Fund Holdings & Portfolio Characteristics

Top Ten Issuers as of February 28, 2020

Company Name % of Net Assets
United States Treasury Bill 1.60%
Southern Star Central Corp 1.10%
American Tower Corp 1.00%
DAE Funding LLC 1.00%
KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 0.90%
Muzinich High Income Floating Rate Fund 0.90%
AbbVie Inc 0.90%
Level 3 Financing Inc 0.90%
AT&T Inc 0.80%
ING Bank NV 0.80%

*Includes Term loans and Fixed Income Securities

Click here to view the complete Holdings List.

Top 10 Industries % as of February 28, 2020

Industry Name % of Net Assets
Banking 20.21%
Healthcare 12.37%
Telecommunications 9.33%
Energy 8.33%
Homebuilders/Real Estate 4.82%
Diversified Financial Services 4.65%
Cable/Satellite TV 3.97%
Food/Beverage/Tobacco 3.68%
Containers 3.21%
Quasi & Foreign Government 2.90%

Click here to view the complete Industries List.

 

Portfolio Characteristics as of February 28, 2020
Yield to Worst (%)* 2.86%
30-Day SEC Yield with waiver 1.71%
30-Day SEC Yield w/o waiver 1.56%
Average Duration (yrs) 4.25 yrs
Spread to Worst 207 bps

 
Click here for Standardized Performance.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund performance to the most recent month-end can be obtained by calling 1-855-Muzinich (689-4642) and pressing “0” to speak to a customer service representative.

Click here for Prospectus.

 

Quality Distribution as of February 28, 2020
BBB+ or above 10.60%
BBB 15.10%
BBB- 20.40%
BB+ 17.60%
BB 13.60%
BB- 7.90%
B+ 5.60%
B 3.60%
B- 3.80%
CCC+ or below 0.00%
Non Rated 0.80%
Other Fixed Income 1.00%
Total 100.00%

 

^Includes U.S. T-Bills

 

The fund itself has not been rated by an independent rating agency. Credit quality ratings exclude cash and are based on the underlying securities of the fund. Credit quality ratings reflect the first publicly-available rating from surveying, in order, Moody’s, Standard & Poor’s, and Fitch, converted to the equivalent Moody’s major rating category. If none of these agencies rate an asset, “Non-Rated” is assigned. Non-Rated securities do not necessarily indicate low quality. “Other Fixed Income” includes investment vehicles such as fixed-income closed-end funds, exchange traded funds, and mutual funds. “Other Fixed Income” and “Not Rated” represent assets that have not been rated by a Nationally Recognized Rating Agency.

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security.

Duration is a commonly used measure of the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity. Securities with a longer duration generally have more volatile prices than securities of comparable quality with a shorter duration.

Spread to worst is the difference in overall returns between two different classes of securities, or returns from the same class, but different representative securities. The spread to worst measures the difference from the worst performing security to the best, and can be seen as a measure of dispersion of returns with a given market or between markets.

*Yield to worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting.

A basis point (bps) equals 0.01%.