Muzinich Credit Opportunities Fund | |||||||
SCHEDULE OF INVESTMENTS at September 30, 2023 (Unaudited) | |||||||
Principal Amount † | Value | ||||||
CORPORATE BONDS: 84.4% | |||||||
Aerospace/Defense: 0.2% | |||||||
Rolls-Royce PLC | |||||||
$ | 525,000 | 1.625%, 05/09/2028 | $ | 474,024 | |||
Airlines: 2.8% | |||||||
American Airlines Inc/AAdvantage Loyalty IP Ltd | |||||||
504,167 | 5.500%, 04/20/2026 1 | 492,859 | |||||
425,000 | 5.750%, 04/20/2029 1 | 395,317 | |||||
Delta Air Lines Inc | |||||||
1,250,000 | 7.375%, 01/15/2026 | 1,266,450 | |||||
easyJet FinCo BV | |||||||
900,000 | 1.875%, 03/03/2028 | 835,870 | |||||
Emirates Airline | |||||||
322,818 | 4.500%, 02/06/2025 | 317,752 | |||||
Korean Air Lines Co Ltd | |||||||
620,000 | 4.750%, 09/23/2025 | 607,155 | |||||
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd | |||||||
674,107 | 6.500%, 06/20/2027 1 | 668,703 | |||||
Singapore Airlines Ltd | |||||||
1,836,000 | 3.000%, 07/20/2026 | 1,719,506 | |||||
Wizz Air Finance Co BV | |||||||
550,000 | 1.350%, 01/19/2024 | 574,751 | |||||
650,000 | 1.000%, 01/19/2026 | 606,099 | |||||
7,484,462 | |||||||
Automotive & Auto Parts: 4.5% | |||||||
Autoliv Inc | |||||||
500,000 | 4.250%, 03/15/2028 | 524,027 | |||||
Continental AG | |||||||
650,000 | 3.625%, 11/30/2027 | 672,259 | |||||
Ford Motor Credit Co LLC | |||||||
775,000 | 3.370%, 11/17/2023 | 771,348 | |||||
1,275,000 | 3.810%, 01/09/2024 | 1,261,569 | |||||
1,050,000 | 2.300%, 02/10/2025 | 984,394 | |||||
General Motors Financial Co Inc | |||||||
650,000 | 0.850%, 02/26/2026 | 632,198 | |||||
Hyundai Capital America | |||||||
1,698,000 | 1.650%, 09/17/2026 1 | 1,499,493 | |||||
IHO Verwaltungs GmbH | |||||||
400,000 | 3.750%, 4.50, 09/15/2026 | 398,154 | |||||
Kia Corp | |||||||
470,000 | 3.250%, 04/21/2026 | 441,120 | |||||
Magna International Inc | |||||||
1,000,000 | 4.375%, 03/17/2032 | 1,050,999 | |||||
Nissan Motor Acceptance Co LLC | |||||||
400,000 | 7.050%, 09/15/2028 | 400,264 | |||||
Nissan Motor Co Ltd | |||||||
850,000 | 4.810%, 09/17/2030 1 | 733,123 | |||||
Stellantis NV | |||||||
975,000 | 4.250%, 06/16/2031 | 991,238 | |||||
500,000 | 2.750%, 04/01/2032 | 450,160 | |||||
Volkswagen International Finance NV | |||||||
400,000 | 7.500% (5 Year Swap Rate EUR + 4.292%), 2 | 427,147 | |||||
600,000 | 4.125%, 11/15/2025 | 631,927 | |||||
11,869,420 | |||||||
Banking: 5.2% | |||||||
AIB Group PLC | |||||||
900,000 | 3.625% (1 Year EUR Swap Rate + 2.000%), 07/04/2026 2 | 933,381 | |||||
Banco Bradesco SA | |||||||
909,000 | 3.200%, 01/27/2025 | 870,753 | |||||
Bancolombia SA | |||||||
500,000 | 6.909% (5 Year CMT Rate + 2.929%), 10/18/2027 2 | 464,940 | |||||
Bank of America Corp | |||||||
1,275,000 | 1.898% (US Secured Overnight Financing Rate + 1.530%), 07/23/2031 2 | 969,536 | |||||
Bank of Ireland Group PLC | |||||||
800,000 | 1.875% (EURIBOR ICE Swap Rate + 1.100%), 06/05/2026 2 | 807,313 | |||||
Barclays PLC | |||||||
1,000,000 | 2.852% (US Secured Overnight Financing Rate + 2.714%), 05/07/2026 2 | 943,746 | |||||
BBVA Bancomer SA | |||||||
1,282,000 | 1.875%, 09/18/2025 | 1,176,813 | |||||
BPCE SA | |||||||
700,000 | 1.652% (US Secured Overnight Financing Rate + 1.520%), 10/06/2026 1,2 | 635,616 | |||||
HSBC Holdings PLC | |||||||
250,000 | 3.000%, 06/30/2025 | 257,721 | |||||
800,000 | 6.905% (US Secured Overnight Financing Rate + 1.570%), 08/14/2027 2 | 804,716 | |||||
Lloyds Banking Group PLC | |||||||
1,000,000 | 3.900%, 03/12/2024 | 990,100 | |||||
NatWest Group PLC | |||||||
900,000 | 1.750% (3 Month EURIBOR + 1.080%), 03/02/2026 2 | 913,739 | |||||
QNB Finance Ltd | |||||||
2,115,000 | 2.625%, 05/12/2025 | 2,005,206 | |||||
Standard Chartered PLC | |||||||
800,000 | 7.202% (US Secured Overnight Financing Rate + 1.930%), 07/06/2027 2 | 806,362 | |||||
United Overseas Bank Ltd | |||||||
900,000 | 3.863% (5 Year CMT Rate + 1.450%), 10/07/2032 2 | 827,610 | |||||
13,407,552 | |||||||
Broadcasting: 0.8% | |||||||
TEGNA Inc | |||||||
1,125,000 | 4.750%, 03/15/2026 1 | 1,067,214 | |||||
Universal Music Group NV | |||||||
1,075,000 | 4.000%, 06/13/2031 | 1,108,453 | |||||
2,175,667 | |||||||
Building Materials: 0.5% | |||||||
Builders FirstSource Inc | |||||||
500,000 | 4.250%, 02/01/2032 1 | 410,567 | |||||
Standard Industries Inc | |||||||
900,000 | 5.000%, 02/15/2027 1 | 835,013 | |||||
1,245,580 | |||||||
Cable/Satellite TV: 0.6% | |||||||
CCO Holdings LLC / CCO Holdings Capital Corp | |||||||
1,175,000 | 5.500%, 05/01/2026 1 | 1,136,217 | |||||
Charter Communications Operating LLC / Charter Communications Operating Capital | |||||||
700,000 | 5.250%, 04/01/2053 | 522,874 | |||||
1,659,091 | |||||||
Capital Goods: 3.2% | |||||||
AGCO International Holdings BV | |||||||
275,000 | 0.800%, 10/06/2028 | 241,154 | |||||
Daimler Truck International Finance BV | |||||||
900,000 | 3.875%, 06/19/2029 | 930,902 | |||||
Ingersoll Rand Inc | |||||||
625,000 | 5.400%, 08/14/2028 | 615,034 | |||||
1,625,000 | 5.700%, 08/14/2033 | 1,573,275 | |||||
John Deere Capital Corp | |||||||
2,300,000 | 4.700%, 06/10/2030 | 2,213,344 | |||||
Johnson Controls International PLC | |||||||
358,000 | 1.375%, 02/25/2025 | 364,315 | |||||
Parker-Hannifin Corp | |||||||
950,000 | 3.250%, 03/01/2027 | 884,712 | |||||
Regal Rexnord Corp | |||||||
1,350,000 | 6.050%, 04/15/2028 1 | 1,314,260 | |||||
Traton Finance Luxembourg SA | |||||||
400,000 | 4.125%, 11/22/2025 | 418,993 | |||||
8,555,989 | |||||||
Chemicals: 3.4% | |||||||
Alpek SAB de CV | |||||||
868,000 | 4.250%, 09/18/2029 | 759,345 | |||||
Braskem Netherlands Finance BV | |||||||
900,000 | 4.500%, 01/31/2030 | 734,446 | |||||
Celanese US Holdings LLC | |||||||
1,025,000 | 6.550%, 11/15/2030 | 1,003,469 | |||||
1,025,000 | 6.700%, 11/15/2033 | 1,000,171 | |||||
IMCD NV | |||||||
325,000 | 4.875%, 09/18/2028 | 340,442 | |||||
MEGlobal Canada ULC | |||||||
750,000 | 5.000%, 05/18/2025 | 732,457 | |||||
MEGLOBAL CANADA ULC | |||||||
310,000 | 5.000%, 05/18/2025 | 302,749 | |||||
Orbia Advance Corp SAB de CV | |||||||
1,400,000 | 4.000%, 10/04/2027 | 1,286,951 | |||||
Sherwin-Williams Co | |||||||
1,225,000 | 3.450%, 06/01/2027 | 1,141,434 | |||||
2,100,000 | 2.950%, 08/15/2029 | 1,816,913 | |||||
9,118,377 | |||||||
Containers: 3.2% | |||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc | |||||||
2,350,000 | 2.125%, 08/15/2026 | 2,213,075 | |||||
Ball Corp | |||||||
1,500,000 | 4.000%, 11/15/2023 | 1,495,857 | |||||
1,125,000 | 6.000%, 06/15/2029 | 1,095,121 | |||||
Crown European Holdings SA | |||||||
125,000 | 5.000%, 05/15/2028 | 131,839 | |||||
DS Smith PLC | |||||||
525,000 | 0.875%, 09/12/2026 | 501,310 | |||||
Graphic Packaging International LLC | |||||||
1,525,000 | 0.821%, 04/15/2024 1 | 1,478,009 | |||||
Sealed Air Corp/Sealed Air Corp US | |||||||
225,000 | 6.125%, 02/01/2028 1 | 218,512 | |||||
SIG Combibloc PurchaseCo SARL | |||||||
775,000 | 2.125%, 06/18/2025 | 787,109 | |||||
Verallia SA | |||||||
600,000 | 1.875%, 11/10/2031 | 513,235 | |||||
8,434,067 | |||||||
Diversified Financial Services: 7.1% | |||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | |||||||
900,000 | 6.150%, 09/30/2030 | 887,008 | |||||
AXA Logistics Europe Master SCA | |||||||
500,000 | 0.375%, 11/15/2026 | 463,445 | |||||
CA Auto Bank SPA | |||||||
850,000 | 4.375%, 06/08/2026 | 899,063 | |||||
DAE Funding LLC | |||||||
1,400,000 | 3.375%, 03/20/2028 | 1,238,824 | |||||
Fidelity National Info Service | |||||||
800,000 | 2.000%, 05/21/2030 | 733,481 | |||||
Goldman Sachs Group Inc | |||||||
1,900,000 | 4.223% (CME Term SOFR 3 Month + 1.563%), 05/01/2029 2 | 1,758,471 | |||||
1,050,000 | 2.383% (US Secured Overnight Financing Rate + 1.248%), 07/21/2032 2 | 800,375 | |||||
Grupo de Inversiones Suramericana SA | |||||||
1,500,000 | 5.500%, 04/29/2026 | 1,429,095 | |||||
GTCR W-2 Merger Sub LLC | |||||||
400,000 | 7.500%, 01/15/2031 | 402,010 | |||||
ICD Funding Ltd | |||||||
1,900,000 | 3.223%, 04/28/2026 | 1,770,999 | |||||
Lion/Polaris Lux 4 SA | |||||||
959,000 | 3.250%, 09/30/2040 | 701,017 | |||||
Macquarie Airfinance Holdings Ltd | |||||||
725,000 | 8.375%, 05/01/2028 | 735,719 | |||||
MDGH GMTN RSC Ltd | |||||||
880,000 | 2.875%, 11/07/2029 | 770,531 | |||||
790,000 | 3.700%, 11/07/2049 | 562,042 | |||||
Morgan Stanley | |||||||
450,000 | 5.250% (US Secured Overnight Financing Rate + 1.870%), 04/21/2034 2 | 418,300 | |||||
Nasdaq Inc | |||||||
2,275,000 | 5.350%, 06/28/2028 | 2,235,097 | |||||
1,125,000 | 5.550%, 02/15/2034 | 1,074,602 | |||||
1,500,000 | 6.100%, 06/28/2063 | 1,396,490 | |||||
Navient Corp | |||||||
500,000 | 6.125%, 03/25/2024 | 497,780 | |||||
18,774,349 | |||||||
Diversified Media: 0.4% | |||||||
Match Group Holdings II LLC | |||||||
1,025,000 | 5.625%, 02/15/2029 1 | 946,536 | |||||
Energy: 9.9% | |||||||
Cheniere Corpus Christi Holdings LLC | |||||||
1,800,000 | 5.125%, 06/30/2027 | 1,750,199 | |||||
Cheniere Energy Partners LP | |||||||
1,000,000 | 4.500%, 10/01/2029 | 907,431 | |||||
1,875,000 | 5.950%, 06/30/2033 1 | 1,810,725 | |||||
ConocoPhillips Co | |||||||
1,025,000 | 5.050%, 09/15/2033 | 983,201 | |||||
Ecopetrol SA | |||||||
670,000 | 4.125%, 01/16/2025 | 647,383 | |||||
Enterprise Products Operating LLC | |||||||
975,000 | 3.200%, 02/15/2052 | 623,099 | |||||
EQT Corp | |||||||
609,000 | 6.125%, 02/01/2025 | 607,482 | |||||
Galaxy Pipeline Assets Bidco Ltd | |||||||
1,390,179 | 1.750%, 09/30/2027 | 1,285,208 | |||||
Kinder Morgan Inc | |||||||
1,600,000 | 4.300%, 03/01/2028 | 1,507,483 | |||||
1,300,000 | 5.200%, 06/01/2033 | 1,203,596 | |||||
Leviathan Bond Ltd | |||||||
775,000 | 6.125%, 06/30/2025 1 | 756,772 | |||||
Oleoducto Central SA | |||||||
924,000 | 4.000%, 07/14/2027 | 824,195 | |||||
ONEOK Inc | |||||||
700,000 | 6.050%, 09/01/2033 | 688,289 | |||||
1,075,000 | 6.625%, 09/01/2053 | 1,053,739 | |||||
Plains All American Pipeline LP / PAA Finance Corp | |||||||
1,950,000 | 3.550%, 12/15/2029 | 1,677,800 | |||||
QatarEnergy | |||||||
900,000 | 2.250%, 07/12/2031 | 722,989 | |||||
Repsol International Finance BV | |||||||
1,075,000 | 3.750% (5 Year Swap Rate EUR + 4.000%), 06/11/2171 2 | 1,069,869 | |||||
Rockies Express Pipeline LLC | |||||||
2,425,000 | 3.600%, 05/15/2025 1 | 2,289,190 | |||||
Shell International Finance BV | |||||||
600,000 | 1.875%, 04/07/2032 | 538,059 | |||||
TotalEnergies SE | |||||||
1,475,000 | 2.625% (5 Year Swap Rate EUR + 2.148%), 02/26/2171 2 | 1,491,803 | |||||
Venture Global LNG Inc | |||||||
1,400,000 | 8.125%, 06/01/2028 1 | 1,387,108 | |||||
Williams Cos Inc | |||||||
775,000 | 5.300%, 08/15/2028 | 758,676 | |||||
Wintershall Dea Finance 2 BV | |||||||
1,500,000 | 2.499% (5 Year Swap Rate EUR + 2.924%), 07/20/2170 2 | 1,385,738 | |||||
25,970,034 | |||||||
Environmental: 0.3% | |||||||
GFL Environmental Inc | |||||||
800,000 | 3.750%, 08/01/2025 1 | 759,164 | |||||
Food & Drug Retail: 1.2% | |||||||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | |||||||
1,825,000 | 7.500%, 03/15/2026 1 | 1,851,298 | |||||
750,000 | 6.500%, 02/15/2028 1 | 742,157 | |||||
Roadster Finance DAC | |||||||
525,000 | 1.625%, 12/09/2024 | 524,697 | |||||
3,118,152 | |||||||
Food/Beverage/Tobacco: 7.5% | |||||||
Bacardi Ltd / Bacardi-Martini BV | |||||||
750,000 | 5.250%, 01/15/2029 1 | 726,212 | |||||
1,125,000 | 5.400%, 06/15/2033 1 | 1,055,942 | |||||
BRF SA | |||||||
850,000 | 4.750%, 05/22/2024 | 850,574 | |||||
Constellation Brands Inc | |||||||
1,960,000 | 2.250%, 08/01/2031 | 1,531,329 | |||||
1,550,000 | 4.900%, 05/01/2033 | 1,442,650 | |||||
Indofood BCP Sukses | |||||||
1,510,000 | 3.398%, 06/09/2031 | 1,223,970 | |||||
Keurig Dr Pepper Inc | |||||||
2,100,000 | 3.950%, 04/15/2029 | 1,941,086 | |||||
Kraft Heinz Foods Co | |||||||
2,100,000 | 3.875%, 05/15/2027 | 1,979,744 | |||||
625,000 | 4.875%, 10/01/2049 | 521,939 | |||||
Louis Dreyfus Co Finance BV | |||||||
1,575,000 | 2.375%, 11/27/2025 | 1,596,309 | |||||
McCormick & Co Inc | |||||||
1,425,000 | 4.950%, 04/15/2033 | 1,327,622 | |||||
Minerva Luxembourg SA | |||||||
543,000 | 8.875%, 09/13/2033 | 539,580 | |||||
Molson Coors Beverage Co | |||||||
1,925,000 | 3.000%, 07/15/2026 | 1,790,101 | |||||
Sigma Alimentos SA de CV | |||||||
1,048,000 | 4.125%, 05/02/2026 | 996,102 | |||||
Sysco Corp | |||||||
925,000 | 3.150%, 12/14/2051 | 569,052 | |||||
Viterra Finance BV | |||||||
1,575,000 | 0.375%, 09/24/2025 | 1,539,070 | |||||
19,631,282 | |||||||
Healthcare: 6.8% | |||||||
Amgen Inc | |||||||
700,000 | 5.250%, 03/02/2033 | 669,598 | |||||
1,300,000 | 5.650%, 03/02/2053 | 1,214,808 | |||||
500,000 | 5.750%, 03/02/2063 | 461,136 | |||||
Bayer AG | |||||||
400,000 | 4.500% (5 Year Swap Rate EUR + 3.751%), 03/25/2082 2 | 396,835 | |||||
800,000 | 6.625% (5 Year Swap Rate EUR + 3.432%), 09/25/2083 2 | 838,416 | |||||
Centene Corp | |||||||
375,000 | 4.625%, 12/15/2029 | 338,173 | |||||
CVS Health Corp | |||||||
1,600,000 | 1.300%, 08/21/2027 | 1,361,334 | |||||
1,125,000 | 5.250%, 02/21/2033 | 1,066,603 | |||||
950,000 | 5.300%, 06/01/2033 | 901,865 | |||||
GN Store Nord AS | |||||||
500,000 | 0.875%, 11/25/2024 | 495,832 | |||||
HCA Inc | |||||||
1,950,000 | 3.625%, 03/15/2032 | 1,617,784 | |||||
1,050,000 | 5.500%, 06/01/2033 | 996,204 | |||||
1,525,000 | 5.250%, 06/15/2049 | 1,254,703 | |||||
IQVIA Inc | |||||||
300,000 | 6.500%, 05/15/2030 1 | 293,836 | |||||
Pfizer Investment Enterprises Pte Ltd | |||||||
1,500,000 | 4.750%, 05/19/2033 | 1,421,674 | |||||
1,475,000 | 5.300%, 05/19/2053 | 1,376,818 | |||||
Service Corp International | |||||||
600,000 | 3.375%, 08/15/2030 | 484,410 | |||||
600,000 | 4.000%, 05/15/2031 | 493,233 | |||||
UnitedHealth Group Inc | |||||||
775,000 | 4.500%, 04/15/2033 | 717,690 | |||||
991,000 | 5.050%, 04/15/2053 | 886,645 | |||||
Werfen SA | |||||||
300,000 | 0.500%, 10/28/2026 | 281,441 | |||||
17,569,038 | |||||||
Homebuilders/Real Estate: 4.3% | |||||||
American Tower Corp | |||||||
1,025,000 | 5.250%, 07/15/2028 | 991,984 | |||||
Aroundtown SA | |||||||
700,000 | 0.625%, 07/09/2025 | 658,493 | |||||
300,000 | 0.375%, 04/15/2027 | 241,456 | |||||
Balder Finland Oyj | |||||||
975,000 | 1.000%, 01/18/2027 | 828,862 | |||||
Blackstone Property Partners Europe Holdings SARL | |||||||
625,000 | 2.000%, 02/15/2024 | 652,618 | |||||
900,000 | 1.000%, 10/20/2026 | 826,912 | |||||
Castellum Helsinki Finance Holding Abp | |||||||
800,000 | 2.000%, 03/24/2025 | 794,049 | |||||
CTP NV | |||||||
1,025,000 | 0.625%, 09/27/2026 | 924,342 | |||||
Heimstaden Bostad Treasury BV | |||||||
1,600,000 | 1.000%, 04/13/2028 | 1,241,999 | |||||
Logicor Financing SARL | |||||||
1,000,000 | 0.750%, 07/15/2024 | 1,020,649 | |||||
200,000 | 1.500%, 07/13/2026 | 189,834 | |||||
MasTec Inc | |||||||
925,000 | 4.500%, 08/15/2028 1 | 832,774 | |||||
Tritax EuroBox PLC | |||||||
975,000 | 0.950%, 06/02/2026 | 907,070 | |||||
VIA Outlets BV | |||||||
1,375,000 | 1.750%, 11/15/2028 | 1,215,098 | |||||
11,326,140 | |||||||
Hotels: 0.6% | |||||||
Hilton Domestic Operating Co Inc | |||||||
900,000 | 5.375%, 05/01/2025 1 | 886,539 | |||||
Whitbread Group PLC | |||||||
700,000 | 3.375%, 10/16/2025 | 807,040 | |||||
1,693,579 | |||||||
Leisure: 0.8% | |||||||
Expedia Group Inc | |||||||
825,000 | 5.000%, 02/15/2026 | 808,332 | |||||
1,100,000 | 4.625%, 08/01/2027 | 1,048,842 | |||||
Royal Caribbean Cruises Ltd | |||||||
297,000 | 11.500%, 06/01/2025 | 314,122 | |||||
2,171,296 | |||||||
Metals/Mining: 0.7% | |||||||
Corp Nacional del Cobre de Chile | |||||||
700,000 | 5.950%, 01/08/2034 | 679,392 | |||||
Gold Fields Orogen Holdings BVI Ltd | |||||||
1,185,000 | 6.125%, 05/15/2029 | 1,152,013 | |||||
1,831,405 | |||||||
Oil&Gas: 0.1% | |||||||
Qatar Energy | |||||||
500,000 | 3.300%, 07/12/2051 | 325,570 | |||||
Paper: 0.5% | |||||||
Inversiones CMPC SA | |||||||
1,515,000 | 4.375%, 04/04/2027 | 1,418,810 | |||||
Publishing/Printing: 0.3% | |||||||
Informa PLC | |||||||
700,000 | 2.125%, 10/06/2025 | 709,595 | |||||
Restaurants: 2.1% | |||||||
1011778 BC ULC / New Red Finance Inc | |||||||
1,200,000 | 5.750%, 04/15/2025 1 | 1,192,009 | |||||
Starbucks Corp | |||||||
1,700,000 | 4.000%, 11/15/2028 | 1,599,889 | |||||
925,000 | 4.800%, 02/15/2033 | 871,410 | |||||
1,325,000 | 3.500%, 11/15/2050 | 895,173 | |||||
Yum! Brands Inc | |||||||
750,000 | 3.875%, 11/01/2023 | 748,024 | |||||
5,306,505 | |||||||
Services: 2.2% | |||||||
Eurofins Scientific SE | |||||||
700,000 | 6.750% (3 Month EURIBOR + 4.241%), 2 | 735,912 | |||||
ISS Finance BV | |||||||
525,000 | 1.250%, 07/07/2025 | 524,995 | |||||
ISS Global A/S | |||||||
850,000 | 0.875%, 06/18/2026 | 818,489 | |||||
Ritchie Bros Holdings Inc | |||||||
150,000 | 7.750%, 03/15/2031 | 152,437 | |||||
United Rentals North America Inc | |||||||
775,000 | 5.250%, 01/15/2030 | 717,883 | |||||
Verisure Holding AB | |||||||
1,300,000 | 3.875%, 07/15/2026 | 1,297,114 | |||||
WESCO Distribution Inc | |||||||
1,525,000 | 7.125%, 06/15/2025 1 | 1,530,147 | |||||
5,776,977 | |||||||
Steel: 0.7% | |||||||
ABJA Investment Co Pte Ltd | |||||||
812,000 | 5.450%, 01/24/2028 | 794,119 | |||||
GUSAP III LP | |||||||
1,200,000 | 4.250%, 01/21/2030 | 1,084,925 | |||||
1,879,044 | |||||||
Super Retail: 1.7% | |||||||
Lowe’s Cos Inc | |||||||
1,525,000 | 3.750%, 04/01/2032 | 1,321,506 | |||||
1,500,000 | 5.150%, 07/01/2033 | 1,426,084 | |||||
REWE International Finance BV | |||||||
700,000 | 4.875%, 09/13/2030 | 742,123 | |||||
Tractor Supply Co | |||||||
1,025,000 | 5.250%, 05/15/2033 | 969,178 | |||||
4,458,891 | |||||||
Technology: 2.5% | |||||||
Broadcom Inc | |||||||
1,525,000 | 4.150%, 04/15/2032 1 | 1,325,076 | |||||
750,000 | 3.469%, 04/15/2034 | 589,541 | |||||
Cellnex Finance Co SA | |||||||
400,000 | 2.250%, 04/12/2026 | 399,633 | |||||
Dell Bank International DAC | |||||||
650,000 | 4.500%, 10/18/2027 | 693,792 | |||||
LG Energy Solution Ltd | |||||||
270,000 | 5.750%, 09/25/2028 | 268,660 | |||||
Oracle Corp | |||||||
1,525,000 | 4.900%, 02/06/2033 | 1,407,792 | |||||
725,000 | 3.600%, 04/01/2050 | 470,915 | |||||
SK Hynix Inc | |||||||
200,000 | 6.375%, 01/17/2028 | 199,760 | |||||
SK On Co Ltd | |||||||
1,250,000 | 5.375%, 05/11/2026 | 1,241,528 | |||||
6,596,697 | |||||||
Telecommunications: 4.8% | |||||||
A1 Towers Holding GmbH | |||||||
700,000 | 5.250%, 07/13/2028 | 751,920 | |||||
AT&T Inc | |||||||
1,150,000 | 3.500%, 09/15/2053 | 712,842 | |||||
Bharti Airtel Ltd | |||||||
1,100,000 | 3.250%, 06/03/2031 | 909,111 | |||||
PPF Telecom Group BV | |||||||
195,000 | 3.250%, 09/29/2027 | 193,120 | |||||
SES SA | |||||||
650,000 | 3.500%, 01/14/2029 | 641,622 | |||||
Sitios Latinoamerica SAB de CV | |||||||
1,783,000 | 5.375%, 04/04/2032 | 1,536,428 | |||||
Sprint LLC | |||||||
1,025,000 | 7.625%, 03/01/2026 | 1,054,638 | |||||
Telefonica Europe BV | |||||||
1,200,000 | 3.875% (8 Year EUR Swap Rate + 2.967%), 09/22/2170 2 | 1,180,684 | |||||
T-Mobile USA Inc | |||||||
1,125,000 | 2.250%, 02/15/2026 | 1,037,401 | |||||
1,025,000 | 3.875%, 04/15/2030 | 909,043 | |||||
1,800,000 | 2.550%, 02/15/2031 | 1,433,160 | |||||
1,100,000 | 5.050%, 07/15/2033 | 1,021,246 | |||||
Vodafone Group PLC | |||||||
700,000 | 2.625% (5 Year Swap Rate EUR + 3.002%), 08/27/2080 2 | 676,395 | |||||
Ziggo BV | |||||||
500,000 | 2.875%, 01/15/2030 | 430,512 | |||||
12,488,122 | |||||||
Transportation Excluding Air/Rail: 2.8% | |||||||
Australia Pacific Airports Melbourne Pty Ltd | |||||||
1,000,000 | 4.375%, 05/24/2033 | 1,035,416 | |||||
Autostrade per l’Italia SPA | |||||||
1,000,000 | 1.750%, 02/01/2027 | 972,535 | |||||
875,000 | 5.125%, 06/14/2033 | 907,017 | |||||
DP World Ltd | |||||||
1,395,000 | 2.375%, 09/25/2026 | 1,385,598 | |||||
FedEx Corp | |||||||
875,000 | 5.250%, 05/15/2050 | 770,930 | |||||
Gatwick Funding Ltd | |||||||
250,000 | 6.125%, 03/02/2026 | 305,699 | |||||
Heathrow Funding Ltd | |||||||
325,000 | 7.125%, 02/14/2024 | 397,280 | |||||
Holding d’Infrastructures de Transport SASU | |||||||
500,000 | 1.625%, 09/18/2029 | 448,057 | |||||
International Distributions Services PLC | |||||||
575,000 | 5.250%, 09/14/2028 | 609,887 | |||||
Stagecoach Group Ltd | |||||||
505,000 | 4.000%, 09/29/2025 | 582,270 | |||||
7,414,689 | |||||||
Utilities: 2.7% | |||||||
Acquirente Unico SPA | |||||||
850,000 | 2.800%, 02/20/2026 | 858,402 | |||||
E.ON SE | |||||||
850,000 | 3.500%, 01/12/2028 | 884,645 | |||||
Enel SPA | |||||||
850,000 | 6.375% (5 Year Swap Rate EUR + 3.486%), 07/16/2171 2 | 909,799 | |||||
Eversource Energy | |||||||
1,275,000 | 5.450%, 03/01/2028 | 1,261,592 | |||||
Italgas SPA | |||||||
600,000 | 4.125%, 06/08/2032 | 609,309 | |||||
National Central Cooling Co PJSC | |||||||
1,600,000 | 2.500%, 10/21/2027 | 1,405,078 | |||||
Redexis Gas Finance BV | |||||||
500,000 | 1.875%, 05/28/2025 | 506,995 | |||||
Statnett SF | |||||||
600,000 | 3.500%, 06/08/2033 | 613,750 | |||||
7,049,570 | |||||||
TOTAL CORPORATE BONDS (Cost $233,829,044) | 221,639,674 | ||||||
FOREIGN GOVERNMENT NOTE/BOND: 4.3% | |||||||
Airlines: 0.4% | |||||||
Air France-KLM | |||||||
900,000 | 7.250%, 05/31/2026 | 976,493 | |||||
Automotive & Auto Parts: 1.1% | |||||||
RCI Banque SA | |||||||
675,000 | 4.125%, 12/01/2025 | 709,277 | |||||
490,000 | 1.625%, 05/26/2026 | 482,712 | |||||
Schaeffler AG | |||||||
900,000 | 2.750%, 10/12/2025 | 913,660 | |||||
Valeo SE | |||||||
800,000 | 1.000%, 08/03/2028 | 696,262 | |||||
2,801,911 | |||||||
Banking: 0.8% | |||||||
Argenta Spaarbank NV | |||||||
500,000 | 1.000% (1 Year EUR Swap Rate + 1.550%), 10/13/2026 2 | 490,128 | |||||
400,000 | 5.375% (1 Year EUR Swap Rate + 2.750%), 11/29/2027 2 | 426,856 | |||||
Banco Comercial Portugues SA | |||||||
400,000 | 5.625% (3 Month EURIBOR + 1.900%), 10/02/2026 2 | 423,163 | |||||
BPCE SA | |||||||
600,000 | 4.000%, 11/29/2032 | 617,077 | |||||
KBC Group NV | |||||||
300,000 | 4.375% (3 Month EURIBOR + 1.700%), 11/23/2027 2 | 316,422 | |||||
2,273,646 | |||||||
Diversified Financial Services: 0.3% | |||||||
Arval Service Lease SA | |||||||
700,000 | 4.750%, 05/22/2027 | 744,201 | |||||
Homebuilders/Real Estate: 0.7% | |||||||
VGP NV | |||||||
900,000 | 1.625%, 01/17/2027 | 809,384 | |||||
Vonovia SE | |||||||
600,000 | 4.750%, 05/23/2027 | 631,051 | |||||
300,000 | 5.000%, 11/23/2030 | 313,539 | |||||
1,753,974 | |||||||
Technology: 0.3% | |||||||
TDF Infrastructure SASU | |||||||
700,000 | 5.625%, 07/21/2028 | 742,828 | |||||
Transportation Excluding Air/Rail: 0.5% | |||||||
Aeroports de Paris SA | |||||||
700,000 | 1.500%, 07/02/2032 | 605,191 | |||||
Autoroutes du Sud de la France SA | |||||||
700,000 | 3.250%, 01/19/2033 | 693,750 | |||||
1,298,941 | |||||||
Utilities: 0.2% | |||||||
Elia Transmission Belgium SA | |||||||
600,000 | 3.625%, 01/18/2033 | 608,424 | |||||
TOTAL FOREIGN GOVERNMENT NOTE/BOND (Cost $11,760,651) | 11,200,418 | ||||||
U.S. GOVERNMENT NOTES/BONDS: 3.1% | |||||||
United States Treasury Note/Bond | |||||||
9,000,000 | 3.375%, 05/15/2033 | 8,166,797 | |||||
TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $8,584,151) | 8,166,797 | ||||||
CONVERTIBLE BONDS: 1.1% | |||||||
Banking: 1.1% | |||||||
Bank Leumi Le-Israel BM | |||||||
1,330,000 | 3.275% (5 Year CMT Rate + 1.631%), 01/29/2031 1,2 | 1,190,551 | |||||
Swedbank AB | |||||||
900,000 | 4.625% (1 Year EUR Swap Rate + 1.100%), 05/30/2026 2 | 951,795 | |||||
Toronto-Dominion Bank | |||||||
675,000 | 3.631%, 12/13/2029 | 683,441 | |||||
Virgin Money UK PLC | |||||||
275,000 | 4.625% (1 Year EUR Swap Rate + 1.750%), 10/29/2028 2 | 280,423 | |||||
3,106,210 | |||||||
TOTAL CONVERTIBLE BONDS (Cost $3,281,116) | 3,106,210 | ||||||
FOREIGN GOVERNMENT AGENCY ISSUE: 0.2% | |||||||
Energy: 0.2% | |||||||
Pertamina Persero PT | |||||||
700,000 | 3.650%, 07/30/2029 | 630,241 | |||||
TOTAL FOREIGN GOVERNMENT AGENCY ISSUE (Cost $620,477) | 630,241 | ||||||
BANK LOANS: 0.0% 5 | |||||||
Software: 0.0% 5 | |||||||
Constant Contact TL | |||||||
12 | 7.909% (CME Term SOFR 1 Month + 4.000%), 02/10/2028 2,3 | 11 | |||||
TOTAL BANK LOANS (Cost $12) | 11 | ||||||
Shares | Value | ||||||
SHORT-TERM INVESTMENTS: 9.2% | |||||||
Money Market Funds: 4.8% | |||||||
12,628,065 | First American Treasury Obligations Fund - Class X, 5.267% 4 | 12,628,065 | |||||
Total Money Market Funds: 4.8% | 12,628,065 | ||||||
Principal Amount | Value | ||||||
U.S. Treasury Bills: 4.4% | |||||||
11,500,000 | United States Treasury Bill | 11,447,631 | |||||
Total U.S. Treasury Bills: 4.8% | 11,447,631 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $24,075,783) | 24,075,696 | ||||||
TOTAL INVESTMENTS IN SECURITIES: 102.3% (Cost $282,151,234) | 268,819,047 | ||||||
Liabilities in Excess of Other Assets: (2.3)% | (6,083,779 | ) | |||||
TOTAL NET ASSETS: 100.0% | $ | 262,735,268 | |||||
PIK - Payment In Kind - represents the security may pay interest in additional par |
† | 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. | |
5 | Does not round to 0.0% or (0.0)%, as applicable. |
Summary of Fair Value Disclosure at September 30, 2023 (Unaudited)
The Muzinich Credit Opportunities 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 Credit Opportunities Fund | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Bank Loans | $ | – | $ | 11 | $ | – | $ | 11 | ||||||||
Convertible Bonds | – | 3,106,210 | – | 3,106,210 | ||||||||||||
Corporate Bonds | – | 221,639,674 | – | 221,639,674 | ||||||||||||
Foreign Government Agency Issue | – | 630,241 | – | 630,241 | ||||||||||||
Foreign Government Note/Bond | – | 11,200,418 | – | 11,200,418 | ||||||||||||
Short-Term Investments | 12,628,065 | 11,447,631 | – | 24,075,696 | ||||||||||||
U.S. Government Notes/Bonds | – | 8,166,797 | – | 8,166,797 | ||||||||||||
Total Investments in Securities | $ | 12,628,065 | $ | 256,190,981 | $ | – | $ | 268,819,047 |
SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at September 30, 2023 (Unaudited) | ||||||||||
The Muzinich Credit Opportunities 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) | |||||
12/11/2023 | EUR 70,200,000 | $74,476,398 | USD 75,164,965 | $75,164,965 | 688,568 | |||||
12/11/2023 | GBP 1,900,000 | 2,319,362 | USD 2,361,066 | 2,361,066 | 41,703 | |||||
$76,795,760 | $77,526,031 | $730,271 |