Top Ten Issues as of May 31, 2025
| Company Name | % of Net Assets |
|---|---|
| Harvest Midstream I LP | 0.8% |
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.8% |
| Rocket Software Inc | 0.8% |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp | 0.8% |
| Nationstar Mortgage Holdings Inc | 0.8% |
| GCI LLC | 0.8% |
| Directv Financing LLC / Directv Financing Co-Obligor Inc | 0.8% |
| Canpack SA / Canpack US LLC | 0.8% |
| CCO Holdings LLC / CCO Holdings Capital Corp | 0.8% |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | 0.7% |
Click here to view the complete Holdings List.
Top 10 Industries % as of May 31, 2025
| Industry Name | % of Net Assets |
| Homebuilders/Real Estate | 10.93% |
| Diversified Financial Services | 8.60% |
| Energy | 7.14% |
| Telecommunications | 6.46% |
| Healthcare | 6.36% |
| Technology | 6.35% |
| Services | 5.83% |
| Cable/Satellite TV | 5.08% |
| Metals/Mining | 3.57% |
| Gaming | 3.21% |
Click here to view the complete Industries List.
| Portfolio Characteristics as of May 31, 2025 | |
|---|---|
| Yield to Worst (%)* | 6.87% |
| 30-Day SEC Yield with waiver | 6.49% |
| 30-Day SEC Yield w/o waiver | 6.05% |
| Average Duration (yrs) | 2.99 yrs |
| Spread to Worst | 280.82 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). Performance would have been lower without expense limitations in effect.
| Quality Distribution as of May 31, 2025 | |
|---|---|
| BBB+ or above | 0.0% |
| BBB | 0.0% |
| BBB- | 4.8% |
| BB+ | 17.3% |
| BB | 18.5% |
| BB- | 21.9% |
| B+ | 15.2% |
| B | 15.4% |
| B- | 5.6% |
| CCC+ or below | 1.6% |
| Non Rated | 0.0% |
| Other Fixed Income | 0.0% |
| Total | 100.0% |
The fund itself has not been rated by an independent rating agency. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. Credit quality ratings exclude cash and are based on the underlying securities of the fund. Please note that the calculation methodology for the ratings categories is based on the maximum Moody’s, Standard & Poor’s, and Fitch. 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.
30 Day SEC Yield with waiver is a standard calculation of yield introduced by the SEC to provide fairer comparison among funds. This yield reflects the dividends and interest earned after deducting the fund's expenses during the most recent 30-day period covered by the fund's filings with the SEC. 30 Day SEC Yield without waiver represents what a fund's 30-Day SEC Yield would have been had no fee waivers or expense reimbursement been in place over the period. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days.
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.
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.
