Fund Holdings & Portfolio Characteristics

Top Ten Issues as of October 31, 2023

Company Name % of Net Assets
United States Treasury Note/Bond 3.5%
United States Treasury Note/Bond 3.1%
United States Treasury Bill 1.5%
United States Treasury Note/Bond 1.0%
Rockies Express Pipeline LLC 0.9%
Nasdaq Inc 0.9%
QNB Finance Ltd 0.8%
CCO Holdings LLC / CCO Holdings Capital Corp 0.8%
HCA Inc 0.8%
Keurig Dr Pepper Inc 0.7%

*Includes Term loans and Fixed Income Securities

Click here to view the complete Holdings List.

Top 10 Industries % as of October 31, 2023

Industry Name % of Net Assets
Energy 10.47%
Sovereign 9.38%
Banking 7.91%
Diversified Financial Services 7.28%
Automotive & Auto Parts 6.07%
Food/Beverage/Tobacco 6.01%
Healthcare 5.39%
Homebuilders/Real Estate 5.34%
Telecommunications 5.14%
Chemicals 4.15%

Click here to view the complete Industries List.

Portfolio Characteristics as of October 31, 2023
Yield to Worst (%)* 6.77%
30-Day SEC Yield with waiver 5.57%
30-Day SEC Yield w/o waiver 5.42%
Average Duration (yrs) 4.22 yrs
Spread to Worst 182 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 October 31, 2023
A and Above 19.3%
BBB 56.3%
BB 18.9%
B 3.5%
CCC+ or below 0.0%
Not Rated 2.1%
Other Fixed Income 0.0%
Total 100.0%

^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.

*US Dollar equivalent. 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%.

Photo of Mike McEachern Portfolio Manager Mike McEachern
Photo of Anthony DeMeo Portfolio Manager Anthony DeMeo
Photo of Warren Hyland Portfolio Manager Warren Hyland
Photo of Brian Nold Portfolio Manager Brian Nold
Photo of Thomas Samson Portfolio Manager Thomas Samson
Photo of Joseph Galzerano Portfolio Manager Joseph Galzerano
Photo of Stuart Fuller Portfolio Manager Stuart Fuller