NE Property BV | |||||||
2,700,000 | 1.750%, 11/23/2024 | 2,742,219 | |||||
1,400,000 | 1.875%, 10/09/2026 | 1,315,729 | |||||
P3 Group SARL | |||||||
1,000,000 | 0.875%, 01/26/2026 | 941,974 | |||||
Samhallsbyggnadsbolaget i Norden AB | |||||||
650,000 | 1.750%, 01/14/2025 | 588,627 | |||||
SBB Treasury Oyj | |||||||
3,340,000 | 4.293% (3 Month EURIBOR + .550%), 02/08/2024 2 | 3,397,954 | |||||
Tritax EuroBox PLC | |||||||
600,000 | 0.950%, 06/02/2026 | 558,197 | |||||
Trust Fibra Uno | |||||||
350,000 | 5.250%, 12/15/2024 | 343,419 | |||||
4,550,000 | 5.250%, 01/30/2026 | 4,375,759 | |||||
VICI Properties LP / VICI Note Co Inc | |||||||
6,200,000 | 5.625%, 05/01/2024 1 | 6,165,949 | |||||
2,800,000 | 4.500%, 09/01/2026 1 | 2,633,294 | |||||
210,000 | 4.250%, 12/01/2026 1 | 195,876 | |||||
Webuild SPA | |||||||
2,425,000 | 5.875%, 12/15/2025 | 2,567,375 | |||||
200,000 | 3.875%, 07/28/2026 | 197,439 | |||||
1,300,000 | 7.000%, 09/27/2028 | 1,350,296 | |||||
Weyerhaeuser Co | |||||||
4,325,000 | 4.750%, 05/15/2026 | 4,224,720 | |||||
66,374,625 | |||||||
Hotels: 1.6% | |||||||
Hyatt Hotels Corp | |||||||
3,985,000 | 1.800%, 10/01/2024 | 3,824,405 | |||||
2,550,000 | 5.375%, 04/23/2025 | 2,522,703 | |||||
1,750,000 | 5.750%, 01/30/2027 | 1,739,662 | |||||
Marriott International Inc | |||||||
1,975,000 | 3.600%, 04/15/2024 | 1,950,968 | |||||
900,000 | 5.450%, 09/15/2026 | 892,187 | |||||
725,000 | 4.900%, 04/15/2029 | 691,772 | |||||
Pterosaur Capital Co Ltd | |||||||
2,000,000 | 1.000%, 09/25/2024 | 2,006,238 | |||||
Whitbread Group PLC | |||||||
2,000,000 | 3.375%, 10/16/2025 | 2,305,830 | |||||
15,933,765 | |||||||
Insurance: 0.3% | |||||||
Athora Holding Ltd | |||||||
1,900,000 | 6.625%, 06/16/2028 | 1,968,188 | |||||
Galaxy Bidco Ltd | |||||||
900,000 | 6.500%, 07/31/2026 | 1,023,975 | |||||
Rothesay Life PLC | |||||||
450,000 | 8.000%, 10/30/2025 | 556,596 | |||||
3,548,759 | |||||||
Leisure: 0.4% | |||||||
CPUK Finance Ltd | |||||||
375,000 | 3.588%, 08/28/2025 | 433,144 | |||||
510,000 | 6.500%, 08/28/2026 | 595,022 | |||||
Expedia Group Inc | |||||||
1,500,000 | 6.250%, 05/01/2025 1 | 1,503,334 | |||||
1,225,000 | 5.000%, 02/15/2026 | 1,200,250 | |||||
3,731,750 | |||||||
Metals/Mining: 0.7% | |||||||
Gold Fields Orogen Holdings BVI Ltd | |||||||
4,400,000 | 5.125%, 05/15/2024 | 4,359,586 | |||||
Novelis Corp | |||||||
3,000,000 | 3.250%, 11/15/2026 1 | 2,682,699 | |||||
7,042,285 | |||||||
Paper: 0.2% | |||||||
Suzano Austria GmbH | |||||||
2,100,000 | 6.000%, 01/15/2029 | 2,045,061 | |||||
Publishing/Printing: 0.3% | |||||||
Informa PLC | |||||||
2,800,000 | 2.125%, 10/06/2025 | 2,838,380 | |||||
Pulp, Paper, and Paperboard Mills: 0.2% | |||||||
SUZANO INTL FIN B V SR GLBL NT5.5% 27 | |||||||
2,400,000 | 5.500%, 01/17/2027 | 2,353,356 | |||||
Railroads: 0.5% | |||||||
Canadian Pacific Railway Co | |||||||
2,000,000 | 1.350%, 12/02/2024 | 1,896,733 | |||||
Getlink SE | |||||||
2,725,000 | 3.500%, 10/30/2025 | 2,810,454 | |||||
4,707,187 | |||||||
REITS: 0.2% | |||||||
Hammerson PLC | |||||||
2,100,000 | 6.000%, 02/23/2026 | 2,460,865 | |||||
Services: 2.3% | |||||||
Almaviva-The Italian Innovation Co SPA | |||||||
2,400,000 | 4.875%, 10/30/2026 | 2,461,532 | |||||
Aramark International Finance SARL | |||||||
1,500,000 | 3.125%, 04/01/2025 | 1,563,451 | |||||
Arena Luxembourg Finance SARL | |||||||
2,000,000 | 1.875%, 02/01/2028 | 1,756,638 | |||||
Arrow Electronics Inc | |||||||
1,055,000 | 6.125%, 03/01/2026 | 1,051,297 | |||||
Brink’s Co | |||||||
3,200,000 | 5.500%, 07/15/2025 1 | 3,139,779 | |||||
Leasys SPA | |||||||
5,925,000 | 4.375%, 12/07/2024 | 6,278,412 | |||||
Loxam SAS | |||||||
1,560,000 | 3.250%, 01/14/2025 | 1,623,073 | |||||
PeopleCert Wisdom Issuer PLC | |||||||
1,500,000 | 5.750%, 09/15/2026 | 1,530,964 | |||||
Securitas Treasury Ireland DAC | |||||||
1,550,000 | 4.375%, 03/06/2029 | 1,630,931 | |||||
Techem Verwaltungsgesellschaft 675 mbH | |||||||
1,500,000 | 2.000%, 07/15/2025 | 1,535,043 | |||||
Zenith Finco PLC | |||||||
450,000 | 6.500%, 06/30/2027 | 438,360 | |||||
23,009,480 | |||||||
Steel: 0.5% | |||||||
ArcelorMittal SA | |||||||
2,550,000 | 4.875%, 09/26/2026 | 2,732,904 | |||||
thyssenkrupp AG | |||||||
2,100,000 | 2.875%, 02/22/2024 | 2,204,546 | |||||
4,937,450 | |||||||
Super Retail: 0.3% | |||||||
Alibaba Group Holding Ltd | |||||||
3,000,000 | 3.600%, 11/28/2024 | 2,923,766 | |||||
Supranational: 0.5% | |||||||
Africa Finance Corp | |||||||
580,000 | 3.875%, 04/13/2024 | 570,668 | |||||
Eastern & Southern African Trade & Development Bank | |||||||
4,200,000 | 4.875%, 05/23/2024 | 4,099,326 | |||||
4,669,994 | |||||||
Technology: 3.6% | |||||||
ams-OSRAM AG | |||||||
2,550,000 | 6.000%, 07/31/2025 | 2,670,961 | |||||
Cellnex Finance Co SA | |||||||
3,800,000 | 2.250%, 04/12/2026 | 3,796,513 | |||||
Clarios Global LP / Clarios US Finance Co | |||||||
1,500,000 | 4.375%, 05/15/2026 | 1,527,962 | |||||
Competition Team Technologies Ltd | |||||||
3,000,000 | 3.750%, 03/12/2024 | 2,966,700 | |||||
Dell Bank International DAC | |||||||
4,800,000 | 4.500%, 10/18/2027 | 5,123,386 | |||||
Dell International LLC / EMC Corp | |||||||
1,199,000 | 6.020%, 06/15/2026 | 1,204,048 | |||||
Gen Digital Inc | |||||||
1,625,000 | 5.000%, 04/15/2025 1 | 1,588,820 | |||||
Hewlett Packard Enterprise Co | |||||||
2,440,000 | 5.900%, 10/01/2024 | 2,438,740 | |||||
LG Energy Solution Ltd | |||||||
1,830,000 | 5.750%, 09/25/2028 | 1,820,917 | |||||
Oracle Corp | |||||||
2,500,000 | 5.800%, 11/10/2025 | 2,510,130 | |||||
Qorvo Inc | |||||||
1,450,000 | 1.750%, 12/15/2024 1 | 1,364,222 | |||||
SK Hynix Inc | |||||||
2,000,000 | 6.250%, 01/17/2026 | 2,000,980 | |||||
2,000,000 | 6.375%, 01/17/2028 | 1,997,605 | |||||
VMware Inc | |||||||
450,000 | 1.000%, 08/15/2024 | 431,150 | |||||
1,800,000 | 4.500%, 05/15/2025 | 1,759,079 | |||||
3,500,000 | 3.900%, 08/21/2027 | 3,262,989 | |||||
36,464,202 | |||||||
Telecommunications: 3.7% | |||||||
A1 Towers Holding GmbH | |||||||
3,000,000 | 5.250%, 07/13/2028 | 3,222,514 | |||||
Altice Financing SA | |||||||
1,500,000 | 2.250%, 01/15/2025 | 1,563,621 | |||||
AT&T Inc | |||||||
1,780,000 | 5.539%, 02/20/2026 | 1,766,183 | |||||
Bharti Airtel International Netherlands BV | |||||||
2,206,000 | 5.350%, 05/20/2024 | 2,195,330 | |||||
Bharti Airtel Ltd | |||||||
4,100,000 | 4.375%, 06/10/2025 | 3,996,845 | |||||
eircom Finance DAC | |||||||
1,600,000 | 2.625%, 02/15/2027 | 1,506,708 | |||||
Global Switch Holdings Ltd | |||||||
2,625,000 | 1.500%, 01/31/2024 | 2,744,004 | |||||
iliad SA | |||||||
1,000,000 | 2.375%, 06/17/2026 | 977,398 | |||||
LCPR Senior Secured Financing DAC | |||||||
540,000 | 6.750%, 10/15/2027 1 | 496,671 | |||||
Matterhorn Telecom SA | |||||||
1,600,000 | 3.125%, 09/15/2026 | 1,578,474 | |||||
PLT VII Finance SARL | |||||||
475,000 | 4.625%, 01/05/2026 | 487,442 | |||||
PPF Telecom Group BV | |||||||
5,100,000 | 2.125%, 01/31/2025 | 5,212,153 | |||||
RCS & RDS SA | |||||||
2,400,000 | 3.250%, 02/05/2028 | 2,096,527 | |||||
Rogers Communications Inc | |||||||
844,000 | 2.950%, 03/15/2025 | 805,283 | |||||
Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC | |||||||
215,625 | 4.738%, 03/20/2025 1 | 213,405 | |||||
TDC Net A/S | |||||||
1,500,000 | 5.056%, 05/31/2028 | 1,561,128 | |||||
Telecom Italia SPA | |||||||
1,430,000 | 5.303%, 05/30/2024 1 | 1,407,334 | |||||
T-Mobile USA Inc | |||||||
2,510,000 | 2.250%, 02/15/2026 | 2,314,557 | |||||
Verizon Communications Inc | |||||||
2,600,000 | 4.125%, 03/16/2027 | 2,474,509 | |||||
36,620,086 | |||||||
Transportation Excluding Air/Rail: 2.3% | |||||||
Autostrade per l’Italia SPA | |||||||
3,200,000 | 1.750%, 02/01/2027 | 3,112,111 | |||||
DP World Ltd | |||||||
4,200,000 | 2.375%, 09/25/2026 | 4,171,693 | |||||
Firstgroup PLC | |||||||
1,375,000 | 6.875%, 09/18/2024 | 1,680,074 | |||||
Gatwick Funding Ltd | |||||||
1,700,000 | 5.250%, 01/23/2024 | 2,068,404 | |||||
200,000 | 6.125%, 03/02/2026 | 244,560 | |||||
GXO Logistics Inc | |||||||
2,175,000 | 1.650%, 07/15/2026 | 1,912,781 | |||||
Heathrow Funding Ltd | |||||||
1,125,000 | 7.125%, 02/14/2024 | 1,375,200 | |||||
Mundys SPA | |||||||
4,000,000 | 1.875%, 07/13/2027 | 3,788,635 | |||||
Pelabuhan Indonesia Persero PT | |||||||
200,000 | 4.250%, 05/05/2025 | 193,939 | |||||
Penske Truck Leasing Co Lp / PTL Finance Corp | |||||||
775,000 | 5.550%, 05/01/2028 1 | 751,507 | |||||
Q-Park Holding I BV | |||||||
1,500,000 | 1.500%, 03/01/2025 | 1,541,629 | |||||
1,800,000 | 2.000%, 03/01/2027 | 1,646,945 | |||||
Stagecoach Group Ltd | |||||||
650,000 | 4.000%, 09/29/2025 | 749,457 | |||||
23,236,935 | |||||||
Utilities: 1.6% | |||||||
Adani Green Energy Up | |||||||
950,000 | 6.250%, 12/10/2024 | 909,623 | |||||
Drax Finco PLC | |||||||
4,000,000 | 2.625%, 11/01/2025 | 3,902,458 | |||||
E.ON SE | |||||||
5,775,000 | 3.500%, 01/12/2028 | 6,010,384 | |||||
EEW Energy from Waste GmbH | |||||||
1,100,000 | 0.361%, 06/30/2026 | 1,027,740 | |||||
Tabreed Sukuk Spc Ltd | |||||||
750,000 | 5.500%, 10/31/2025 | 744,456 | |||||
Vena Energy Capital Pte Ltd | |||||||
3,300,000 | 3.133%, 02/26/2025 | 3,131,505 | |||||
15,726,166 | |||||||
TOTAL CORPORATE BONDS (Cost $837,206,960) | 819,671,479 | ||||||
FOREIGN GOVERNMENT NOTE/BOND: 9.4% | |||||||
Airlines: 0.5% | |||||||
Air France-KLM | |||||||
2,000,000 | 7.250%, 05/31/2026 | 2,169,984 | |||||
2,600,000 | 3.875%, 07/01/2026 | 2,597,683 | |||||
Automotive & Auto Parts: 1.5% | |||||||
RCI Banque SA | |||||||
1,350,000 | 0.500%, 07/14/2025 | 1,335,679 | |||||
1,750,000 | 4.125%, 12/01/2025 | 1,838,866 | |||||
4,500,000 | 4.625%, 07/13/2026 | 4,771,270 | |||||
1,675,000 | 4.625%, 10/02/2026 | 1,776,387 | |||||
Schaeffler AG | |||||||
1,100,000 | 2.750%, 10/12/2025 | 1,116,696 | |||||
Valeo SE | |||||||
700,000 | 1.500%, 06/18/2025 | 706,832 | |||||
3,600,000 | 5.375%, 05/28/2027 | 3,811,478 | |||||
15,357,208 | |||||||
Banking: 3.8% | |||||||
Abanca Corp Bancaria SA | |||||||
2,500,000 | 5.500% (1 Year EUR Swap Rate + 2.250%), 05/18/2026 2 | 2,642,977 | |||||
500,000 | 4.625% (5 Year Swap Rate EUR + 5.014%), 04/07/2030 2 | 507,369 | |||||
2,100,000 | 8.375% (5 Year Swap Rate EUR + 5.245%), 09/23/2033 2 | 2,251,970 | |||||
Argenta Spaarbank NV | |||||||
2,600,000 | 5.375% (1 Year EUR Swap Rate + 2.750%), 11/29/2027 2 | 2,774,562 | |||||
Banco Comercial Portugues SA | |||||||
600,000 | 3.871% (5 Year Swap Rate EUR + 4.231%), 03/27/2030 2 | 590,824 | |||||
BNP Paribas SA | |||||||
1,600,000 | 2.375% (5 Year Swap Rate EUR + 1.850%), 11/20/2030 2 | 1,594,201 | |||||
Commerzbank AG | |||||||
5,600,000 | 4.000% (5 Year Swap Rate EUR + 4.350%), 12/05/2030 2 | 5,677,683 | |||||
Credit Agricole SA | |||||||
2,300,000 | 1.625% (5 Year Swap Rate EUR + 1.900%), 06/05/2030 2 | 2,289,641 | |||||
Hamburg Commercial Bank AG | |||||||
3,600,000 | 6.250%, 11/18/2024 | 3,833,288 | |||||
2,300,000 | 0.500% (3 Month EURIBOR + .900%), 09/22/2026 2 | 2,195,377 | |||||
KBC Group NV | |||||||
2,200,000 | 4.375% (3 Month EURIBOR + 1.700%), 11/23/2027 2 | 2,320,431 | |||||
La Banque Postale SA | |||||||
1,100,000 | 0.875% (5 Year Swap Rate EUR + 1.380%), 01/26/2031 2 | 1,044,707 | |||||
Societe Generale SA | |||||||
8,500,000 | 1.000% (5 Year Swap Rate EUR + 1.550%), 11/24/2030 2 | 8,121,960 | |||||
2,200,000 | 1.125% (5 Year Swap Rate EUR + 1.600%), 06/30/2031 2 | 2,051,718 | |||||
Tatra Banka as | |||||||
900,000 | 5.952% (3 Month EURIBOR + 2.650%), 02/17/2026 2 | 957,833 | |||||
38,854,541 | |||||||
Capital Goods: 0.2% | |||||||
Traton Finance Luxembourg SA | |||||||
2,200,000 | 4.125%, 01/18/2025 | 2,315,760 | |||||
Containers: 0.2% | |||||||
ProGroup AG | |||||||
2,000,000 | 3.000%, 03/31/2026 | 1,952,971 | |||||
Diversified Financial Services: 1.9% | |||||||
Aareal Bank AG | |||||||
2,100,000 | 4.500%, 07/25/2025 | 2,199,411 | |||||
ALD SA | |||||||
3,700,000 | 0.000% (3 Month EURIBOR + .650%), 10/06/2025 2 | 3,914,407 | |||||
4,900,000 | 4.250%, 01/18/2027 | 5,125,047 | |||||
Arval Service Lease SA | |||||||
700,000 | 4.625%, 12/02/2024 | 742,536 | |||||
4,200,000 | 4.125%, 04/13/2026 | 4,406,894 | |||||
2,300,000 | 4.750%, 05/22/2027 | 2,445,232 | |||||
18,833,527 | |||||||
Homebuilders/Real Estate: 0.8% | |||||||
HOWOGE Wohnungsbaugesellschaft mbH | |||||||
4,500,000 | 0.000%, 11/01/2024 | 4,521,571 | |||||
Kojamo Oyj | |||||||
2,000,000 | 1.625%, 10/17/2023 | 2,107,696 | |||||
Vonovia SE | |||||||
1,300,000 | 4.750%, 05/23/2027 | 1,367,277 | |||||
7,996,544 | |||||||
Hotels: 0.3% | |||||||
Accor SA | |||||||
2,900,000 | 3.000%, 02/04/2026 | 2,912,638 | |||||
Telecommunications: 0.2% | |||||||
iliad SA | |||||||
2,200,000 | 5.375%, 06/14/2027 | 2,269,213 | |||||
TOTAL FOREIGN GOVERNMENT NOTE/BOND (Cost $96,149,419) | 95,260,069 | ||||||
CONVERTIBLE BONDS: 2.7% | |||||||
Banking: 1.5% | |||||||
Alpha Bank SA | |||||||
3,050,000 | 7.500% (1 Year EUR Swap Rate + 5.084%), 06/16/2027 2 | 3,352,385 | |||||
Australia & New Zealand Banking Group Ltd | |||||||
800,000 | 1.125% (5 Year Swap Rate EUR + 1.400%), 11/21/2029 2 | 802,690 | |||||
ING Groep NV | |||||||
700,000 | 2.125% (5 Year Swap Rate EUR + 2.400%), 05/26/2031 2 | 681,713 | |||||
National Australia Bank Ltd | |||||||
500,000 | 1.699% (UK Government Bonds 5 Year Note Generic Bid Yield + 1.400%), 09/15/2031 2 | 518,651 | |||||
Raiffeisen Schweiz Genossenschaft | |||||||
4,500,000 | 5.230%, 11/01/2027 | 4,895,982 | |||||
2,700,000 | 4.840%, 11/03/2028 | 2,875,217 | |||||
Standard Chartered PLC | |||||||
2,310,000 | 5.200%, 01/26/2024 | 2,300,895 | |||||
15,427,533 | |||||||
Diversified Financial Services: 0.8% | |||||||
UBS AG | |||||||
8,475,000 | 5.125%, 05/15/2024 | 8,366,520 | |||||
Healthcare: 0.4% | |||||||
Organon & Co / Organon Foreign Debt Co-Issuer BV | |||||||
4,000,000 | 2.875%, 04/30/2028 | 3,651,238 | |||||
TOTAL CONVERTIBLE BONDS (Cost $27,640,403) | 27,445,291 | ||||||
FOREIGN GOVERNMENT AGENCY ISSUE: 1.0% | |||||||
Agency: 0.5% | |||||||
Airport Authority | |||||||
2,000,000 | 4.875%, 01/12/2026 | 1,979,080 | |||||
Indian Railway Finance Corp Ltd | |||||||
2,750,000 | 3.730%, 03/29/2024 | 2,720,259 | |||||
4,699,339 | |||||||
Transportation Excluding Air/Rail: 0.5% | |||||||
Pelabuhan Indonesia Persero PT | |||||||
5,100,000 | 4.875%, 10/01/2024 | 5,031,193 | |||||
TOTAL FOREIGN GOVERNMENT AGENCY ISSUE (Cost $9,800,572) | 9,730,532 | ||||||
BANK LOANS: 0.1% | |||||||
Airlines: 0.1% | |||||||
British Airways TL | |||||||
700,000 | 4.650%, 02/21/2026 2,3 | 922,151 | |||||
TOTAL BANK LOANS (Cost $921,352) | 922,151 | ||||||
Shares † | Value | ||||||
SHORT-TERM INVESTMENTS: 0.6% | |||||||
Money Market Funds: 0.6% | |||||||
5,875,933 | First American Treasury Obligations Fund - Class X, 5.267% 4 | 5,875,933 | |||||
Total Money Market Funds: 0.6% | 5,875,933 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,875,933) | 5,875,933 | ||||||
TOTAL INVESTMENTS IN SECURITIES: 95.0% (Cost $977,594,722) | 958,905,455 | ||||||
Other Assets in Excess of Liabilities: 5.0% | 50,632,555 | ||||||
TOTAL NET ASSETS: 100.0% | $ | 1,009,538,010 | |||||
PIK - Payment In Kind - represents the security may pay interest in additional par |
T a
† | In USD unless otherwise indicated | |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Trust’s Board of Trustees. | |
2 | Variable rate security; rate shown is the rate in effect on September 30, 2023. An index may have a negative rate. Interest rate may also be subject to a cap or floor. | |
3 | 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 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. | |
4 | Annualized seven-day effective yield as of September 30, 2023. |
Summary of Fair Value Disclosure at September 30, 2023 (Unaudited)
The Muzinich Low Duration Fund (the “Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America (“U.S. GAAP”) establish 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 speeds, 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 September 30, 2023. See the Schedule of Investments for an industry breakout.
Muzinich Low Duration Fund | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Bank Loans | $ | – | $ | – | $ | 922,151 | $ | 922,151 | ||||||||
Convertible Bonds | – | 27,445,291 | – | 27,445,291 | ||||||||||||
Corporate Bonds | – | 819,671,479 | – | 819,671,479 | ||||||||||||
Foreign Government Agency Issue | – | 9,730,532 | – | 9,730,532 | ||||||||||||
Foreign Government Note/Bond | – | 95,260,069 | – | 95,260,069 | ||||||||||||
Short-Term Investments | 5,875,933 | – | – | 5,875,933 | ||||||||||||
Total Investments in Securities | $ | 5,875,933 | $ | 952,107,371 | $ | 922,151 | $ | 958,905,455 |
SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at September 30, 2023 (Unaudited) | ||||||||||
The Muzinich Low Duration Fund had the following forward foreign currency exchange contracts outstanding with the U.S. Bancorp Investments, Inc. | ||||||||||
U.S. Dollar Value at | U.S. Dollar Value at | Unrealized Appreciation | ||||||||
Settlement Date | Currency to be Delivered | September 30, 2023 | Currency to be Received | September 30, 2023 | (Depreciation) | |||||
10/18/2023 | EUR 311,133,179 | $327,283,570 | USD 342,500,912 | $344,243,760 | 16,960,190 | |||||
12/12/2023 | EUR 202,000,000 | 214,319,287 | USD 216,556,726 | 216,556,726 | 2,237,439 | |||||
10/18/2023 | USD 36,178,580 | 42,631,880 | GBP 43,695,798 | 44,863,118 | 2,231,238 | |||||
$584,234,737 | $605,663,604 | $21,428,867 |
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 | 14,534 | |||||||||||||||||||
Realized gain (loss) | - | |||||||||||||||||||
Change in unrealized appreciation/depreciation | 55,418 | |||||||||||||||||||
Transfer in and/or out of Level 3 | - | |||||||||||||||||||
Balance as of September 30, 2023 | $ | 922,151 | ||||||||||||||||||
Change in unrealized appreciation/depreciation for Level 3 investments held at September 30, 2023 | $ | 55,418 | ||||||||||||||||||
Type of Security | Fair Value at September 30, 2023 | Valuation Techniques | Unobservable Input | Input Value(s) | ||||||||||||||||
Bank Loans | $ | 922,151 | 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. |