Fund Holdings & Portfolio Characteristics

Top Ten Issuers as of November 30, 2019

Company Name % of Net Assets
Invesco Senior Loan ETF 8.70%
Altice France SA 1.20%
UPC Holding BV 1.10%
CSC Holdings LLC 1.10%
Caesars Resort Collection LLC / CRC Finco Inc 1.00%
GCI LLC 1.00%
Altice Financing SA 1.00%
iStar Inc 0.90%
Sprint Corp 0.90%
BCD Acquisition Inc 0.90%

Click here to view the complete Holdings List.

Top 10 Industries % as of November 30, 2019

Industry Name % of Net Assets
Energy 10.60%
Telecommunications 9.68%
Index 8.96%
Cable/Satellite TV 8.14%
Healthcare 7.19%
Diversified Financial Services 5.03%
Gaming 4.84%
Broadcasting 3.89%
Food/Beverage/Tobacco 3.36%
Services 3.35%

Click here to view the complete Industries List.

 

Portfolio Characteristics as of November 30, 2019
Yield to Worst (%)* 5.07%
30-Day SEC Yield with waiver 4.34%
30-Day SEC Yield w/o waiver 4.03%
Average Duration (yrs) 2.98 yrs
Spread to Worst 346 bps

 
Click here to view standardized performance for the fund.

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. Current performance of the Fund may be lower or higher than the performance quoted. Fund performance current to the most recent month-end may be obtained by calling 1-855-Muzinich (689-4642).

 

Quality Distribution as of November 30, 2019
BBB+ or above 0.00%
BBB 0.20%
BBB- 0.70%
BB+ 3.50%
BB 9.30%
BB- 17.70%
B+ 16.00%
B 15.20%
B- 20.20%
CCC+ or below 8.10%
Non Rated 0.00%
Other Fixed Income 9.10%
Total 100.00%

 

 

 

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.

Basis points (bps): Basis points is one hundredth of one percent.

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.

Bond ratings assigned by Moody’s range from the highest rating of Aaa (bonds of the highest quality that offer the lowest degree of investment risk and the issuers are considered to be extremely stable and dependable) to C (lowest rated class of bonds). In limited situations when the rating agency has not issued a formal rating, the rating agency will classify the security as not rated.

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